After falling under $9,000 briefly, bitcoin is now trying to stay above $9k. BTC’s losses turned the market red, but as the day progressed, cryptos have been fluctuating between gains and losses.
Bitcoin has spent most of its time in the $7,500 and $10,400 price range in the past year, shared trader Satoshi Flipper, who feels, it’s time for BTC to move on. According to him, we can dip into the $8,000s and even $7,000s on our way to test $14,000.
According to trader Crypto Yoda, “Bitcoin remains in consolidation in uncertain territory.” Although another correction below $8,000 would be healthy for the bullish market structure, it isn’t necessary, he said.
“Any break above $10,500 would be enough to kick off a larger bull run.”
Adding substance to the current bears is the expiration of $1 billion in bitcoin options contracts.
“Are you ready?” for the Q2 expiry, said derivatives exchange Deribit while sharing its options stats, out of the $1.96 billion total crypto market open interest, a whopping $1.4 billion belongs to Deribit’s options market.
Amidst this potential bearishness, the daily active addresses of bitcoin are surging. These addresses have been on a surge throughout 2020 and are reaching 1 million milestone.
“Bitcoin’s network is now seeing 20.5% MORE unique transacting addresses versus 6 months ago, comparing weekly averages. Prices typically follow this DAA metric, given a long-term time scale,” noted Santiment.
Stocks aren’t doing any better, they fell sharply yesterday, on its worst day in two weeks. The losses came over the fears of an increasing number of newly confirmed coronavirus cases, which are dampening the expectation of an economic recovery.
California saw a dramatic spike of a record over 7,000 cases in one day, Florida its highest 5,508, and 5,489 in Texas. In total, the U.S. recorded 34,700 newly confirmed COVID-19 cases in a day, the highest since late April.
“The latest coronavirus news is not positive for the stock market which was betting the worst of the pandemic recession was behind us,” said Chris Rupkey, a chief financial economist at MUFG.
“All the hopes of investors looking for a better economy to improve the bottom lines of companies shut down in the recession have been dashed.”
In response, airline stocks and transport went down, and oil tanked. Today, US markets slumped after weekly jobless claims totaled 1.5 million for the week ending June 20, about the same as the previous week. Since mid-March, new jobless claims have totaled at over 47 million.
“Jobless claims are not falling fast enough. Everything we have seen in the last week or two between rising case counts/hospitalizations, stalling economic progress in some important states, government job cuts, means one thing: the Phase 4 of fiscal stimulus must be bigger,” wrote Neil Dutta, head of economics at Renaissance Macro Research.
Gold also slipped by 0.16% to $1,772.20 per ounce, reversing the earlier gain.
Once again, Binance founder and CEO, Changpeng “CZ” Zhao, is trying to clarify that CoinMarketCap works independently of the leading spot exchange.
Binance and Zhao have received a lot of new flak over the acquisition of crypto data site CMC in a $400 million deal a month back.
Just last week, as Bitcoin Exchange Guide reported, in an attempt to address wash trading, CMC completely removed a metric that highlighted the discrepancy between published and real volume to focus on traffic volume.
This new metric provided Binance with 1000 points and the first position followed by Coinbase, BitMEX, and Kraken.
Ciara Sun, Head of Global Business and Markets, Vice President of the competing exchange, Huobi, which is now ranked 18th on CMC, also shared her displeasure with the new ranking system.
Institutional trading volume grew by 128.25% in Q1 2020 vs Q4 2019.
From Fidelity, nearly half of institutional investors using metrics see digital assets within their portfolios.
Yes, the company has bought CMC, making it the latest “part of the Binance ecosystem and family.” But like other teams, they make their own decisions and work towards their own goals “fairly independently,” explained CZ in a post today.
And unlike many, CZ doesn’t have a “binary interpretation” of words like decentralization and independence. Instead, he perceives them on a “gradient scale,” and when it comes to autonomy, Binance offers a lot of it to its users.
CZ also cleared that he has regular meetings with the CMC team and provides them with his suggestions but does not “dictate them.”
But if you think he won’t be tweeting about CME, the business he recently acquired, then you have something else coming. CZ said,
“Should I not tweet about CMC to be seen as more distant or “independent”? Well, get over it. We bought it. You can safely assume I will continue to tweet heavily about CMC, just like I will continue to do so for Binance, BNB, Trust Wallet, WazirX, and all of the teams and projects in the Binance ecosystem.”
