SEC Moves To Expunge XRP Holders From Ongoing Ripple Lawsuit With Latest Filing

The US Securities and Exchange Commission’s ongoing lawsuit against blockchain firm Ripple Labs and its executives has taken a new twist.

SEC Files Opposition To Motion To Intervene

In a recent release, the agency filed a motion to stop XRP holders from intervening in the ongoing lawsuit. The filing termed the “Memorandum of Law in Opposition of the Motion to Intervene” seeks to ensure no third party is involved in the ongoing case.

The government agency said this is because the movants have no stake whatsoever and cannot be called in as reliable witnesses due to their association with the defendants.

It also noted that their grievances are properly represented by Ripple Labs and the company’s chairman Chris Larsen and CEO Brad Garlinghouse.

The SEC noted that this is not the first occasion the movants have tried infusing themselves into the case, citing their first filing in the Rhodes Island District Court.

It, however, said that the XRP holders might force the agency to take up a legal case against the body of interested movants since there has not been any reason to bring them into the matter.

The SEC said that this intervention is summarily against the agency’s sovereign immunity, and if the courts decide to let them state their case, it may be forced to bring in other disgruntled investors who feel the defendants were not honest in their dealings with them.

The financial agency also explained that the movants’ cause is a lost one given the fact that whatever funds they lost following the lawsuit on secondary markets cannot be recovered as they are not a party to the case.

The SEC said the recent filing by the lead counsel for the movants Jordan Deaton lacked any new substantive argument as they have repeatedly borrowed from the defendants’ narrative of XRP not being a “security.”

It says this sustained discourse is similar to XRP’s position and shouldn’t, therefore, be allowed to stand in order not to foster delay and confusion.

The regulatory body also jabbed at Deaton’s motive, subtly stating that this could be a platform for the lawyer to gain Twitter prominence following the growing media attention surrounding the case.

Ripple Scaling Up Despite SEC Lawsuit

The SEC’s lawsuit in the closing days of 2020 adversely affected Ripple Lab’s partnerships and its utility token’s valuation in the secondary market.

Following the December filing by outgoing Chairman Jay Clayton, crypto exchanges in the US swiftly delisted the XRP token from their platforms. If that weren’t enough, key partnerships with US companies, went underwater with MoneyGram reneging its agreement with the embattled company.

Ripple CEO Garlinghouse had noted that most of the blockchain company’s business was executed overseas, citing the regulatory haze in the American nation as a deterrent to innovative banking in the country.

He also pointed out that only the US SEC has a problem with the XRP token given that Asian nations, the area XRP has the most influence, do not classify the digital token as a “security.”

In the months that followed, XRP dropped from the 4th most valuable crypto position to the bottom ten, and its value traded way below a dollar.

But following preliminary victories in the opening case with the SEC, the XRP has rallied significantly, and calls for the digital payment firm to be relisted on exchanges have begun making the rounds.

And as the general crypto market has rallied, the XRP token has surged after it rose 17% in April and momentarily reclaimed its position as the 4th most valuable cryptocurrency.

The San Francisco-based fintech company has also been strategically repositioning itself since the SEC lawsuit was made public. Ripple said it was launching a private version of its XRP Ledger Protocol tailored for national banks in a release on its website. This private protocol would help apex banks in the issuance, maintenance, and monitoring of central bank digital currencies (CBDCs), set to serve a secondary role to fiat.

The US tech company also recently appointed former US Treasurer Rosa Gumataotao Rios as a board member. Alongside, financial veteran Kristina Campbell will serve as the company’s Chief Financial Officer (CFO).

Rios’ former role as the currency maker is seen as a strategic move to sell the idea of digital currencies to anti-crypto critics. Campbell would be tasked with the responsibility of accelerating the company’s growth while delivering value to shareholders.

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Author: Jimmy Aki

SBI Group CEO Reveals Ripple IPO Plans After Settlement With SEC Over XRP Lawsuit

SBI Group CEO Reveals Ripple IPO Plans After Settlement With SEC Over XRP Lawsuit

The CEO of SBI Group, Yoshitaka Kitao, has disclosed Ripple’s plans to go public once its case with the United States Securities and Exchange Commission (SEC) is settled. SBI is the largest shareholder of Ripple Labs.

