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Ripple’s Executive Chairman Wants Court To Strike Out SEC Lawsuit

By
Adam Barry
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0

Ripple’s CEO Brad Garlinghouse is facing securities violation charges at the moment but continues channeling efforts to vindicate himself. IN FEBRUARY, the U.S. Securities and Exchange Commission had gone to court to file a lawsuit against the company’s CEO on claims that he was involved I the manipulation of the XRP “coin’s” price.

Allegations facing the company head

It also accused the company leader of having misled investors, wanting him held accountable for the above allegations. Garlinghouse refutes the claims, citing about four reasons through his lawyers showing his innocence. The official has been joined by the company’s executive chairman Chris Larsen in concerted efforts to get the court to overlook SEC’s claims.

Larsen’s attorneys filed a letter on Wednesday to fight off the body’s claims. The letter detailing four arguments downplayed the body’s claims as baseless, citing that the top official facing the above allegations was innocent. They accused the body of relying on unmerited claims in its court filing. The attorneys defended the top official, outlining that he had not knowingly or recklessly contributed to the statute’s violation. The case revolved around the violation of Section 5 of the Securities Act of 1933.

Vindicating the CEO

The letter speaks out about the official’s position in 2015, citing that he had been the company’s designated CEO. They argued that the Treasury Department and the Justice Department’s Finance Crimes Enforcement Network considered XRP as a currency.

Larsen’s attorneys want the court to dismiss SEC’s claims. They believe the case at hand to be weak and deficient of evidence. According to them, there is no way to substantiate that the company leader took any actions to support XRP sales. The letter has also shed some light on issues to do with the statute of limitations, and their defense vindicates Larsen’s involvement in sales.

The court also received a separate letter from Garlinghouse’s attorney Matthew C. Solomon. The letter advocated for the dismissal of the clams facing the company’s CEO.

Solomon addressed Judge Analisa Torres of the U.S. District Court directly, wanting her to recognize that XRP was at the moment categorized as a virtual currency.

Volkswagen Supports Blockchain In The Integration Of Electric Vehicles With Power Grid

By
Adam Barry
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0

Energy Web, a nonprofit that relies on open-source technologies, wants to promote open-source software in the electric vehicle segment. The business intends to collaborate with Volkswagen to focus on using the software to integrate charging stations and EVs into global power grids.

The digitization process

Energy Web Jesse Morris’s chief commercial officer says he will support all efforts to digitize the Volkswagen EVs or charging stations. The leader looks forward to a future where they will be able to participate in any energy market.

Morris has been giving illustrations on how things will work out. He outlines that technological advancement could make it quite easy to handle the Volkswagen drivers.

Volkswagen Group Innovation and Volkswagen Group Innovation will work together in developing and undertaking the open-source software tests. Morris admits that the world is having difficulty adopting emerging technologies, casting blame on the energy markets’ slow evolution. However, the official remains optimistic about the future. He has been witnessing the fast-changing market rules and regulations and believes that the time has finally come for automotive businesses like Volkswagen to adapt to the new markets.

The push for environmentally friendly solutions

The latest changes pull along when many Automobile makers worldwide shift their focus on adopting environmentally friendly modes of transportation. Statistics show that the electric vehicles on the roads currently in the United States add up to about 1%, which analysts dismiss as relatively small. However, automobile manufacturers want to change the story in the best ways possible. For example, they’ve been considering bringing to a halt the manufacture of gasoline-powered cars.

In January, General Motors (NYSE:GM) pronounced its plan to stop the sale of gas-powered trucks and cars. Tesla Inc (NASDAQ:TSLA), Ford Motor (NYSE:F), and Porsche, on the other hand, have declared their interest in the manufacture of new electric models soon.

The U.S president Joe Biden recently gave out an executive order pushing for a change in the U.S. government’s fleet of about 650,000 vehicles. Biden wants all those vehicles replaced with electric models.

