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Shiba Inu Available on 30% Discount on This Top Exchange

Abdulkarim Abdulwahab
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Shiba Inu Available on 30% Discount on This Top Exchange

Leading crypto exchange BitMart has launched a window to allow Shiba Inu enthusiasts to buy SHIB tokens for a 30% discount.

In a recent post on X, BitMart announced a 30% flash sale for Shiba Inu, which will be available via a forthcoming launchpad. According to the official notification, BitMart is unveiling this discount buying opportunity in a bid to reward users for their support. 

Details of the Shiba Inu Discount

The upcoming Shiba Inu 30% flash sale is the 43rd edition of BitMart’s ongoing “More Crypto, Less Fees” campaigns. Notably, this edition will kick off on Friday, April 26, and end the next day.

To potentially acquire Shiba Inu at 30% off, BitMart users must engage in the forthcoming campaigns to secure tickets. These tickets serve as the entry to an exclusive 30% off flash sale lottery through the launchpad.

Each BitMart user is eligible to acquire up to two tickets. Notably, the sale price will reflect approximately 30% off the average price of Shiba Inu over the past two days.

Moreover, another stipulation for participation is that the offer is exclusively available to users who complete KYC by April 25, 2024. These users must maintain a 2-day average holding of BitMart’s native token, BMX, equal to or exceeding 100 BMX tokens between April 23 and April 24, 2024.

It is worth noting that participation in the event is exclusively through BitMart Launchpad. The exchange has clarified that the Flash Sales do not adhere to a 3-day price protection rule.

Meanwhile, residents from select countries, including the United States, China, and Singapore, are not eligible for the Shiba Inu discount.

Notably, BitMart’s most recently completed flash sale offer granted a 30% discount purchase for Bitcoin. Other past campaigns offered similar discounts for tokens such as BRETT and BOME.

Shiba Inu Army Reacts

BitMart’s selection of Shiba Inu for its 43rd campaign has stirred a notable reaction within the SHIB community. Prominent community figure Lola expressed surprise at the exchange’s generous 30% discount.

Meanwhile, BitMart is currently promoting another 30% discount for Shiba Inu through a flash sale whitelist, where it will randomly select 10 qualified users.

Ripple to Use Stablecoin for US ODL Customers, Not XRP

Lele Jima
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Ripple to Use Stablecoin for US ODL Customers, Not XRP

Prominent digital asset researcher Anderson has made bold assertions regarding Ripple’s upcoming stablecoin, suggesting a connection with ODL.

According to a recent X post, Anderson said there are confirmations that Ripple will launch its stablecoin to cater to U.S.-based ODL (now Ripple Payment) customers due to its ongoing lawsuit with the Securities and Exchange Commission (SEC).

The media personality stated that Ripple might be launching the stablecoin for use in automated market maker (AMM) and institutional decentralized finance, as well as to facilitate ODL-related transactions within the United States.

Ripple Moves to Navigate U.S. Regulatory Landscapes

Anderson’s remarks suggest that Ripple’s stablecoin move would align with its need to navigate the United States regulatory landscape. The company is currently embroiled in a legal tussle with the SEC.

Recall that the SEC charged Ripple with offering XRP as an unregistered security to retail and institutional clients in the U.S.

Although a New York federal court declared Ripple’s XRP retail sales as non-investment contracts, it found that the company violated securities laws by selling XRP to institutional clients.

The multi-year legal tussle has affected Ripple’s operations in the U.S., with the company now focusing on clients outside the country.

Ripple CEO Brad Garlinghouse said 95% of its clients do not reside in the U.S. Moreover, Ripple’s president, Monica Long, recently testified that after the SEC charged Ripple in December 2020, the company’s subsidiary in Singapore became the primary entity tasked with establishing new XRP sales contracts with ODL clients.

Long disclosed this in testimony attached to Ripple’s opposition to the SEC’s opening remedies brief, in which the commission requested nearly $2 billion in penalties.

Besides three licensed exceptions, Long emphasized that Ripple’s subsidiaries exclusively cater to ODL clients based outside the United States.

