Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Coinbase has introduced embedded, smart contracts for developers — a move it says will address devs’ pain points when building Web3 applications. Meanwhile, crypto traders in Nigeria are up in arms after Binance removed the Nigerian naira from its peer-to-peer (P2P) service, and Bitcoin retraced a portion of its recent rally on the same day Grayscale’s spot Bitcoin exchange-traded fund saw outflows of nearly $600 million.

Coinbase expands wallet-as-a-service offerings

Crypto exchange Coinbase has introduced embedded, smart wallets for developers — allowing better integration across Ethereum Virtual Machine (EVM) applications.

According to the announcement, the exchange’s new smart wallet solutions allow users to take their crypto balances with them across different EVM-compatible applications integrated with the Coinbase Wallet SDK. The embedded wallet feature allows developers to incorporate noncustodial white-labeled wallets into their applications.

“We’ve learned a lot from our customers in the past year, and we’ve been working a lot to improve the product experience of all of the services, and where we’ve arrived at is the Embedded Wallets. So, it’s been really a continuous effort for the past year,” Yuga Cohler, senior engineering manager at Coinbase Embedded Wallets, told  in an interview.

The solutions expand on Coinbase’s wallet-as-a-service product line, which allows developers to integrate crypto wallets into their own applications without having to create new technology.

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Binance drops naira from P2P platform

Cryptocurrency trading platform Binance has removed the Nigerian naira from its P2P service following claims from the government that the platform was contributing to the devaluation of the currency.

Presidential adviser Bayo Onanuga said Binance would destroy the Nigerian economy if not stopped because it arbitrarily fixes foreign exchange rates.

The P2P feature allows users, buyers and sellers to trade without involving a third party. It became popular in Nigeria in 2021 following the government’s ban on the country’s thriving crypto industry during former President Muhammadu Buhari’s administration.

Bitcoin price corrects 3% as GBTC investors dump nearly $600 million

Bitcoin  fell over 3% from its 24-hour high as investors in Grayscale’s spot Bitcoin ETF dumped $598.9 million from the fund on Feb. 29 — its second-largest net outflow on record.

Bitcoin hit a 24-hour high of $63,585 early on Feb. 29 and has since dropped around 3.3% to just under $61,500, according to Godleak Markets Pro.

It comes as the Grayscale Bitcoin Trust (GBTC) — the asset managers recently converted ETF — saw daily net outflows close at $600 million on Feb. 29, per preliminary Farside Investor data.

The near-record outflows come only days after GBTC posted a historic low daily net outflow of $22.4 million on Feb. 26.

“Two steps forward one step back,” Bloomberg senior ETF analyst Eric Balchunas wrote in a Feb. 29 X post commenting on the day’s outflows.

The latest GBTC outflows could put a dent in the day’s inflows. Full inflow data across the other nine ETFs is not currently available, though Farside’s Feb. 29 data already shows Fidelity’s Bitcoin ETF — one of the top three largest funds by assets — as generating just $44.8 million net inflows, its fourth-lowest day of inflows.