He further shared how, based on twitter feedback, they decided to go with the simple metric as a short-term fix rather than going with CMC team’s initial plan to “fix the exchange ranking and fake volumes issue in one month.”
The plan was to have a combination of updated liquidity metric and web traffic but CZ’s “feedback” was, it’s “too slow” and to “find a simpler way to fix it in a week.”
And here we go.
Unavoidable Conflict of Interest Will Remain
Although Binance has the “largest trading volume on most days” and ranks highest by some metrics while not by others, they will be using a combination of metrics to improve CoinMarketCap in the long-run.
But everyone isn’t happy with CZ’s “Rolling with the punches, but staying transparent,” plan.
Analyst Mati Greenspan, who has been very vocal about his displeasure of CMC’s acquisition by Binance yet again tweeted “Ownership inherently causes an unavoidable conflict of interest.” He added,
“The equivalent of this would be if JP Morgan bought Moody’s rating agency. Then, Jamie Dimon claiming that they’re still independent because he’s not the one making decisions about how they rate things.”
Society2, a new decentralized social media initiative by IOTA is trying to change the way the user’s personal data is handled on the internet.
The project called DeSM aims to help consumers regain control of their data and make social media a truly private experience. Though this project, IOTA node owners would be able to run their own social media websites and applications.
Today any internet-based service or application has become a sophisticated data phishing portal where they track and collect user’s personal data on the behest of offering their service.
Social media services, be it Facebook, Twitter, Instagram or similar other services collect every possible data of the user like their locations, their call record, their search history and then sell it to the highest bidder without any moral check. This not only puts the user’s interest and privacy at danger but if it falls in the wrong hands it can be conveniently used to harass the user as well.
While there have been many decentralized social media initiatives, they never enjoyed widespread adoption and Society2’s team is looking to change the factor.
The developer team has started to develop an IOTA-based DeSM framework that would enable new privacy standards and how the user’s data is shared between social media platforms. Ben Royce, head of development at Society2 said:
“SOCIETY2’s framework is very different from existing social networks. An owner of an IOTA node can run a social media site or app as easily as downloading an open-source template from a menu, customize it or not.”
The developer team has promised that the decentralized social media solution would come with privacy and security controls, which are not available on current, more centralised platforms.
Society2 Users can Decide Who Can Access Their Private Data
The decentralized social media platform would not only give total control of user’s data in their hand, but would also give them the power to decide who can access it, and in return, they receive micropayments and rewards in IOTA.
The social media platform would be strictly based on IOTA’s framework, utilizing its peer-to-peer micropayments system in case a user is ready to offer their data to advisors.
Rayce also revealed that the decentralized social media solution would only support the IOTA token since they believe that the IOTA framework is best suited for such an initiative, having the scalability and security to assure it of being successful.
Society2 Would Work on Top of IOTA Streams
Society2 would not only use the IOTA currency as the fuel for its network, but its framework would work on top of IOTA’s distributed Ledger Technology – called IOTA Streams.
IOTA Streams is a framework for cryptographic applications which would enable social media content encryption and distribution.
The Society2 project was officially launched this week and is expected to deliver an early prototype for DeSM system by Q3 of 2020 for community feedback.
The development team behind the project also believes that the framework for the decentralized social media solution could also be utilized by modern-day social media giants like Twitter. Joseph Skewes, the project’s head of operations said:
“Twitter recently funded the independent team bluesky, which is researching the decentralized social media landscape for a standard that Twitter itself could eventually use. A framework like SOCIETY2 may develop into a suitable candidate for such a platform.”
Skews comments towards the use of their DeSM framework by Twitter could have been inspired by an announcement made by Twitter CEO Jack Dorsey towards the end of 2020, where he revealed that they have funded a developer team to develop decentralized standards for social media.
The biggest global emergency of the century, COVID-19 pandemic has the Treasury officials trying to decide on how much they can spend to fight the novel coronavirus.
Before the financial crisis in 2008, people relied on commercial banks to create money, which was in the form of loans. But during the crisis, central banks like Bank of England started creating money via quantitative easing (QE). Now, the banks are back to practicing it, with promises of doing everything they can, everything on the table, and “nothing out of question.”