Crypto.Com Reveals Plan To Spend $200M Support Cryptocurrency Startups

By
Adam Barry
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0

Crypto.com wants to be among the major players pushing towards advancing the cryptocurrency industry, and it seems to be doing a lot to reach its set goal. For example, it has expressed its interest in striking long-term partnerships with all entrepreneurs within the crypto segment and hopes they achieve a lot together.

The venture arm and its role

Crypto.com has established a venture arm targeting giving most startups direct access to almost anything they might require to succeed. For example, it has plans underway to provide them with access to the global user base. However, the most critical move is setting aside about $200 million, which intends to use to support the various cryptocurrency startups.

Crypto.com hopes that the plan to expand business collaboration with crypto and blockchain industry entrepreneurs succeeds. One of its significant moves was the set up of a venture arm called Crypto.com Capital, whose purpose was to accelerate the growth of the crypto startups. The bigger goal, according to sources, is that the company aspires to make some significant advancement towards the overall development of the entire crypto segment.

The $200 million fund set aside will facilitate the seed rounds-undertakings set to support and uplift the most vibrant startups. Reports show the single investments to play around $100,000 and $3 million. On the other hand, the Series A funding rounds are set to oscillate from $3 million to $10 million.

Marszalek’s thoughts

Crypto.com, previously known as Monaco, came into existence back in 2016 and undertook many progressive activities. One of its most extraordinary moves was unveiling a mobile payments app that awarded users discounts of up to 20%, specifically for the user with blockchain’s native CRO coins.

The co-founder and CEO of Crypto.com, Kris Marszalek, has disclosed that they will be channeling efforts and resources towards the establishment of some meaningful partnerships. Reports from unconfirmed sources reveal that the project might currently have a user base of about 10 million. Crypto.com acknowledges the crypto platform as a segment that has continued witnessing significant growth.

China Plans To Promote Digital Yuan In The Upcoming 2022 Winter Olympic Games

By
Adam Barry
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0

China continues preparing for the upcoming 2022 Winter Olympic games. The country says it will take advantage of the event to unveil its digital Yuan. The country remains indifferent to the question about the exact date it will be launching the digital Yuan.

The collaboration

Big tech players continue channeling their efforts towards promoting digital yuan use. The People’s Bank of China and Beijing’s Edge Computing Research Institute have been the frontrunners in the quest to promote Yuan. The partnership of the two is crucial towards promoting Yuan on Chang’an Chain, which happens to be China’s blockchain software.

Recent reports showed the Chinese local government’s efforts towards testing the digital Yuan, an undertaking that witnessed it carry out a series of tests. The government wants to be ready by the time Beijing’s Winter Olympic event starts.

China has conducted the tests gradually, and the objective was to stage a healthy competition with the central bank digital currencies (CBDCs) arms race. China sees its Yuan as a strong competitor to the rest of the currencies and looks forward to its mass adoption.

In a bid to promote the yuan mass adoption, the Chinese government has channeled efforts in vent organizations. The purpose has always been to give away the digital Yuan, which does much to promote its mass adoption.

China seems to be strongly inclined to the blockchain tech usage, and its efforts speak volumes about its dedication and determination to push the Yuan a notch higher.

China anticipates better times ahead

China hopes that its efforts will pay off in the long run, hoping for a future where the blockchain becomes a core technology. Reports indicate that the country might start using blockchain for currency issuance, global data transfers, and making financial settlements soon.

The country’s efforts play out when a lot of people around the world are still struggling to understand the cryptocurrency concept. China is undoubtedly one of the frontrunners in promoting cryptocurrency, and it might also become one of the most prosperous countries on its adoption.

Huobi To Expand Its Business Operations After Securing A Crypto Asset Management License

By
Adam Barry
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0

Crypto trading has undergone many tests since its introduction. One of the most serious challenges occurred in 2017 when China decided to ban crypto trading and initial coin offerings. The country’s move compelled major Chinese exchanges to migrate elsewhere, with Japan and Hong Kong becoming the most favorable destinations of the time.