Kitao mentioned this in his speech during an earnings presentation call.

Ripple’s Executives Plan To Take Ripple Public

According to Kitao, Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are ready for an initial public offering and have both supported the step.

Garlinghouse had previously indicated his interest in a potential Initial Public Offering (IPO) last year. He even predicted that IPOs would become more prevalent in the crypto industry as many companies would head down that road.

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side. It’s a natural evolution for our company.”

Over the years, SBI has invested heavily into fintech companies like Ripple as part of its strategy, according to Kitao. He added that when Ripple becomes public, its investment would pay off.

Ever since the SEC lawsuit, the SBI has stood behind Ripple, firmly showing support. The Japan-based conglomerate launched an initiative to reward shareholders with XRP tokens at a time where XRP was facing a backlash as several exchanges delisted it.

This initiative which was held for the second time after the first program was launched in August 2019, covered only shareholders who had a minimum holding of 100 or more.

Ripple’s Unending Bout with the SEC

The SEC Ripple lawsuit has been filled with twists and turns ever since it started in December 2020.

The SEC had filed the lawsuit against Ripple as well as its executives, Garlinghouse and Larsen, alleging that they had raised over $1.3-billion through unregistered digital assets securities offering.

So far, Ripple has managed to achieve a series of minor legal victories, bringing more hopes to investors and, in turn feeding the market sentiment of the XRP, thereby driving it upwards.

Earlier this week, Ripple’s CEO had said he was pleased with the turn of events concerning his firm’s tussle with the SEC.

This follows the recent accusation of harassment which the SEC accused Ripple of in a recent letter to Judge Sarah Netburn. Ripple had requested internal records and communications from the agency relating to Bitcoin, and Ethereum but that did not go down well with the regulator.

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Author: Jimmy Aki

Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out

Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out

Ripple’s Chris Larsen Sees Regulatory Disclarity As Major Issue for Crypto Companies

Co-founder and executive chairman of Ripple Labs Chris Larsen has blamed the slow traction of Ripple and its XRP token in the US on the lack of regulatory clarity.

Speaking on Bloomberg Markets, Larsen said XRP had been in existence for about 9 to 10 years and that it is perplexing to see Ripple being attacked by the U.S Securities and Exchange Commission (SEC).

XRP’s Attack Is Perplexing

Larsen highlighted several countries like Japan, UAE, and Singapore that have deemed XRP as a currency in the interview. On the other hand, the US is still yet to clarify which digital assets are currencies or securities.

Ripple has remained resolute in the face of the battle. Ripple Labs CEO revealed recently that he feels positive about the progress being made so far in court.

Ripple has enjoyed some minor victories along the way, with the SEC accusing the company of possible harassment.

The US financial watchdog made this accusation in its letter to Judge Sarah Netburn.

The financial agency said Ripple’s request for internal records was a strategy by the defendants to harass the agency and derail the focus of the case. The agency said Ripple and its executives were not in any way interested in seeking relevant evidence. However, Garlinghouse said this was untrue. He added,

“It’s hard to imagine a small company like Ripple against the US Securities and Exchange Commission could be described as harassing. You know, Jay Clayton, under his leadership, decided to bring this lawsuit, and we’re gonna defend ourselves.”

The SEC is now asking the judge to limit the discovery process to its external records or documents to prevent Ripple from getting access to its internal communications.

