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John Richmond Confirms “Creating Different Versions” of Shiba Inu Themed T-shirts

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John Richmond is calling for suggestions to improve its clothing brand.


John Richmond, a prominent English-Italian fashion brand, is on a mission to improve the quality of its clothing line. @JRichmondstyle, the official Twitter handle of the popular fashion designer, took to the social media platform today to ask Shiba Inu enthusiasts to suggest ways to make the brand better.

John Richmond also requested the crypto community to indicate the type of design they would like to see in upcoming apparel.

“Hey fashion and crypto lovers, we need your help to make our brand John Richmond even better. Tell us what you love and what you want to see in our clothing items,” @JRichmondstyle tweeted. 

The prominent fashion designer added that SHIB enthusiasts and other crypto lovers should drop their suggestions in the comment section. The fashion brand said it would go through the comments and select the best ideas.

Shiba Inu Enthusiasts Request Different Designs

Following the recent tweet, several John Richmond followers took advantage of the opportunity to request their favorite design. A Twitter user and Shiba Inu enthusiast with the username @MrBowtie007 suggested that John Richmond design a basic T-shirt with the JR logo and a SHIB theme.

The user said the T-shirt should come in four designs each for BONE, LEASH, Shiba Inu digital landowners, and SHIB NFT (Shiboshi) holders. @MrBowtie007 also suggested John Richmond include a Shiba Inu-based proof of ownership in each design.

Responding to the suggestion, the fashion designer said he likes the idea of a basic T-shirt, with the JR logo and a SHIB theme. John Richmond added that the brand had begun creating different versions of the T-shirt.

“We are already working on creating different versions of the T-shirt.”

Another SHIB enthusiast requested Shiboshi-themed ties, umbrellas, and socks. John Richmond bought the idea and said the team would consider it.

John Richmond and Shiba Inu Partnership

Recall that John Richmond partnered with the Shiba Inu team earlier this year to launch an exclusive clothing line for the leading canine-themed crypto project. Interestingly, some of John Richmond’s Shiba Inu-themed clothes were featured at Milan Fashion Week and Shanghai Fashion week, with the latter hosting an exclusive cocktail party for SHIBArmy.

While John Richmond and Shiba Inu’s clothing line is not yet available online, the fashion brand has not stopped unveiling new product designs. Two days ago, John Richmond shared a design of a new fragrance for men, dubbed Black Metal.

XRP Holders Appalled As SEC Fails To Charge SBF For Selling An Unregistered Security

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XRP holders are baffled as the SEC does not classify FTT as an unregistered security.


XRP holders have taken to Twitter to criticize the US Securities and Exchange Commission for failing to classify FTT as an unregistered security in its charges against Sam Bankman-Fried today.

The SEC complaint describes FTT as a “token” or “crypto asset.”

It bears mentioning that the SEC following the announcement of the arrest of SBF in the Bahamas yesterday at the behest of the US Department of Justice, disclosed that it would also be filing charges against the disgraced crypto founder.

In the complaint filed today, the SEC accuses SBF of defrauding investors in a years-long scheme from May 2019 that saw him divert billions in customer funds for his benefit and to expand his crypto empire. Per the complaint, the SEC claims that the SBF managed to raise over $1.8 billion from investors, $1.1 billion of which came from 90 US investors with false representations of FTX’s operations and its relationship with Alameda Research, its sister firm.

The complaint alleges that from the beginning, SBF commingled customer deposits and routinely diverted billions to Alameda to fund venture capital investments, purchase real estate, settle Alameda debts, etc. In addition, while presenting to investors that FTX maintained the highest industry and regulatory standards and treated Alameda as it did every other customer, SBF exempted Alameda from any risk controls. Moreover, according to the complaint, SBF offered them an “unlimited line of credit” funded with customer deposits.

However, in all these, what is of special interest to the XRP community is the classification of FTX Token (FTT), the illiquid token that SBF attempted to use to cover the hole in FTX’s balance sheet and inflate the valuation of the exchange and Alameda. The token had little utility outside the exchange, where holders used it to offset fees. FTX and Alameda were the largest holders, and consequently, most of FTT’s trading volume came from FTX and Alameda.