This crisis is every MMTer’s wet dream
While the BOE is preparing to expand its QE program of $435 billion in outstanding loans by $200 billion, which is just under 10% of the UK’s national income, Malaysia’s stimulus package is worth 17% of its GDP. Fed’s stimulus meanwhile is expected to come at $6 trillion.
Last week, the Fed also bought $183 billion of mortgage-backed securities, to drive down rates. The rates and volatility dropped while the mortgage-related shares rose on Friday. However, this has led some lenders to face margin calls and eroded their working capital.
Because of the Fed’s actions that are meant to help the market, the Mortgage Bankers Associations warned that the housing market could face a “large-scale disruption.”
The Fed’s lending to the US government has already ballooned to $5.2 trillion or 23% of the GDP, but according to Fed Chairman, Jerome Powell, the central bank can go further.
Fed’s coronavirus stimulus also resulted in banking going from “fractional reserve to 0 reserve!” In fractional reserve, banks are required to keep a certain amount of cash on hand, mostly 10% of the deposit. While it can help banks to earn interest on loans, it could result in bank runs as many US banks were and as a result, forced to shut down during the Great Depression.
BTC: The hardest money is challenger
Such measures and stimulus can eat up central banks’ funds but still, the government wouldn’t need to borrow from the market because as the officials themselves have said, they can print.
More QE is their answer. Basically, a form of MMT, this theory which is now in practice says the central bank can print money as long as it likes.
According to Willem Buiter, who was the founding member of the BOE’s monetary policy committee before becoming Citigroup’s chief economist said,
“it would be criminally negligent to allow a design flaw in existing treaties to inhibit the appropriate use of helicopter money at a time of existential crisis.”
On the other hand, the critique of MMT argues it can overheat an economy. Also, taxes would be needed to be increased at one point.
And the alternative to MMT, is Bitcoin. Angel investor Balaji S. Srinivasan, who has been expecting MMT vs BTC to be the main event of the 2020s now thinks it might happen this year as central banks start their money printers.
As we have been already starting to see for the past few weeks, Bitcoin price has been reacting to Fed’s unlimited QE announcement with a flurry of trading.
Gateways for currencies like the Korean won, the Swiss franc, the Polish zloty, the South African rand and the Australian dollar have been created and made available through the exchange’s fiat-to-crypto trading facility. The Russian ruble and the pound sterling are now Simplex supported too. The integration was confirmed by developers to be fully operational until Thursday in the afternoon.
Binance’s Base Cryptocurrencies Will Be Paired with the Supported Fiat Currencies
The supported fiat currencies are going to be paired with the base cryptocurrencies on Binance, which are the assets used by the exchange for default trading pairs. These cryptocurrencies include the Bitcoin (BTC), Ether (ETH) and XRP, while the fiat currencies include the US dollar and even the Nigerian naira.
It seems that fiat volumes are not that significant for the trading activity on Binance, seeing from a daily volume of about $3.5 billion, $3.5 million is fiat. Most of this volume is in US dollars since a gateway for this currency became open. As Binance is folding some of the currencies it supports into US dollars, it’s still not sure if end-users are the ones who generated the exchange’s dollar volume.
Simplex and Binance Working Together Since 2019
Simplex and Binance have become partners in January 2019. They allow users to buy crypto using their debit and credit cards in either euros, Canadian dollars, US dollars and Japanese yens. While the fee charged is 3% plus $10 on purchases under $200, it’s still cheaper than the card or bank providers’ transactions, which levy a 3% FX fee aside from the usual fiat-crypto swap fees. By encouraging users to make trades in their local currency, Binance is becoming more global.
In October 2019, the company’s CEO Changpeng Zhao said Binance integrated the Russian ruble because Russia was representing one of the key markers for the exchange. Thursday, the firm hired a product lead that used to work for Uber in order to expand its services to local markets.
While economies all over the world are functioning at a slower pace, central banks are trying to prevent a collapse by flooding more money into their markets, with China injecting the entire Bitcoin (BTC) market cap into the system.
In other words, People’s Bank of China (PBoC) intends to increase the sum of 1.2 trillion yuan into the market, in an effort to fight the financial instability due to the Coronavirus outbreak. Crypto enthusiasts have noticed this and are preparing for stormy weather when it comes to the economic activity in the country. Coronavirus killed more than 300 Chinese people and infected another 14,350. It started at the same time the markets were closed for the lunar New Year’s holidays.