The regulator had sent this letter after Netburn granted the defendants; Ripple, Brad Garlinghouse, and Chris Larsen access to the SEC’s records relating to XRP, Bitcoin, and Ether. BTC -0.32% Bitcoin / USD BTCUSD $ 54,858.09
-$175.55-0.32%
Volume 48.01 b Change -$175.55 Open $54,858.09 Circulating 18.69 m Market Cap 1.03 t
5 h Bitmain to Launch A New Ethereum ASIC Miner, Antminer E9, Later This Year 6 h Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out 7 h SEC Postpones Decision on VanEck Bitcoin ETF to June 17
ETH 3.15% Ethereum / USD ETHUSD $ 2,748.65
$86.583.15%
Volume 34.27 b Change $86.58 Open $2,748.65 Circulating 115.66 m Market Cap 317.91 b
5 h Bitmain to Launch A New Ethereum ASIC Miner, Antminer E9, Later This Year 6 h The State of Wyoming Appropriates $4M to Staking Program for At Least 3 Cryptocurrencies 6 h Ripple’s Brad Garlinghouse Feels Confident In SEC Lawsuit; Larsen Says XRP Is Being Singled Out

Garlinghouse continues to emphasize that XRP is an open-source technology and not a security.

In an interview with Fox News, Garlinghouse reiterated his stance on XRP’s status as a currency, describing the similarities between his company’s digital currency and Bitcoin.

He added that the fact that BitPay, one of the leading payments firms, supports XRP is one example of how the token is not a security.

When asked if XRP needs to be adopted by Fortune 500 companies to be considered a currency, Garlinghouse said Ripple doesn’t need such deals as several companies already use the currency for payments.

Ripple Making Strides Despite Lawsuit

Despite the lawsuit, Ripple is still making strides in its blockchain accelerator program.

In a blog post on its website, the blockchain firm announced that it has partnered with three more universities in its University Blockchain Research Initiative (UBRI).

The new additions are the University of Capetown, Reykjavik University, and the New York University Abu Dhabi (NYU Abu Dhabi). The three new institutions join 35 other global partners who are actively engaged in blockchain research and building new use cases for fintech.

Ripple says that UBRI is laser-focused on moving the crypto industry forward by providing the needed tools and resources to its member institutions.

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Author: Jimmy Aki

XRP Holders Attempt to Intervene In Ongoing SEC v Ripple Standoff; India Feels Threatened by XRPL

XRP Holders Attempt to Intervene In Ongoing SEC v Ripple Standoff; India Feels Threatened by XRPL

The XRP crypto community seems to have had enough of the US Securities and Exchange Commission’s (SEC) fight against Ripple as they have once again filed to intervene in the case.

The XRP holders have asked to jump in the ring, as they believe both the SEC and Ripple do not represent their interest, per a new filing.

XRP Holders Say SEC’s Interest Differs From Theirs

Attorney John Deaton filed the motion on behalf of XRP holders on April 19. Deaton submitted the document at the US District Court for the Southern District of New York.

The XRP community noted that many businesses had been hurt ever since Ripple was charged to court by the SEC for allegedly selling XRP tokens as investment contracts.

According to the document, XRP users, investors, holders, developers, content providers, and small businesses connected to XRP and the XRP Ledger all have a significant interest in the case.

On this basis, XRP holders seek to participate in the lawsuit as a third-party defendant to protect their interests.

Deaton emphasized that they are only after their interests and not asserting any claims or counterclaims against the SEC.

In a blog post, Deaton further explained that the SEC did not appear to show any consideration for the retail investors that would be on the receiving end by their enforcement action.

“When we asked the court to hear our voice, the SEC scoffed and insulted us in their formal response, saying that all of us who suffered collateral damage from their ill-conceived lawsuit should remain silent. Without our intervention, we are without a voice in a debate of great stakes for us and the holders of all digital assets in the United States.”

Ripple’s XRP Ledger Protocol A Threat To India’s Banking System

While Ripple is embroiled in the legal battle with the SEC, it appears India is threatened by its technology. According to a report created by Ernst & Young (EY) for the Competition Commission of India (CCI), Ripple is being seen as a potential competitor to the Indian traditional banking system.

The Asian nation is known for its strict regulatory oversight on cryptocurrencies. India is reportedly looking to outlaw private crypto ownership in a new bill that has placed the future of crypto companies in limbo.

However, India’s issue is not about Ripple being a cryptocurrency but instead about its blockchain technology and cross-border payment service, which it believes is a threat to local financial institutions.