Obtaining the license

It hasn’t all been about challenges, considering the news about Huobi attaining a crypto asset management license from the SFC. The pronouncement comes as a shocker to many, considering the information that had been spreading for a while about Hong Kong’s resolve to ban retail crypto trading.

Huobi still stands out to be one of the biggest cryptocurrency exchange platforms in China, and it continues channeling its efforts towards business expansion. It sees the latest regulatory clearance in Hong Kong as a good thing, asserting that it is essential to expand its business operations.

Huobi Technology Holdings Ltd disclosed that the Hong Kong Securities and Futures Commission had been looking at their application for quite a while. It was a significant victory for its asset management subsidiary to gain approval from the body. According to the business, the next move will be unveiling the subsidiary’s cryptocurrency asset management portfolio.

“Type 4” and “Type 9” licenses

Huobi believes there is quite a lot to smile about so far! It speaks out on attaining the SFC’s move to offer them the “Type 4” and “Type 9” licenses, which happened over the previous year. Hong Kong has its regulations, in which case the Type 4 license empowers a company to serve the role of a securities investment adviser, and the Type 9 license covers asset management.

Commonly referred to as Huobi Asset Management, the firm is channeling efforts and resources towards unveiling some three cryptocurrency asset funds. The only stumbling block all that while had been SFC’s approval, and now the way is clear for it to execute its business operations. However, it will still be necessary for the business to comply with the SFC provisions.

Beijing-based reporter Colin Wu in a recent tweet, praised Huobi’s move into the crypto asset management facet, expressing optimism it would boost crypto investments in Asia.

DeFi exchange 1inch Expanding To Binance Smart Chain As Ethereum Gas Fees Remain High

By
Adam Barry
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0

DeFi exchange 1inch is moving to the bustling Binance Smart Chain from Ethereum because of high gas fees. The trade routing DeFi protocol branched from Ethereum, citing the network’s ability to handle more transactions.

1inch ports 10 million 1INCH tokens to BSC

1inch announced that it has already ported  10 million 1INCH tokens worth $40 million to Binance Smart Chain. Interestingly the exchange will use the tokens as a liquidity bridge between BSC and Ethereum, thus seeding the 1inch ecosystem in BSC, including the 1innch Liquidity Protocol and 1Inch Aggregation Protocol. The announcement indicates that 1inch is always on the lookout for promising DeFi projects and the BSC-based DEXes addition to 1inch’s aggregation protocol came as a natural move.

1inch has been routing trades for Ethereum-based tokens since its launch in 2019 through integrated DEXs to get the best prices. It is currently among the largest DEX aggregators in trading volumes, with around $450 million trades a day. Following this move, 1inch users can access BurgerSwap, PancakeSwap, StreetSwap, Venus, JulSeap, StableSwap, BakerySwap, and other DEXes and lending protocols.

Sergej Kunz, 1Inch’s co-founder, said that BSC’s rising popularity and low gas fees were the inspiration behind the expansion. He said that currently, the company is considering BSC to offer the Etehreum mainnet to lower gas fees for smart contracts interactions. Kunz explained that with gas fees remaining high, there are many projects, users, and tokens migrating to BSC, which is the ideal moment for 1Inch to expand.

BSC criticized by Ethereum developers

Some members of the Ethereum development community have criticized the layer-one blockchain accusing it of centralization. According to Binance documents, there are 21 anonymous validator nodes running BSC. Kunz dismissed the Ethereum community’s criticism saying that the 1inch team will be taking an active role in BSC by running its validator.

Most importantly, 1inch didn’t receive any technical assistance or grants in terms of the integration. Kunz said that the team is not aware of the bridge employed in porting 1INCH tokens to Binance Smart Chain is fully decentralized.

Institutional Investors Capitalizing On Recent BTC Price Dip to Acquire More Bitcoin

By
Adam Barry
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0

Large institutional investors are looking to accumulate bitcoin at a bargain following the digital currency’s recent pullback. According to new information from CrypotQuant’s CEO, Ki-Young Ju, investors are gobbling up BTC following its recent corrections.