Despite these perceived red flags, the SEC classifies it as a crypto asset and does not charge SBF for selling an unregistered security, much to the chagrin of the XRP community. This is because, in contrast, the SEC classified XRP as an unregistered security, even though it runs on a decentralized network and boasts several use cases.

For several XRP community members, it highlights the inconsistency in the SEC’s enforcement actions and the lack of clarity in crypto regulations. As highlighted by CNBC Squawk Box anchor Andrew Sorkin, the very reason why the SEC is going after SBF for defrauding US investors and not customers is that FTX is registered abroad due to the lack of regulatory clarity.

Commodities Futures Trading Commission

It bears mentioning that the Commodities Futures Trading Commission has also filed fraud charges against SBF per a tweet from FOX Business reporter Eleanor Terrett moments ago. Notably, the CFTC is demanding a jury trial.

BTC, XRP, and SHIB Rally as US CPI Data Comes in Lower than Expected

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The latest CPI report suggests that cost gains eased to 7.1% YoY in November, lower than the expected 7.30% rate.


Data from the United States Bureau of Labor Statistics suggests that consumer prices barely increased in November, as disclosed in the recent Consumer Price Index (CPI) report, which shows a 7.1% increase in the cost of consumer goods Year-on-Year in November. The report has coincided with an uptick in price movements within the stock and crypto markets.

The latest CPI report, which estimated a 7.1% increase in consumer prices, was disclosed today. Investors have received the data well, as the increase is the lowest recorded since December 2021 and lower than the expected estimate of 7.3%. CPI data has continued to reduce since reaching a 40-year peak of 9.1% in June. The previous rate was 7.7%.

Stocks and digital assets have found new strength as the Federal Reserve is expected to respond favorably tomorrow.

The markets expect the Fed’s announcement on its interest rate hike in the upcoming FOMC meeting tomorrow. Market watchers are expecting an increase at 50 basis points.

Top analyst Van de Poppe says, “This is a good set-up for the FED tomorrow.”

 

Bitcoin (BTC)

The firstborn crypto Bitcoin (BTC), has been one of the highest gainers in the past 24 hours and seven days. BTC has surged by 4.93% in a few hours, changing hands at $17,871 as of press time. The current BTC price is the highest value the asset attained in December. The last time BTC saw the $17.8K territory was November 10.

Crypto rover says if BTC holds $18.7K, it can go up to $25K.

 

Most indicators also bode well for the asset, as the Coinbase Premium Index metric witnesses an increase to favorable grounds. With the last value of 0.01, the BTC Coinbase Premium Index shows increased buying pressure on U.S. Institutional investors. Additionally, the futures market has witnessed a dominance of short liquidations in the past 24 hours, with $27.6M in short positions liquidated.

Ethereum

Ethereum is also showing a lot of strength, @scottmelker comments:

XRP (XRP)

XRP, Ripple’s native token, has seized the opportunity to grab the $0.39 territory, with a surge of 4.81% in the past 24 hours. The asset currently trades at $0.3934 against the dollar, as the bulls support it on its journey to $0.40.

Earlier today, prominent crypto analyst Egrag Crypto noted that CPI data that meets expectations or below would contribute to relief rallies for digital assets, especially XRP. According to Egrag, the XRP consolidation could be nearing its end, as the asset currently positions itself at the apex of a symmetrical triangle. With an XRP breakout expected soon, Egrag‘s probabilities remain bullish, with a 54% chance of an upward movement.

 

Shiba Inu (SHIB)

Meme coin Shiba Inu (SHIB) has not been left out in the recent market-wide rally. Despite flatlining in the past week, the asset has gained by 4.33% in the past 24 hours. SHIB summarily eclipsed the price point at $0.0000093 after trading below it for four days. The asset met a rejection at the zone but has kept steady so far, changing hands at $0.00000925 as of press time.

Shib Knight shares the following targets and support for Shiba Inu.