Apart from Ripple having the token XRP, it is also a blockchain payments company that offers services across 55 countries. The company has also positioned its cryptocurrency, XRP, as a “neutral bridge” to link various central bank digital currencies (CBDC).

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Author: Jimmy Aki

Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit

Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit

The U.S. Securities and Exchanges Commission (SEC) is causing confusion in the crypto industry with inconsistent rulings and handling of the Ripple lawsuit, a Wall Street Journal editorial piece read on Tuesday.

The WSJ editorial board is blaming the SEC for taking an “inconsistent” approach in dealing with the Ripple lawsuit, which could have adverse effects on crypto regulation. The SEC filed a lawsuit against Ripple and its executives over its alleged $1.3 billion issuance of XRP tokens as unregistered securities.

The WSJ however criticized the handling of the Ripple-SEC case claiming the regulators are “creating danger” for retail crypto users with their approach to the Ripple case. According to the post, the regulator is providing “inconsistencies in dealing with XRP as a security” while giving other cryptocurrencies such as Bitcoin and Ethereum a pass as assets. The WSJ post reads,

“The SEC believes bitcoin and ether aren’t securities, in part because their developers don’t profit from their sale.”

“But those exemptions were announced through statements from former SEC Chairman Jay Clayton in 2019 and 2020, with no formal rule-making.”

Ripple has previously argued that XRP compares to Bitcoin and Ethereum but the SEC has not deemed any of them a security yet. The blockchain company received a greenlight in its case with the SEC when Judge Sarah Netburn granted it access to internal communication on how they determined XRP as a security.

With Bitcoin and Ether deemed to be non-securities, Ripple could be off the hook if the internal communications are not clear on how they determine which cryptos are securities and which ones are not. BTC 0.91% Bitcoin / USD BTCUSD $ 56,484.77
$514.010.91%
Volume 67.71 b Change $514.01 Open $56,484.77 Circulating 18.69 m Market Cap 1.06 t
3 h South Koreans to Face Tougher Crypto Laws to As Regulators Tackle Cases of Money Laundering 3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 4 h TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada
ETH 6.97% Ethereum / USD ETHUSD $ 2,338.20
$162.976.97%
Volume 39.3 b Change $162.97 Open $2,338.20 Circulating 115.55 m Market Cap 270.18 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
XRP 5.23% XRP / USD XRPUSD $ 1.39
$0.075.23%
Volume 15.54 b Change $0.07 Open $1.39 Circulating 45.4 b Market Cap 63.16 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

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Author: Lujan Odera

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Inflows into digital asset investment products totaled $233 million last week, the largest since early March. It is, however, nowhere near the record inflow seen in late January. CoinShares, one of the largest crypto asset managers, in its weekly report wrote,

“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”

Last week, the price action also pushed assets under management to over $64 billion for the first time.

What’s even more interesting is the crypto assets that the funds have been flowing into. Bitcoin (BTC), without any doubt, continues to see the largest inflows of $108 million, with Ethereum (ETH) right behind at $65 million. This time other altcoins also captured institutions’ interest, with XRP, which CoinShares just launched an XRP ETP, being the most popular among all. BTC 0.91% Bitcoin / USD BTCUSD $ 56,484.77
$514.010.91%
Volume 67.71 b Change $514.01 Open $56,484.77 Circulating 18.69 m Market Cap 1.06 t
3 h South Koreans to Face Tougher Crypto Laws to As Regulators Tackle Cases of Money Laundering 3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 4 h TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada
ETH 6.97% Ethereum / USD ETHUSD $ 2,338.20
$162.976.97%
Volume 39.3 b Change $162.97 Open $2,338.20 Circulating 115.55 m Market Cap 270.18 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
XRP 5.23% XRP / USD XRPUSD $ 1.39
$0.075.23%
Volume 15.54 b Change $0.07 Open $1.39 Circulating 45.4 b Market Cap 63.16 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

XRP had weekly inflows of $33 million, nearly doubling its assets under management to $83 million.