Ripple Reportedly Launching a Stablecoin to Cater to US ODL Customers

With the SEC lawsuit now focused on Ripple’s institutional XRP sales, the company has been looking for ways to continue offering ODL services to U.S. customers in a compliant manner.

This curiosity has led to speculations among top crypto stakeholders, including Anderson, that Ripple plans to launch its stablecoin to facilitate ODL transactions in the U.S.

Notably, popular crypto lawyer Fred Rispoli shared the same sentiment yesterday while analyzing Ripple’s opposition brief.

Rispoli pointed out that there are confirmations that Ripple’s upcoming stablecoin would allow U.S. customers to conduct ODL transactions without using XRP.

Meanwhile, Ripple intends to launch the stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year. However, despite the commentaries from industry pundits, the San Francisco-based firm has not publicly confirmed the speculations.

Robinhood Shuffles 3,000,000,000,000 Shiba Inu in One Transaction

Sam Wisdom Raphael
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Robinhood Shuffles 3,000,000,000,000 Shiba Inu in One Transaction

Robinhood just shuffled precisely 3 trillion (3,000,000,000,000) Shiba Inu tokens in a single transaction amid SHIB’s struggles to recover the $0.000028 territory.

Whale Alert, a prominent whale-tracking platform, called the public’s attention to the fund movement, which represents the single largest Shiba Inu transaction over the past 24 hours and the second-largest single transaction in the last week.

At the time of disclosure, the tokens were valued at $79.94 million, suggesting that Shiba Inu changed hands at $0.000026649. Notably, Whale Alert’s report indicates that the sending and receiving addresses are unknown, sparking speculation.

Internal Robinhood Movement

Consequently, the market has been divided, with participants oscillating between bullish and bearish reactions due to the lack of clarity in the disclosure. It remains uncertain whether the transfer saw the movement of funds into an exchange for potential sell-offs or withdrawal for long-term storage.

However, a brief on-chain scrutiny carried out by The Crypto Basic suggests that the recipient wallet belongs to the leading online trading platform, Robinhood. Interestingly, the sending address also has an affiliation with Robinhood, indicating that the movement was neither a deposit nor a withdrawal from the exchange.

Instead, it involved a routine internal fund movement from the platform. An exchange such as Robinhood may shuffle funds between its internal wallets to enhance security or optimize asset management to handle liquidity better and segregate customer deposits from operational funds.

Exchanges Continue to Shuffle Shiba Inu

These actions are standard practice for operational efficiency and have no observable impact on the market. Crypto Basic reported a similar movement from leading crypto exchange Crypto.com earlier this month, involving 692.4 billion SHIB. Another involved a 323 billion SHIB movement from Coinbase in February.

On-chain data confirms that the sending address in the latest Robinhood transaction has moved 6 trillion Shiba Inu, currently worth $163.68 million over the past five days. The address previously transferred 4 trillion SHIB in two equal tranches to another Robinhood wallet on April 19. It now holds 4.13 trillion SHIB worth $112.46 million.

Interestingly, Arkham Intelligence has also indexed multiple whale movements involving exchanges in the last 24 hours, with Binance moving 1.04 trillion SHIB in two transactions, Coinbase transferring 423 billion SHIB, and Crypto.com shuffling 146 billion tokens within this timeframe.

Shiba Inu Exchange Movements Arkham Intelligence
Shiba Inu Exchange Movements | Arkham Intelligence

Meanwhile, Shiba Inu has continued to meet resistance on the journey to reclaim the $0.000028 threshold. The Crypto Basic disclosed yesterday that SHIB had broken above its multi-week symmetrical triangle. At press time, Shiba Inu has retained this breakout but continues to consolidate due to lack of strength.

Here are Projected Timelines for Shiba Inu to Hit $0.00299 and $0.0211

Sam Wisdom Raphael
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Here are Projected Timelines for Shiba Inu to Hit $0.00299 and $0.0211

Multiple entities have presented timelines for Shiba Inu to reach audacious targets such as $0.00299 and $0.0211 if it maintains a bullish trajectory. 

Shiba Inu has recovered all the losses of the past week amid the ongoing market recovery which has seen Bitcoin (BTC) reclaim the $64,000 psychological threshold. Notably, SHIB has pushed above $0.000025, eventually breaching the 50-day EMA ($0.00002452) to trade at $0.00002564.