 

 

 

TerraCVita Says Its Roadmap Includes Burning Trillions of LUNC

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The latest disclosure underlines the independent development group’s commitment to revitalizing Terra Classic (LUNC).



TerraCVita, an independent group dedicated to developing the Terra Classic (LUNC) asset, has revealed that its internal roadmap includes some provisions that would see to the burn of trillions of LUNC tokens. The disclosure comes when the community regards token burns as the top priority as the campaign to rejuvenate the asset picks up.

“Spoiler – Our internal roadmap includes milestones to burn Trillions of LUNC,” the official handle of the TerraCVita group disclosed today.

While some community members have received the news well, others remain unexcited, highlighting that several entities have made such promises in the past. One such is the Lithosphere (LITHO) blockchain team, which released a roadmap in October with plans to burn up to 2.5 trillion LUNC.

With a current supply of 5.9 trillion tokens, LUNC’s circulating supply would be drastically reduced upon the incineration of trillions of tokens, which can contribute massively to its price action. Nonetheless, with the current limited information, the mode of employing this burn and its timeline remains unknown.  So far, 35.7 billion LUNC tokens have been burned, with Binance accounting for 20.1 billion.

TerraCVita’s Contributions to the Ecosystem 

Whether or not TerraCVita can keep to its word remains to be seen. Notwithstanding, the group’s mark within the LUNC camp is undeniably noticeable. In September, TerraCVita announced a partnership with High Stakes Switzerland – an entity involved in running validators for PoS networks. The partnership would see High Stakes launch a LUNC validator to assist in fund generation for the network’s development.

Following a decision from fellow independent LUNC development group Terra Rebels to cease support for the Terra Station wallet last week, further developments of the wallet infrastructure were assigned to TerraCVita, indicating its significance to the community. The group has been involved in several proposals, governance votes, and developments toward supporting LUNC.

Furthermore, TerraCVita and one of its most prominent members, Rex “Rexzy” Harrison, were involved in the launch of the Terra Casino gambling platform, which has been committed to incinerating millions of LUNC tokens, with 12.9M LUNC burned in less than a month.

Wallet Dubbed “Marsbrothers.eth” Adds 336B Shiba Inu

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Shiba Inu Price Rebounds, As Whale adds Large Amount Of SHIB.


A deep-pocketed Shiba Inu investor tagged “marsbrothers.eth” amassed a whopping $2.99 Million worth of SHIB in the past hour as the price of Shiba Inu rebounds sharply from the crucial support on the daily chart.

According to Etherscan data that a wallet named “marsbrothers.eth” added a staggering 336,292,667,662 (336.29B) SHIB, worth $2,993,004 ($2.99M) from one of the Binance-associated wallets named “Binance 15”. The transaction was executed at 09:38:11 AM +UTC.

The Wallet Named marsbrothers.eth Accumulated 2.99 Million USD Worth of SHIB
The Wallet Named marsbrothers.eth Accumulated 2.99 Million USD Worth of SHIB

SHIB Price

The transaction comes after Shiba Inu rebounds from its crucial support at $0.00000838 on the daily chart. Shiba Inu’s price seems to stabilize above $0.00000838 as bears could not take Shib below the strong support since November 9th, 2022. On Monday, December 12th, the Shiba Inu retested the $0.00000838 level for the third time.

SHIB Rebounds From Crucial Support Level
SHIB Rebounds From Crucial Support Level

At the time of writing, Shiba Inu is trading at the price of $0.000008875, -0.20% down over the last day. Shiba Inu traders have exchanged hands with $115,401,333 ($115.40M) worth of SHIB in the past 24 hours.

Theta Network (THETA) Falls Under $1 Whilst Metacade (MCADE) Is Skyrocketing During Presale

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The Theta Network has suffered a calamitous fall since its highest price in March 2021. So, it’s worth asking what makes analysts think that it could drop even further now that it’s dipped below $1. To understand this, you need to look at why Theta might be on its way out while Metacade is just gearing up for a big jump. 