US institutional investors acquire BTC worth almost $650 million

Ju indicated that there have been considerable outflows from institution-focused Coinbase Pro exchange, with the acquisition of 13,000 BTC worth $650 million. This is the largest BTC movement off the exchange in the last three weeks, according to Ju. He indicated that the outflow ended in several custody wallets, which indicates that US institutional investors are taking advantage of the BTC dip to buy-in. Ju said thus is a bullish sign.

The analytics platform’s CEO shared the information on Twitter, showing how big-money players are spending to acquire BTC at $48,000. After the purchase, the coins were moved from the exchange to cold storage wallets. Young Ju said that 13,000 BTC flowed through the exchange in hours, and it appeared like the BTC was sent into Coinbase custody wallets. He added that this was an indication that institutional investors were buying BTC at $48,000.

Institutional investors moving BTC to custody wallets

Coinbase’s custody wallets are integrated with the OTC desk directly, and as a result, institutional investors tend to transact over the counter to avoid swaying spot market prices. Therefore the outflows from the exchange ending in custody wallets are taken to represent an institutional investment. This pickup in outflows is an indication that the recent price pullback is no deterring institutional investors regarding BTC’s long-term prospects.

Early in the week, BTC dipped to $45,000 from above $58,000 in a typical bullish correction. Outflows spikes from Coinbase Pro have marketed short-lived bottom for the digital currency’s four-month bull run from $10,000 to $58,000. Most importantly, going by history, the cryptocurrency could state the next cycle higher.

Meanwhile, Coinbase has filed for an IPO with the SEC, which will make the exchange the first cryptocurrency exchange to go public, which will be a massive win for the sector.

Unocoin Partners With Unstoppable Domains To Simplify Crypto Transactions

By
Adam Barry
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0

India’s first and largest crypto exchange, Unocoin, has partnered with Unstoppable Domains to support the creation and hosting of blockchain-based URLs, even as the country plans to ban Bitcoin. The Unstoppable Domains will simplify cryptocurrency transactions by converting blockchain addresses into human-readable web URLs.

Unstoppable Domains to simplify transactions and minimize remittance costs

The exchange announced the partnership funded by Silicon Valley investor Tim Draper on Wednesday. The partnership will minimize remittance costs and simplify transactions for the exchange’s over 1.2 million users. This is expected to enhance cryptocurrency usage in the country since sending and receiving crypto has been simplified.

Unstoppable Domains offer blockchain domains that turn cryptocurrency addresses into decentralized websites in the Zilliqa and Ethereum blockchain. Tapping the simple URLs ending in the “.zil” and “.crypto” extensions will enable users to enjoy a straightforward transaction process and low remittance costs in the country. The domain names will be purchased once, and they will exist forever on the blockchain without the need for maintenance or renewal fees. The sending of coins to simple domains rather than to a 42-character blockchain address will establish an enhanced user experience on the exchange.

It is important to note that Unstoppable Domains’ decentralized aspect is of particular interest to crypto users in India in the wake of the Finance Ministry’s plan to ban cryptocurrencies. There is a pushback on social media against India’s plan to ban cryptocurrencies in the #IndiaWantsBitocin campaign.

Unstoppable Domains adoption in line with industry maturity

Despite the current regulatory uncertainty, Sathvik Vishwanath, Unocoin’s CEO and co-founder said that Unstoppable Domains’ adoption is in line with the country’s maturation. He added that the exchange plans to offer users the best experience through the integration of the .crytpo domain. This will benefit Unocoin users and other exchanges in the country seeking simpler and user-friendly experiences for users.

The Reserve Bank of India is planning to issue its digital currency, the digital rupee. The country follows a trend that has emerged in recent years, with various countries looking to issue their central bank-backed digital currencies.