With the recent recovery campaign, some entities have modified their projected timelines for a surge toward audacious price targets like $0.00299 and $0.0211. Discussions around such lofty targets have prevailed amid Shiba Inu’s past and current bullish momentum. 

For instance, earlier this month, crypto market analyst Armando Pantoja presented price targets for several cryptocurrencies after the Bitcoin halving, including Shiba Inu. According to him, following the halving, Bitcoin could reach a price between $100,000 and $250,000 and SHIB could clinch the $0.001 price.

Projected Timelines for Shiba Inu to Hit $0.00299 and $0.0211

With targets such as this in question, crypto exchange platform Changelly recently released a report indicating an updated projected timeline for SHIB to hit these prices. According to analysts at Changelly, Shiba Inu is capable of reaching $0.001, but this target could only materialize in 2040, sixteen years from now.

Shiba Inu Price Prediction Changelly56
Shiba Inu Price Prediction | Changelly

In addition, these analysts hold further bullish targets for SHIB for 2040, suggesting that it could reach the $0.00299 price in February 2040. Notably, for Shiba Inu to hit the $0.00299 target, it must increase by a whopping 11,561% from its current level. Surging by 722% each year could help it claim this target by the projected year of 2040.

However, Changelly analysts are not confident Shiba Inu could claim the $0.0211 price until 2050, ten years after it is expected to reach $0.00299. Notably, they believe SHIB would hit $0.0211 in December 2050, representing an 82,193% price increase in 26 years.

Shiba Inu Price Prediction Changelly 55
Shiba Inu Price Prediction | Changelly

Responses from Google Bard and ChatGPT

To get a different perspective, we engaged the services of Google’s AI experiment, Google Bard (now Gemini). Before presenting its hypothetical scenarios, Bard emphasized that investors should approach these projections with skepticism, as they might not reflect the reality.

The AI chatbot asserted that SHIB could reach $0.00299 in the next two to five years if it garners sufficient traction. This puts the target year to 2029. In addition, Google Bard predicted that if Shiba Inu breaks into the mainstream financial scene, it could reach $0.0211 in five to ten years, essentially 2029 to 2034.

Shiba Inu Price Prediction Google Bard12
Shiba Inu Price Prediction | Google Bard

In an effort to further analyze these predictions, we let ChatGPT scrutinize the projected timelines from Google Bard, using the JamesGPT prompt developed by Coinbase Director Conor Grogan. We asked ChatGPT to evaluate the plausibility of the timelines set by Google Bard.

Shiba Inu Price Prediction ChatGPT 4
Shiba Inu Price Prediction | ChatGPT

Responding to this query, ChatGPT stressed that Shiba Inu hitting $0.00299 in two to five years has a 10% chance of happening. In addition, the chatbot noted that the possibility of SHIB reaching $0.0211 in five to ten years is at a 4% chance. ChatGPT confirmed that it was more than 80% confident of its evaluation.

Here’s How Much Your 100M, 500M or 1B Shiba Inu Would be Worth if SHIB Hits $0.00769, $0.089 or $0.19

Sam Wisdom Raphael
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0
Here’s How Much Your 100M, 500M or 1B Shiba Inu Would be Worth if SHIB Hits $0.00769, $0.089 or $0.19

If Shiba Inu ever reaches lofty targets like $0.00769, $0.089, and $0.19, investors holding between 100 million and 1 billion SHIB could see their investments hit unimaginable levels.

Shiba Inu has sustained its latest rebound, conquering multiple crucial resistance levels to breach the $0.000027 psychological threshold eventually. As a result of this recovery campaign, SHIB is up 51% from the April 13 low of $0.00001830, as it changes hands at $0.00002763, a high last witnessed on April 12.

With Shiba Inu outperforming Bitcoin (BTC) and the rest of the market during this market-wide resurgence, bullish sentiments have re-entered the scene as community members and market entities instigated discussions on ambitious price targets. 

Amid these bullish conversations, investors holding a substantial amount of SHIB continue to ponder how much their holdings would be worth if Shiba Inu hits any of these targets. The Crypto Basic evaluated those holding between 100 million and 1 billion SHIB with price targets of $0.00769, $0.089, and $0.19.