China’s central bank will inject the equivalent of 21,000,000 bitcoin into their markets tomorrow.
The US Federal Reserve Has Injected Billions of Dollars Since September 2019
Repurchase agreements and banking bailouts are meant to increase commercial banks’ liquidity while the new money enters the system. Last year in September, the US Federal Reserve has injected billions of dollars into the US market, with President Trump also offering bonuses and tax cuts to banks and billionaires. This is the announcement made by PBoC yesterday when it comes to the 1.2 trillion yuan:
“Inject 1.2 trillion yuan via reverse repo operations on February 3 to ensure sufficient liquidity supply. The liquidity of the overall banking system will be 900 billion yuan more than the same period of last year.”
Bitcoin Comes to Solve Economic Problems
This weekend, Chinese authorities have announced 30 measures for bolstering the economy and combating the disruption caused by the Coronavirus outbreak. What a decentralized tamper proof currency with fixed inflation and a finite supply would do has been discussed very intensely too.
BTC is becoming more and more appreciated during economic adversity, with China turning to it even from before the viral outbreak. More than this, the country already has an important role in moving BTC. The central bank is only advocating the asset’s immunity to monetary manipulation.
If you’re someone who grew up in the swinging sixties trying to get to grips with contraptions like typewriters and cassette tapes, ogling bikini posters of Raquel Welch and playing Spacewar on PDP-1, you’re definitely going to have a hard time getting your head around the concept of virtual currencies, devoid of physical representation or form.
People from that generation, trying not to use the B word, can’t get past this fundamental property of Bitcoin. I mean how could you even be sure that something you’re unable to see, touch and hold in your very hands even exists, much less trust this phantom currency? When you’ve thus formed a hard and fast opinion on Bitcoin, this predisposition then militates against everything you learn about it thereafter.
It wouldn’t be so bad if they just didn’t get it. We could try, without being even remotely condescending, disabusing them of their misconceived notions. But the problem with those who bemoan Bitcoin as being too complicated or insecure is that a lot of these folks are apt to pontificate on Bitcoin’s shortcomings whilst showing no willingness to exert even the slightest effort trying to understand how the cryptocurrency actually works.
To be clear, we’re not talking about any technical intricacies, that’s not necessary, but just non-technical knowledge of Bitcoin’s workings from an end user perspective, which is really not such a steep learning curve for someone already familiar with mobile banking and payments.
In November 2019, former Presidential Candidate and Republican Senator from Utah, Mitt Romney, raised concerns to the FBI and the US Department of Homeland Security over the threat posed by cryptocurrencies to national security,
“I don’t begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we can’t follow the money because the money is hidden from us and wonder whether there should not be some kind of effort taken in our nation to deal with cryptocurrency.”
As someone who never made any effort to understand how cryptocurrency works, Romney wasn’t to know that only a few weeks before he made those remarks, the FBI would not have been able to take down one of the world’s largest child porn ring in South Korea if not for the transparency afforded by the Bitcoin blockchain.
Schiff’s Shifty Tales
Gold bug Peter Schiff, an obsessive Bitcoin bear, was in a similar quandary this week, only it wasn’t a national security issue. Instead, it had to do with his personal blockchain wallet security.
Exhibiting the scope of his understanding in a single tweet, Schiff claimed last Sunday to have lost all his bitcoins after his wallet “got corrupted somehow” and forgot his password. Yeah, that’s right. He didn’t forget it, his wallet did.
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
So much fake news about how I forgot my wallet password. Can’t #Bitcoin pumpers be honest about anything? I was very clear that I didn’t forget my password. My wallet no longer recognizes my correct password. Plus what’s up with over 3K people liking that I lost my Bitcoin?
Now first of all, it would be remiss not to point out that Schiff’s argument against Bitcoin here is an object lesson in straw man fallacy. Several companies make Bitcoin wallets and passwords are ubiquitous. There’s growing effort from tech companies to do away with passwords altogether for the security risks they pose in a world of 5G mobile networks, IoT and, maybe soon enough, quantum computing.
Trying to discredit Bitcoin for one specific wallet’s password issue would be akin to labelling Schiff a clairvoyant for one accurate prediction among a hundred whiffs. It’s called law of averages, Peter.