Inflows were also seen in Tezos (XTZ) at $7 million, Polkadot (DOT) at $5 million, Bitcoin Cash (BCH) at $4 million, and Binance (BNB) at $3 million. Other crypto assets collectively saw $6 million of inflows. XTZ 1.52% Tezos / USD XTZUSD $ 5.70
$0.091.52%
Volume 651.56 m Change $0.09 Open $5.70 Circulating 767.09 m Market Cap 4.37 b
6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 5 d European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain
BCH 3.49% Bitcoin Cash / USD BCHUSD $ 942.35
$32.893.49%
Volume 8.03 b Change $32.89 Open $942.35 Circulating 18.71 m Market Cap 17.64 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App 4 d Chainlink Releases Whitepaper 2.0, Set to Revolutionize DeFi Industry Through Decentralized Oracles
BNB 15.12% Binance Coin / USD BNBUSD $ 586.90
$88.7415.12%
Volume 9.34 b Change $88.74 Open $586.90 Circulating 153.43 m Market Cap 90.05 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 8 h Binance Hires Former Top US Banking Regulator, Brian Brooks as CEO of its US Exchange 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

Trading volume for these digital asset investment products was also high, totaling $4.8 billion. Last seen in early February 2021, this level represents a rise of 59% compared to last week.

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Author: AnTy

Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps

Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News

Following another legal victory in the lawsuit against Ripple’s Brad Garlinghouse and Chris Larsen filed by the US Securities and Exchange Commission’s (SEC), the executives are asking the judge to dismiss the case permanently.

Both Garlinghouse and Larsen have submitted motions to the US District Court Judge asking that the SEC complaint against them be dismissed with prejudice. Dismissing the lawsuit with prejudice would end the case against them and prevent the SEC from refiling the same charges in the future.

The duo stated that even though SEC had investigated them for over two and a half years before filing its initial complaint, the SEC has failed to allege any discrete XRP offers or sales.

Judge Denies SEC’s Request Seeking Financial Records

Ripple’s filing for dismissal comes after Judge Sarah Netburn denied the SEC’s request seeking access to eight years of financial data belonging to Ripple’s Brad Garlinghouse and Chris Larsen.

Netburn said the SEC’s request for personal financial records, outside the ones belonging to transactions relating to XRP, was irrelevant and disproportional to the “needs of the case.”

“The SEC shall withdraw its requests for production seeking the individual defendants’ personal financial records and withdraw its third-party subpoenas seeking the same,” Netburn stated.

However, if the lawsuit progresses to a point where the SEC has more evidence indicating Garlinghouse and Larsen lied about their XRP transaction records, Netburn said the regulator might renew its application.

After the SEC filed its request last month, Ripple executives had written a letter asking the federal judge to deny the request stating that seeking sensitive personal banking information is a wholly inappropriate overreach.

According to the duo’s lawyers, who wrote the letter on their behalf, the lawsuit did not need such personal information as it was irrelevant, and this is not a fraud case. The legal team also stated that there were no allegations whatsoever that the individual defendants’ finances were at any point connected with Ripple’s accounts.

Netburn granting Ripple’s motion signals another win in its fight against the regulator. Ripple’s first victory was when the court approved Ripple’s motion asking to look into the SEC’s internal communications over how it classifies cryptocurrency as a security.

XRP Soars Amid Lawsuit Victories

It seems Ripple’s XRP has been positively affected by the little wins in the lawsuit, CoinShares adding an XRP ETP, and South Korea’s increased trading, as the digital asset has almost tripled in value.

TradingView data shows that XRP registered a low of $1.42 before staging a 34% rally to a high of $1.79.

XRP is now among the top four crypto assets by market value, behind Bitcoin (BTC) at $62.9k, Ethereum (ETH) at $2.4k, and Binance Coin (BNB) at $544.

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Author: Jimmy Aki

CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

Digital asset manager CoinShares is launching an exchange-traded product for XRP, CoinShares Physical XRP (Ticker: XRPL).

The decision to go with the fourth-largest digital asset was to provide “exposure to those assets that resonate most with our client base,” said the company.