How Much 100M Shiba Inu Would be Worth at $0.00769, $0.089 and $0.19

Notably, IntoTheBlock data confirms that addresses holding between 100 million and 1 billion SHIB have increased to 79,050, representing 5.82% of the total Shiba Inu addresses. These addresses collectively hold 19.77 trillion SHIB valued at an excess of $506 million.

Those holding 100 million SHIB, their investments are currently worth $2,763 against prevailing rates. If Shiba Inu secures a rally to the $0.00769 price, these 100 million tokens would skyrocket to $769,000. In addition, a SHIB rise to $0.089 would push the worth of this investment to $8.9 million.

However, investors looking to secure more substantial gains on their 100 million SHIB investment, If Shiba Inu pushes to hit $0.19, the 100 million SHIB would be worth a whopping $19 million.

How Much 500M Shiba Inu Would be Worth at $0.00769, $0.089 and $0.19

Investors with 500 million SHIB tokens have their holdings currently valued at $13,815 at today’s rates. Should Shiba Inu climb to $0.00769 per token, this larger stash would soar in value to approximately $3.845 million.

Furthermore, if the SHIB price reaches $0.089, the value of these 500 million SHIB would escalate to a massive $44.5 million. For those who continue to hold out for even higher returns, a surge in the token’s value to $0.19 could transform their investment into an impressive $95 million.

How Much 1B Shiba Inu Would be Worth at $0.00769, $0.089 and $0.19

Holders of 1 billion SHIB tokens are looking at an investment value of $27,630 at current exchange rates. If the token price rises to $0.00769, this investment would appreciate about $7.69 million.

A further increase in the token price to $0.089 would boost the value of the 1 billion tokens to an astonishing $89 million. If SHIB achieves a new peak price of $0.19, the investment in 1 billion tokens will skyrocket, potentially reaching a value of $190 million.

Can SHIB Reach $0.00769, $0.089 or $0.19?

The prospect of seeing these gains can be rather enticing, but it all depends on Shiba Inu’s ability to reach these projected price targets. In a February report, The Crypto Basic confirmed that analysts at crypto exchange platform Changelly expect SHIB to reach $0.00769 in 2040, sixteen years later.

Moreover, Telegaon, a crypto platform, predicted last December that Shiba Inu has the potential to clinch $0.089 by the end of 2040. Meanwhile, in an analysis earlier this month, The Crypto Basic found that SHIB could hit $0.19 after the Bitcoin halving if it replicates its 2021 post-halving upsurge.

Ripple CLO Knocks SEC, Labels Its Proposed $2B Fine in XRP Case ‘Evidence of Intimidation’ 

Lele Jima
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0
Ripple CLO Knocks SEC, Labels Its Proposed $2B Fine in XRP Case ‘Evidence of Intimidation’ 

The Ripple CLO Stuart Alderoty publicly criticizes the SEC’s request for nearly $2 billion in penalties in the Ripple case, describing the demand as evidence of ongoing intimidation against the crypto industry.  

Ripple’s chief legal officer (CLO) Stuart Alderoty has issued fresh criticisms against the U.S. SEC following its push to ensure the San Francisco-based company pays a fine of nearly $2 billion in their ongoing legal tussle. 

Ripple Files Rebuttal to SEC $2B Request

On March 22, the SEC asked the court to impose a penalty of $1.95 billion on Ripple for violating Section 5 of the Securities Act through its institutional sales of XRP. 

However, Ripple filed its rebuttal to the request, emphasizing that the court should not award the SEC more than $10 million in civil penalties. 

Ripple’s opposition to the SEC’s remedies-related brief has continued to trigger reactions across the broader crypto community, with Alderoty also commenting on the matter. 

Ripple CLO Comments on SEC Hefty Demand 

In an X post today, Alderoty called attention to Ripple’s opposition to the SEC’s request. He said the nearly $2 billion the SEC seeks is excessive, given that the ongoing lawsuit does not involve any allegations of fraud nor recklessness. 