The Metacade project and its MCADE token have proven to be hugely popular during its current presale period. By looking at why this is the case, it should be possible to see the answer to the question of how long it will take for MCADE’s price to skyrocket above the current THETA price prediction.

THETA price prediction: will it stay below $1?

The previous THETA price prediction that the coin would fall to $1 ended up coming true. Recently, it dropped below that crucial level for the first time since the end of 2020. In fact, since then it’s been a long slide downward for THETA since the price began to drop in March 2021. 

Moreover, there aren’t any real signs of recovery for THETA at the moment. In fact, it looks set to stay at under $1 for the foreseeable future. And that’s extremely disappointing for investors who’ve lost money on something they once believed would end up going to the moon. That’s why so many are looking for something with longer-lasting potential.

What is Metacade and what does it offer?

The Metacade project is the most exciting cryptocurrency launch right now and it’s easy to see why. The platform is a virtual arcade game hub where players can immerse themselves in a Web3 gaming community. Based in the metaverse, the project is set to be a one-stop hub for arcade gamers looking for an immersive experience that offers something totally unique.

Metacade will also be a place for gamers, developers, and entrepreneurs to connect. It will become a space for developers to work with gamers to create new games. It will offer entrepreneurs the chance to advertise and meet with like-minded community members. Gamers can find their place here too through playing and testing games, writing reviews, and entering contests. As for investors, this is an opportunity to enter passive income through staking.

The main ethos of Metacade is to create a community-driven space. To attract community members, this means having a larger catalogue of P2E games than any other metaverse project out there, as well as giving users a say in how Metacade is run.

By combining arcade games, the metaverse, and cryptocurrency, the Metacade project brings a unique approach that will appeal to a huge range of potential users. That makes Metacade something more stable than a single-title project and aims to keep users coming back.

The backbone of the Metacade economy is its native coin, MCADE. With MCADE, the Metacade platform will provide a space for gamers to earn while playing. This could come through entering tournaments and winning prize draws, as well as adding to the community with reviews or by helping out new members. 

As for the investment potential, the sky’s the limit according to the anticipated figures coming out of the successful MCADE presale to date.

For a Bright Future, Look to MCADE

While THETA seems to be hitting a bad slump, MCADE is just picking up steam. There’s already an MCADE price surge predicted for early 2023 when it lands on all of the top exchanges.

While most THETA price prediction suggestions put the future price at under $1, it’s clear that the MCADE token is going in an upward direction. The presale of 1.4 billion coins was cleverly set up to start with a low price of $0.008 per token before ramping up to $0.02 at a later stage. This has encouraged loads of investors to join in and get hold of MCADE at a lower price while they can. 

As more gamers join the community and look to earn rewards, this will push up the popularity of the platform, which should be a major factor in causing the value of MCADE to rise. And with so much potential, MCADE has a long way to rise.

How exactly will the Metacade token gain value?

This metaverse gaming hub has several strategies that are used to provide revenue streams and boost the MCADE token’s value. These include merchandise sales, advertising, and game testing with feedback. All of that means that it’s a valuable community for a wide range of users who have different needs but all want to see a useful token and a great platform.

Unlike THETA, the MCADE token has proven utility in a metaverse-based arcade gaming environment. THETA is based on video streaming and this sector has proved to be less impressive in terms of growth than had been expected. Gaming and GameFi in particular are without a doubt going to be a big part of the metaverse. And a platform with a whole host of games is poised to be huge. With all that in mind, 2022 looks set to be a fantastic year for Metacade. 

Is buying cryptocurrencies the right move for 2022?

Cryptocurrencies have had a tough time this year. The bear market has seen some coins lose pretty large stores of value. And while it might not seem like it, now is the time to buy since you can swoop in on high-potential coins while the price is low.

The THETA price prediction might make you think that this isn’t the time to buy any cryptocurrency. After all, THETA fell from $11 and recently dipped under $1. This token isn’t the only one to lose value in the last year, but the spectacular drop in price for the THETA token is a sign that investors aren’t convinced by its potential.