Europe’s largest digital asset investment firm announced the launch of XRPL on Tuesday, which is its eighth investment product. The firm already provides exposure to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). BTC 5.98% Bitcoin / USD BTCUSD $ 63,647.18
$3,806.105.98%
Volume 70.07 b Change $3,806.10 Open $63,647.18 Circulating 18.68 m Market Cap 1.19 t
4 h Kraken CEO Jesse Powell: You Can’t Rule Out A Crackdown On Cryptocurrencies 6 h Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March 6 h House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin
ETH 7.13% Ethereum / USD ETHUSD $ 2,302.61
$164.187.13%
Volume 29.46 b Change $164.18 Open $2,302.61 Circulating 115.46 m Market Cap 265.85 b
3 h CoinList’s Rally Network Liquid Token Sale Attracts 40k Users to Buy $22 Million in RLY 5 h JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance 8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2
LTC 8.45% Litecoin / USD LTCUSD $ 267.89
$22.648.45%
Volume 6.91 b Change $22.64 Open $267.89 Circulating 66.75 m Market Cap 17.88 b
8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2 11 h Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 11 h Bitcoin Hits a New ATH Above $63,000 & Ether $2,200 Amidst Extreme Excitement & Wariness About Coinbase IPO

Built using CoinShares’ institutional-grade ETP platform, each unit of XRPL is backed by 40 XRP at launch.

As of writing, one XRP is worth $1.73, up 600% YTD. The crypto asset has been struggling (except in South Korea) while its peers went on to have a massive rally up until this month. XRP is still down 49.5% from its ATH, as per CoinGecko.

The product with a base fee of 150% p.a. will be listed on the regulated SIX Swiss Exchange.

“We are excited to bring XRP to our physically-backed ETF platform,” said Townsend Lansing, Head of Product.

“At CoinShares, we build innovative products in response to demand from our clients. Once we determine that a professional-calibre product is feasible, and it appears that demand exists to make a liquid market for trading the product, we bring the product to fruition leveraging the extensive trading, custody, and compliance capabilities of the CoinShares Group.”

Amidst the ongoing bull market, CoinShares’ assets under management have reached $5 billion. The firm was publicly listed just earlier last month.

Ripple is currently fighting a lawsuit from the US SEC for allegedly selling unregistered securities, which led the crypto service providers to stop offering XRP to their US customers. In this legal battle, Ripple was granted access to internal SEC communications last week. SEC has been denied the request that required Ripple executives to hand over their financial statements.

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Author: AnTy

South Koreans Are Trading XRP & BTT More than BTC and Ether

South Koreans Are Trading XRP & BTT More than BTC and Ether

Bitcoin kimchi premium is also taking a drop after surging to 22% as Upbit temporarily suspends fiat (KRW) deposits and withdrawals, and Bithumb sees an “increasing” inflow of BTC.

Kimchi premium has been flying high until it wasn’t.

Bitcoin prices on South Korean exchanges at one point today were as much as over 22% higher than other cryptocurrency exchanges. But soon it took a big hit and dropped to about 13%. Ki-Young Ju of data provider Crypto Quant noted,

“It seems someone finally figured out how to arbitrage this Kimchi premium opportunity. The trading volume in 30min time frame on Upbit, the largest Korean exchange, was bigger than Binance’s. This drop seems related to Kimchi pullback.”

As of writing, Bitcoin is trading at $56,740 on Coinbase Pro, $56,824 on Binance, $64,247 on Upbit, $64,469 on Bithumb, and $64,494 on Coinone.

image1

Bithumb, according to CryptoQuant, is seeing an “increasing” inflow of BTC, unlike all the other exchanges which have been seeing a decrease.

A possible reason for the drop could be Upbit announcing a temporary suspension of fiat (Korean Won) deposit and withdrawals and KRW account registration services.

The suspension has been due to an urgent inspection by the KRW deposit and withdrawal service provider. Once this maintenance is completed, the exchange will resume the services. The translated notice reads,

“After the urgent inspection of the KRW deposit and withdrawal service provider has been completed, the KRW deposit and withdrawal and KRW account registration services will be resumed.”