In addition, Alderoty mentioned that Ripple has emerged victorious on significant issues of the lawsuit and should not be asked to pay such a huge fine. This is evident in the company’s victory on programmatic sales and other distributions of XRP. 

Furthermore, the Ripple legal officer criticized the SEC, characterizing its demand for nearly $2 billion in penalties as evidence of ongoing intimidation tactics targeting the United States crypto industry. 

Undeterred by the SEC’s whopping demand, Alderoty conveyed trust in the impartiality of the judge overseeing the case. 

It bears mentioning that Alderoty had previously commented on the SEC’s demand for close to $2 billion in penalties. At the time, the Ripple CLO described the SEC as a regulator that trades in false statements in a bid to mislead the public. 

He condemned the SEC for persisting in its desire to punish Ripple and other crypto-related businesses rather than diligently applying the law. 

Two SEC Lawyers Resign Amid Court Sanction 

In other news, Bloomberg reported yesterday that Joseph Watkins and Michael Welsh, two SEC lawyers involved in the case against DEBT Box, have resigned. 

This comes after a federal judge in Utah sanctioned the SEC for providing misleading facts to obtain a temporary restraining order (TRO) against DEBT Box. 

As reported earlier, the Utah judge sanctioned the SEC by ordering it to pay DEBT Box’s legal fees while denying the commission’s request to withdraw the case without prejudice. 

Consequently, sources familiar with the matter told Bloomberg that the commission asked the lawyers to resign honorably or risk contract termination. According to the Bloomberg report, the lawyers took the former option. 

XRP Whales Amass 600M XRP in 2 Weeks Amid Price Volatility

Sam Wisdom Raphael
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XRP Whales Amass 600M XRP in 2 Weeks Amid Price Volatility

Amid the ongoing price volatility impacting XRP and the rest of the crypto market, whale addresses have accumulated over 600 million XRP since April 5.

XRP’s performance this year peaked when it soared to the yearly high of $0.7449 on March 11, leveraging the Bitcoin (BTC) uptrend at the time. However, as BTC collapsed, so did the rest of the market, with XRP witnessing a similar decline.

Despite the resilience it demonstrated at the close of March, the month of April introduced fresh bearish pressure, with XRP recording three consecutive days of declines from April 1 to 3, which culminated in an 8.97% crash to the $0.56 price level. 

XRP embarked on a recovery, riding on the broader market rebound, from April 7, surging to a high of $0.6426 before eventually seeing a steeper price collapse, as it dropped to $0.42 on April 13. Nonetheless, market analyst Ali Martinez has recently pointed out that this collapse did not impact the optimism among whales.

XRP Whales in an Accumulation Spree

Citing data from Santiment, Ali confirmed in a post that addresses holding between 10 million and 100 million XRP have continued to augment their holdings amid the market downturn. 

Notably, the accompanying chart suggests that these addresses embarked on an aggressive buying spree following XRP’s 24% collapse from April 11 to April 13. With XRP trading at a shocking low of $0.42, the whales launched a buy-the-dip campaign, scooping up more tokens.

Santiment data shows that, as a result of this accumulation craze, these addresses have procured 30 million XRP tokens currently worth $16.4 million over the last week. This buying spree brought their cumulative balance to 6.75 billion XRP ($3.69 billion) at the time of Ali’s disclosure.

Whales Amass 600M XRP in 2 Weeks

Interestingly, further scrutiny from The Crypto Basic revealed that these whales had begun the purchase spree as early as April 5, shortly after they persistently sold off their holdings. Due to the selloffs, which began on March 30, their cumulative balance dropped to 6.16 billion XRP on April 5.

However, the accumulation began on April 5, with their balance now sitting at 6.76 billion as of press time. This implies that these whales have procured 600 million XRP over the last two weeks. 

XRP Ledger XRP 152921 23 Apr 2024
XRP Whale Addresses | Santiment

To support this trend, The Crypto Basic previously revealed today that addresses holding at least 1 million XRP have continued to increase in number. These wallets surged to 2,013 yesterday, with just one wallet left to hit the record high of 2,014 witnessed last June.

Meanwhile, currently trading for $0.5483, XRP’s recent uptrend, which saw it close yesterday with a 6.10% spike, has lost momentum. Its daily RSI has seen a mild decline today, dropping to 48.05. However, this figure confirms that XRP still has room for more growth. 