Gemini Incorporates The Donations Option To Support Nonprofits

By
admin
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0

Digital asset giving is quickly becoming a norm, and most nonprofit organizations seem to be embracing it with both hands. The shifting dynamics mean well for most nonprofit organizations, considering that it paves way for them to reach some new demographics. Reports indicate the nonprofits have been benefiting tremendously from new donors, thanks to the new change pulling along with the United States crypto exchange Gemini.

Approaching matters

Customers can now enjoy greater flexibility whenever they need to give out donations. Reports show a major rise in the number of nonprofit organizations, with the current figure standing at about 100 worldwide.

Gemini’s work is quite elaborate, with customers required to make their contributions via the Giving Block. It is a new era for persons that like giving back t society, and this time around, they will be doing it via “Give Back With Crypto.”

On Thursday, the service provider unveiled the new service, and that was through a blog post. Human rights organizations have lately been into so much, parts of that being the agitation to get donators to support the clean water programs.

The Giving block’s website consists of some wide-ranging charitable organizations, each outlined by name. These charities include the GO2 Foundation for Lung Cancer, Water Wells for Africa, Kids in Need of Defense, and many more.

Giving out donations

Everyone that needs to donate has the freedom to choose where he/she wants to channel his/her support. The rule of thumb is to take the time to assess the different nonprofits to determine where one wants to direct his help. It is a long list comprising of over 130 nonprofits to pick from. Anyone that extends a helping hand will be supporting people in need all over the world.

The co-founder of The Giving Block, Alex Wilson, discloses that they have collaborated with Gemini for many years, and they have achieved a lot together. He likes everything they have been doing together but sees the new feature as a major game-changer in their call to serve. Wilson heaps praise on Gemini, outlining that it has remained open to helping and supporting crypto-friendly nonprofits over the years.

JPMorgan Chase & Co (NYSE:JPM) Endorses Bitcoin With 1% In Allocation

By
Adam Barry
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0

Bitcoin was sometime back the most vibrant and valued cryptocurrency, but changes continue sweeping across, unveiling some interesting points. According to reports, Bitcoin’s value later took a downward trend, and that is considering its drop from the all-time high of almost $58 000. The fall represented a 20% decline, a figure that continued to raise concern among cryptocurrency enthusiasts.

Fresh reports currently show a new dynamic, and that has everything to do with the cryptocurrency’s value shooting up by 60% since the start of this year.

Why the shift?

JPMorgan Chase & Co (NYSE:JPM) has been following the trends closely and has now broken its silence. The Wall Street banking giant pushes for a one percent portfolio allocation to the cryptocurrency, outlining that the change could strengthen bitcoin. According to the official, the new allocation would transform bitcoin to become a hedge against fluctuation in most traditional asset classes.

JPM strategists Joyce Chang and Amy Ho spoke about the changes, acknowledging that their eyes remained fixated on the multi-asset portfolio. These two officials called upon investors to add about 1% of what they had in efforts to enjoy greater efficiency in the overall risk-adjusted returns.

Market analysts applauded the endorsement outlining that it was just right on time. The new shift happens at a point when several major figures are looking to invest in cryptocurrency. Stan Druckenmiller, Paul TudorJones, Microstrategy, and Tesla happen to be part of the major investors in this regard.

Reports also reveal BNY Mellon (Bank of New York Mellon Corporation) resolution to enhance the customer experience. It intends to channels its efforts and resources to enhancing serving delivery, in which case it focus on the clients’ digital assets. The service pro0vdoed says that it is ready to hold, transfer, and even issues assets.

The contrasting viewpoints

The JPMorgan analysts say that the time has finally come when all bitcoin enthusiasts should consider crypto-assets as investment vehicles. The mindset shift takes over when everyone has been looking at crypto-assets merely as funding currencies such as JPY and USD.

Confusion continues surrounding the bitcoin issue, with two sides taking contrasting stands points. Another group of analysts sometime back dismissed bitcoin, terming it the poorest hedge.

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