However, on South Korean exchanges, the biggest trading assets by volume are a bunch of altcoins, with XRP and BitTorrent (BTT) taking the top place BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
$0.005.17%
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 1 mon Why Are Celebrities Exclusively Endorsing Tron, “Is TRX Mass Adoption On The Horizon?”
. XRP is trading nearly 16% higher at $1.10 on South Korean crypto exchanges than about $0.95 on Bitfinex. XRP -13.13% XRP / USD XRPUSD $ 0.92
-$0.12-13.13%
Volume 21.61 b Change -$0.12 Open $0.92 Circulating 45.4 b Market Cap 41.74 b
8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 9 h Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’ 9 h Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

XRP on these platforms is actually pulling in more than double the volume of Bitcoin BTC -3.52% Bitcoin / USD BTCUSD $ 56,041.45
-$1,972.66-3.52%
Volume 74.98 b Change -$1,972.66 Open $56,041.45 Circulating 18.68 m Market Cap 1.05 t
6 h Hindenburg Research Shorts Chinese Bitcoin Mining Maker; Ebang Continues its Fundraising Spree 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
and Ether ETH -7.09% Ethereum / USD ETHUSD $ 1,968.30
-$139.55-7.09%
Volume 35.9 b Change -$139.55 Open $1,968.30 Circulating 115.38 m Market Cap 227.09 b
7 h Seven-Time Superbowl Champ, Tom Brady, Is Launching an NFT Platform Called Autograph 8 h South Koreans Are Trading XRP & BTT More than BTC and Ether 8 h Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund
.

For instance, on Upbit, XRP and BTT are the two most traded crypto assets at $2.9 billion and $2.3 billion volume, respectively, versus $1.2 billion on BTC/KRW pair and a mere $428 million for ETH/KRW.

Korean investors are also piling into the nation’s crypto stocks, driven by Coinbase’s upcoming public listing.

Hanwha Investment & Securities Co., which owns a 6.15% stake in Dunamu, is the best performer among Kospi stocks this year, as it uptrends over 210% YTD.

Dunamu actually operates Upbit, which local media reported last week has also explored a possible listing on the Nasdaq.

Other shareholders in the company are also enjoying an increase in their value. Woori Technology Investment Co. and Kakao Corp., both of which have about 8% stake in Dunamu, saw their share prices increasing by 140% and 38% respectively so far this year.

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Author: AnTy

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

Mercury’s international payments firm to utilize RippleNet On-Demand Liquidity (ODL) platform to ease remittance payments between the United Kingdom and South Africa.

On Tuesday, Ripple confirmed Mercury, which has been using the RippleNet ODL platform and its associated XRP digital asset since 2019, to reduce transaction times and fees to a minimum in South Africa. Mercury was added to the first cohort of South Africa’s Intergovernmental Fintech Working Group (IGFW), the inaugural fintech regulatory sandbox in the African state.

Mercury-RippleNet ODL was one of the six chosen projects for an inaugural 50 companies that applied to enter the sandbox. Of the six, Mercury is only one of two companies leveraging blockchain to enhance global remittances and payments in South Africa.

Consisting of top financial regulators such as South Africa’s National Treasury, the South African Reserve Bank, and Financial Sector Conduct Authority, IGFW has previously called for strict regulations to be put in place to curb unregulated crypto transactions.

In April 2020, IGFW stated domestic crypto transactions are accepted in the country but under strict adherence to the FATF “Travel Rule” recommendations. This gave rise to the regulatory sandbox –later in the year – the IGFW stating at the time,

“Payments using crypto assets will, in the interim period, be subjected to a regulatory sandbox approach.”

As a member of the sandbox, Mercury aims at enhancing the future of blockchain-based payments/ transfers to “cut the time and cost of sending money into and out of South Africa using RippleNet-ODL service.”

South African tax regulator, South Africa Revenue Authority (SARS), recently announced plans to audit crypto investors amidst the country’s rising demand for crypto.

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Author: Lujan Odera