Ripple CTO Explains Why the Upcoming Cross-Chain Bridge is Important for XRPL

Abdulkarim Abdulwahab
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0
Ripple CTO Explains Why the Upcoming Cross-Chain Bridge is Important for XRPL

Insights from David Schwartz, the CTO of Ripple, about the significance of the imminent cross-chain bridge for the XRP Ledger (XRPL) recently surfaced in the crypto community.

Schwartz had explained the importance of the upcoming XRPL cross-chain bridge during a developer summit. XRP community figure XRP DROPZ called the public’s attention to the disclosure in a recent post on X.

Why Cross-Chain Bridge is Vital for XRPL

First, the Ripple CTO highlighted that the XRPL mainnet excels in payments. He noted that while it is the primary platform for XRP, it has the potential for broader utility. 

Meanwhile, Schwartz argued that the notion that a layer-1 solution could cater to all possible needs is unrealistic. He emphasized that regardless of the scalability improvements on the main network, limitations would persist, especially for users requiring specialized computing resources.

Moreover, Schwartz pointed out another limiting factor in storage capacity and trade-offs around deploying applications on the main network. For instance, he cited that when something is added to the XRPL, each mainnet node must store and transmit those transactions. He emphasized that this ultimately overwhelms available resources.

“Whatever capacity [a main network] has, that’s all it has. Whatever capabilities it has, there will have to be capabilities it doesn’t have. No layer-1 will ever be everything to everyone,” Schwartz stressed.

The Ripple CTO highlighted “asset portability” as the solution. This feature lets developers integrate additional functionalities into their existing ledgers without creating a new token.

Upcoming Cross-Chain Bridge

Currently, Ripple engineers and Peersyst Technology are advancing the “asset portability” feature via the XLS 38D amendment. Specifically, this amendment looks to introduce the XChainBridge, facilitating interoperability across various networks. 

The proposed standard enables tokens from one blockchain to be locked in an account on XRPL while an equivalent amount of tokens is issued on another blockchain.

Essentially, the functionality will ensure that XRP is not limited to the XRP Ledger. Likewise,  other issued assets will not be restricted to their respective ledgers. It potentially increases the use cases and adoption of XRPL.

The XLS-38D amendment went live for voting in January. At press time, only 11 XRPL validators have endorsed the cross-chain bridge proposal, bringing the consensus to 31.4%. The amendment needs 80% validator consensus to go live.

Cross-Chain Bridge Also Good for Initial Tests

Meanwhile, during the presentation, Ripple CTO pointed out another valuable aspect of cross-chain bridges: the ability to test potential features for the main network. 

Schwartz illustrated this with Hooks. He highlighted that while Hooks holds promise, there are trade-offs that might make immediate adoption on the main network risky. Earlier, Schwartz argued that hooks could pose a multibillion-dollar risk for XRPL users.

Thus, side chains facilitated by cross-chain bridges offer a pathway to demonstrate the efficacy of such new technologies in real-world scenarios before mainnet adoption.

Shiba Inu: Here’s How the Upcoming TREAT Token Benefits the SHIB Ecosystem

Sam Wisdom Raphael
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Shiba Inu: Here’s How the Upcoming TREAT Token Benefits the SHIB Ecosystem

Shiba Inu marketing specialist Lucie recently explained how the upcoming TREAT Token benefits the SHIB ecosystem amid queries and misconceptions.

Shiba Inu is gearing up for a significant expansion with the introduction of its latest addition, the TREAT token. Lucie’s disclosure came on the back of comments from some proponents following the announcement of a $12 million funding round dedicated to its development. 

Benefits of TREAT to the Shiba Inu Ecosystem

She shed light on the pivotal role TREAT will play within the SHIB ecosystem. At its core is the function as the ecosystem reward token. Once operational, users engaging in activities such as staking or participating in liquidity pools with their SHIB holdings will be rewarded with TREAT tokens. 

The Crypto Basic recently called attention to this, emphasizing how Shiba Inu community members could earn TREAT. This approach incentivizes active participation within the ecosystem and fosters its growth and sustainability.