Yet, this can still be a good time to invest in a crypto project that people honestly believe in. And for a project with longevity that provides real value, all bets are on Metacade. The recent stream of good news stories about MCADE tells us that this is a great investment that has a bright future ahead of it. 

You can participate in the Metacade presale here.

Whales XRP Holdings Surge to One Year Peak

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Whale addresses holding 100K to 10M XRP drastically increased their XRP holdings in the five weeks leading to December 11.


XRP whales (addresses holding 100K to 10M XRP) have been on an accumulation trend of late, as the ratio of XRP supply held by these addresses increased from 16.7% to 18.27% within the past five weeks. This wave of accumulation began, following XRP’s crash from the lofty position of $0.50, suggesting a growing buy-the-dip frenzy.

The current XRP supply ratio of 18.27% held by these whale addresses is the highest the network has seen in over a year, per data from crypto behavior analytics platform Santiment. Santiment recently highlighted the growing accumulation pattern amongst whales of several assets, including XRP, in an insight report today.

 

Information from a Santiment chart suggests that this whale accumulation trend picked up in June when the community started witnessing a recuperation from the impact of the Terra collapse in May.

Nonetheless, following the crash from the $0.50 territory in early November, triggered by the FTX saga, the network witnessed a surge of accumulation. Whales scooped large amounts of XRP tokens as they looked to amass the asset in an oversold zone. This saw a sharp surge of the XRP supply ratio held by these addresses from 16.7% to 18.27%, marking a 9.4% increase in just five weeks. The accumulation trend remains sustained as of press time.

Due to the effect of the concepts of supply and demand on assets within the markets, the Santiment report has noted that another price rally would not be surprising for XRP, considering the sharp surge noticed in accumulation.

XRP Whale Movements Have Picked up

The Crypto Basic had, in the past few weeks, highlighted these whale movements. The latest transactions involved the movement of over 160M XRP tokens between several addresses, as reported last Thursday. Barely 24 hours before the latest transactions, a single whale moved over 4 billion XRP tokens from Bittrex to several unidentified wallet addresses.

Furthermore, on November 30, the network witnessed another batch of whale movements that saw 442M+ XRP tokens in motion. The most significant transaction in this batch involved the movement of 280M XRP tokens between two unidentified wallets.

Over 578M XRP was moved on November 10, and 528M+ tokens were set in motion shortly after, as reported on November 16. Additionally, 421M XRP tokens were also highlighted to have been moved by whales on November 26.

In the latest XRP movement, Ripple Moved 50M XRP, Whales 160M+ on Dec 8th. Today on Dec 13th, Whales Shuffled 392M XRP.

These whale movements had significantly increased within the past weeks, supporting Santiment’s report.

XRP Gains, but Yet to Capture the $0.40 Point 

Meanwhile, XRP has outperformed the majority of altcoins in the past seven days despite its dip within the timeframe. With a 1-week drop of 0.10% at the time of reporting, XRP is showing more resilience against the shenanigans of the bears than most altcoins which have mostly dropped by over 5%. However, the firstborn crypto BTC, and the king altcoin ETH, is showing more strength.

With a slight gain of 2.34% in the past 24 hours, XRP is the highest gainer amongst the top 15 assets in the past day. Notwithstanding, its goal to reclaim the $0.40 price point has not materialized, as it currently trades at $0.38 at the time of reporting.

As reported earlier, XRP’s journey to recapture the $0.40 is majorly hinged on updates on the legal battle between Ripple and the U.S. SEC. With the litigation nearing its endpoint, rumors of a Ripple settlement on December 15 surfaced, but they were summarily debunked. The U.S. macroeconomic conditions will also play a role in Ripple’s reclamation of $0.40.

The Shifting Perception of Crypto ICO Through the Ages

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Initial venture capital investment is an important part of any industry. When a new project wants to secure funding to develop or expand rapidly, it turns to IPO events, helping to find new investors and bring in capital. Even in the world of cryptocurrency, this practice isn’t uncommon. The only difference is that companies hold what is known as an ICO instead of an IPO.