Schiff wasn’t happy that over 3K people liked that he lost his bitcoins. Most of them weren’t revelling in schadenfreude. They probably liked the tweet for being funny. Twitter even featured it under the fun category, or at least they should have done.
After crypto twitter informed Schiff that it wasn’t possible for his wallet to have become corrupt, Schiff kept changing his story, making further spectacle of his ignorance. It wasn’t until late Wednesday night that he cottoned on to his mistake, confounding his blockchain wallet app’s PIN for his wallet password.
How does the blockchain wallet work? Did Peter really lose his bitcoins?
There’s a lot of conjecture over whether this was all just another lame FUD or if Peter really lost access to his wallet. So let’s clear that up lest anyone else make the same mistake. Peter’s earlier narrative was, to put it mildly, implausible.
The first thing to know about any Bitcoin wallet, whether it’s a mobile, desktop or hardware wallet, is that a wallet does not actually “store” your bitcoins. All bitcoins are on the blockchain. A wallet is used to store your private key which unlocks access to your bitcoins on the blockchain.
Hot wallets, which are mobile and desktop wallets, are inherently vulnerable due to their being often connected to the Internet. But hot wallets have come a long way. Different mobile wallet apps use different methods to provide as much security as possible. Most wallets encrypt wallet files and don’t allow screenshots to prevent middle men from snooping, some wallets use virtual keyboards to avert keyloggers, there are even wallets which provide advanced privacy options like coin mixing services.
Blockchain wallet app requires the user to create a wallet first on the blockchain website using an Email address and a password. The user can then scan a mobile app pairing QR code to log in through the mobile wallet app. The user is asked to create a 4-digit PIN to log in to the mobile app, which is required on every log in. Logging in through the web client requires the user’s unique Wallet ID, issued during wallet creation, and password. As an additional layer of security, the user can enable a 2FA using an authenticator app such as GAuth (Google Authenticator), Yubikey or SMS codes.
These layers of security only control access to the blockchain wallet. We’ve already learned that that Bitcoin wallets don’t actually store any bitcoins. Think of them as portals to the blockchain, just a route to access your bitcoins. If you’re having trouble accessing your wallet for whatever reason, the bitcoins can still be accessed through an alternate route.
To regain access to your bitcoins, all that’s required is the seed phrase or passphrase. This is not your password or PIN but a combination of words the wallet application asks you to “backup funds” when you create a new wallet, as shown below in an image from the blockchain website.
Schiff claims that his blockchain wallet was created for him by ShapeShift founder Erik Voorhees and that he believed his mobile wallet’s PIN to be his password since it was the only way he accessed his wallet. This revised story seems a lot more plausible, but Voorhees is unsure which wallet app it was that he created for Schiff.
An Apology is in order
Since he never backed up his 12-word seed phrase, Schiff was apparently unable to recover his funds. This goes back to the point about making an effort to understand the workings of something new before you dabble in. It’s unwise to try anything with no inclination to learn.
Schiff’s readiness to continually run down Bitcoin without even having an elementary grasp of how his Bitcoin wallet works exposes him as an ultracrepidarian, who, confronted with compelling evidence inconsistent with his own tenets, lashes out by flapping his gums whilst burying his head in the proverbial sand so he could pretend all else was a lie but his confirmation biased propaganda.
The Bitcoin community is waiting for an apology but they’re certainly not holding their breath. Schiff’s stomach has never found the humble pie particularly agreeable.
But whether Schiff finds it agreeable or not, Bitcoin is an inevitable monetary revolution. Being unable to physically destroy Bitcoin as the 19th century Luddites did machinery during the industrial revolution, people like Schiff resort to the feckless option of furiously tweeting at windmills.
Kik is still trying to build up a strong defense against the US Securities and Exchange Commission (SEC). The case is about the firm’s $100 million coin offering.
As it has been reported in October, Kik’s team of lawyers tried to persuade the New York Southern District Court to refute SEC’s claim against the Toronto-based company. SEC’s allegation that Kik violated securities laws when it sold tokens back in 2017 was voided because there’s no clear definition for what an investment contract is. Kik used this vagueness in its token offering case and also tried to depose SEC for not offering the proper guidance when it comes to token sales, during the firm’s ICO.