Lucie further noted that, unlike conventional reward tokens, TREAT offers more than just a passive benefit. According to the marketing strategist, TREAT serves a dual purpose as both a governance and gas token within the upcoming Layer 3 blockchain. 

Notably, she stressed that this extensive functionality grants users voting rights and facilitates transactions, adding tangible value to the ecosystem beyond mere incentives.

Moreover, TREAT and SHIB are designed to complement each other seamlessly. Through activities like staking, users not only contribute to the ecosystem’s development but also gain access to governance opportunities and rewards provided by TREAT. 

Lucie further elaborated on the significance of TREAT in comparison to other tokens within the ecosystem. While Bone ShibaSwap (BONE) powers the ecosystem’s layer-2 network Shibarium, TREAT is poised to serve a similar function for the upcoming layer-2 chain. 

Shiba Inu’s Extensive Goal

The goal, as noted by Lucie in a subsequent post, is to elevate all tokens within the Shiba Inu ecosystem equally. This inclusive approach will ensure that no token is left behind, with each token offering a unique combination of governance and utility. From SHIB to BONE to LEASH, and now TREAT, every token plays a vital role in shaping the future of the ecosystem.

However, it is important to note that the Shiba Inu ecosystem only boasts three existing tokens as of press time: SHIB, BONE and LEASH. The ecosystem team has not yet launched TREAT, which would represent the last volatile token in the ecosystem. After TREAT, the team will introduce SHI, a stablecoin.

Ripple President Says Ripple Itself Has No ODL Partners

Abdulkarim Abdulwahab
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0
Ripple President Says Ripple Itself Has No ODL Partners

Monica Long, the president of Ripple, recently revealed that the company itself does not have any On-Demand Liquidity (ODL) partners.

This disclosure came in Ripple’s latest filing, which sought to oppose the SEC’s motion for remedies and entry for final judgment. The Ripple president was one of the executives who testified to support the company’s opposition to the SEC’s request for approximately $2 billion in fines.

Long’s testimony held significant weight due to her eleven-year involvement with Ripple and her current oversight of the company’s Compliance and Risk Management Committee.

In particular, Long’s current role as president grants her familiarity with Ripple’s XRP distributions. It includes present and past sales contracts concerning XRP and the context surrounding these transactions. 

Accordingly, the Ripple president testified to several developments related to the ongoing litigation, including Ripple’s XRP distribution via ODL partners.

Ripple’s XRP distribution via Singapore Subsidiary

Long uncovered that when the SEC filed its lawsuit against Ripple, the company’s Singapore subsidiary had already received authorization to sell XRP to ODL customers. It operated under a licensing waiver in accordance with Singapore regulations.

Following the SEC’s lawsuit, Ripple’s Singapore subsidiary became the primary entity responsible for entering into XRP sales contracts with new ODL customers. Long highlighted that these contracts were executed in compliance with Ripple’s licensing exemption until October 2023.

By this time, Ripple’s Singapore subsidiary had obtained a Major Payment Institution license from the Monetary Authority of Singapore. This authorization enabled it to conduct Digital Payment Token Services. Consequently, this license governs the sales of XRP to ODL customers.

Ripple Itself Has no ODL Partners

Furthermore, the Ripple executive stressed that the contracts facilitating XRP sales from Ripple’s Singapore subsidiary to ODL customers explicitly specify that they are subject to Singaporean law. 

Moreover, she pointed out that these contracts include a non-assignment clause. This suggests that the rights and obligations outlined within the agreements cannot be transferred to another party.

Hence, following a thorough investigation, Monica Long testified that all ODL customers of any Ripple subsidiary utilizing XRP in the ODL product are outside the United States, except three licensed exceptions. Moreover, these ODL customers are considered sophisticated counterparties. 

Accordingly, Long stressed that Ripple itself as a U.S.-based entity does not have any ODL customers, but its subsidiary handles these sales.

 

Ripple Monica Long Tesimony
Ripple President Monica Long Testimony

Furthermore, she highlighted that neither Ripple nor any of its subsidiaries engaged in the sale of XRP from the SEC’s filing of December 2020 until the U.S. court’s decision in July 2023.

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