SEC Opposed the Claim and the Judge Sided with its View
Not at all a surprise, SEC opposed Kik’s defense by stating:
“This defense asserts that, notwithstanding 70-plus years of well-settled jurisprudence, the term ‘investment contract’ in the securities laws is void for vagueness as applied to Kik’s investment scheme. This claim is untenable and should be dismissed.”
Judge Alvin K. Hellerstein sided with SEC and didn’t grant Kik a motion for discovery. More than this, he Tuesday said a subsequent motion from Kik should be reconsidered. Destroying Kik’s void for vagueness defense he said,
“Defendant’s motion for reconsideration is a reargument of matters that were before me when I denied the discovery sought. Defendant does not mention any new matter of fact or law, or any binding precedent that I failed to consider. That is enough to deny the motion. Furthermore, as I originally held, the deliberations within an agency sheds no light on the application of the statute or regulation in issue. If the law is vague, or confusing, or arbitrary, as the defendant argues, that can be argued objectively. Proper discovery should be focused on what the defendant did, and not why the agency decided to bring the case.”
Kik’s Messaging Platform Acquired by MediaLab
MediaLab, the company that holds Whisper and many other apps, has acquired Kik’s messaging platform in October. Kik’s CEO Ted Livingstone stated that SEC’s action was what prompted the sale to happen. The latest filing on the case was made public on Tuesday. In it, SEC is asking Judge Hellerstein to allow the deposition of 7 people after the November 29th fact discovery deadline. Some of these people are Luc Hendriks, the kin app developer, the blockchain investor and author William Mougayar, and Kik’s vice-president at the time of the ICO, which was Ilan Leibovich. The Judge didn’t respond to the request yet.
Kik Started a Campaign to Fund Its Legal Battle Back in May
In May 2019, Kik launched a campaign called Defend Crypto. This campaign was supposed to fund its legal battle with SEC. At that time, Kik said that it had $5 million set aside with Coinbase for the entire initiative. After gaining the support of Arrington XRP Capital, ShapeShift and others, Kik handed Defend Crypto over to the Blockchain Association without giving further explanations.
The crypto wallet giant Blockchain is currently trying to raise venture capital funds, according to reports from Yahoo Finance. According to inside sources cited by the media outlet, the company is currently looking to raise as much as $50 million USD.
There are also indications that this money will not be necessarily used for the development of technology, but for the creation of a crypto fund. Yahoo checked out Sam Harrison’s profile on LinkedIn and affirmed that not only he’s listed at Blockchain, but also that he is involved in Blockchain.com Ventures, a new venture capital segment of the firm.
In this new fund, Blockchain would look for partners that interested it and invested in them. According to the reports, some companies may have already received some money from the company, such as Nodle, Origin Protocol, Silver.tv and Coindirect.]
It will probably not be too hard to raise the funds. In over four years, Blockchain has managed to raise over $70 million and become a pretty profitable company. The company’s Series B investment round alone was able to raise $40 million. To go from that to $50 million is just a natural evolution.
Blockchain is not only investing in the fund, though. The company has continued all of its normal services with the wallet, which has been downloaded over 41 million times so far. Recently, Blockchain has also created a new exchange, which was called The PIT. Another development was that Blockchain created its first hardware wallet last year.
Ripple is constantly trying to increase the adoption of its XRP tokens. Because of this, the company has started a new partnership with the Japanese company SBI Holdings this year. The two companies have united to create SBI Ripple Asia, which will promote the RippleNet and XRP in the region.
Now, SBI Ripple Asia has decided to start a new campaign, which will be called Shareholder Benefits Campaign. The idea is to grant the shareholders of SBI with 30 XRP each. This would be useful because it would allow them to enter the crypto world and promote this technology.
Another goal of the campaign is to offer returns to shareholders. SBI has increased its dividends for 10 years straight, so this is also a commemorative campaign. Shareholders interested in receiving the tokens can use the company’s My Virtual Currency app to get them.
Recently, the company has also made other campaigns to give free XRP to people. The latest one was aimed at the clients of the company, who could receive free tokens worth 1,000 JPY (around $9,42 USD).
In related news, SBI is set to start using Ripple as the intermediary to pay the dividends to the company’s shareholders. The CEO of SBI, Yoshitaka Kitao, has also been invited to be an executive at Ripple, making the two companies become even closer.