An Initial Coin Offering is a form of crowdfunding during the early stages of a crypto launch. Within an ICO event, a crypto company will begin to sell a fixed quantity of their newly created cryptocurrency token to any investors that are interested. Not only does this create liquidity for the project, but it allows them to secure funding quickly.

As people begin to buy the project’s cryptocurrency, the coin’s relative value rises, allowing people to make money off ICOs when they plan ahead. While everything seems great on paper, the history of ICOs has been anything but smooth sailing.

In this article, we’ll turn to the history of crypto ICOs, outlining how things took a turn for the worst and how companies like BitTorrent, Peer, and Raven Protocol have been instrumental in driving the market forward.

Let’s jump right into it.

Crypto ICOs and The Dark Years

ICOs are not a new system for raising capital. In fact, the earliest contenders started all the way back in 2013. Since those early years, the popularity of this method continued to increase until coming to a peak in late 2017-early 2018. By the end of 2018, the reputation of ICOs had almost completely been derailed.

The rapid fall from grace was mainly due to scam projects, which were rife in 2018. Shockingly, 81% of all ICOs launched from December 2017 to December 2018 were scam projects, with the owners quickly liquidating their share of the crypto once the ICO had increased its early value.

These repeated events, which totaled nearly $700 million USD stolen, caused the industry to frown heavily on ICOs. They were seen as unreliable, unsafe, and a hotbed for rug pulls and scam projects.

This reputation has followed ICOs for many years, with the overall quality of capital invested through this medium declining each year. With this heavy shadow over the industry, crypto projects needed a change.

The Rise of IEO and IDO

After the rapid fall in cryptocurrency investment after 2018, the crypto industry began to launch new ways of crowdfunding new coins. Thus arrived Initial Exchange Offerings and Initial DEX Offerings.

Both IEOs and IDOs provided a method for users to invest in new cryptocurrencies that had a further level of verification by the exchanges themselves. To list a new cryptocurrency on an exchange for early investors, blockchain projects had to leap through many hoops.

IEOs came first, with early projects like Bittorrent IEO raising over $7 million USD in only 20 minutes. In order to provide a completely decentralized method of engaging in this safer form of investment, IDO swiftly followed.

Another notable project that came out of IDOs was Raven Protocol, which raised $500,000 in record time. Another fact that makes these investment platforms much more secure is that launching projects must be done in currency pairs. Instead of simply buying one crypto, individuals must invest in a liquidity pool with certain pairs.

Due to this, volatile price changes are much less likely to happen as there are more steps involved with rapidly buying or selling a coin. The decentralized addition to this mechanism provided a further peer-to-peer system, helping all new projects launched into this space closely follow the best practices outlined by decentralized exchanges.

These two methods of investing have quickly become the industry standard for cryptocurrency crowdfunding.

Modern Problems Require Modern Solutions

 Beyond IEOs and IDOs, the industry is still trying to innovate how they bring new capital into the market. Two fairly recent introductions into this world take the form of STOs and IXCs.

A Security Token Offering combines the best elements of ICOs with an additional level of compliance and safety. By hosting tokens on the blockchain, investors can buy cryptocurrency incredibly quickly. As all transactions are recorded on the blockchain, this is a legally-compliant form of investing.

Unlike with ICOs, the additional steps to create, form, and launch a project with STO standards makes this a much safer investment for individuals. There are many more hoops to jump through, meaning that the final projects are often more heavily vetted and safer to invest in. Deloitte has named STOs the next generation of safe investing.

Most recently, the blockchain company Peer Inc. has published documentation about their new investment protocol, Initial Coin Exchange (ICX). Within this new strategy, vetted companies can raise funding by selling assets and digital tokens.

The movement toward ICX allows businesses to promote early-access fundraising while still completely being aligned with the best compliance practices. Investors are able to find high-quality projects, while reputable companies can rapidly source crowdfunding.

The rise in STOs and ICX capital funding demonstrates the industry’s desire for safer, more rigorously protected investment channels. Their establishment and publication has allowed for more people than ever to safely invest in new cryptocurrency projects.

Final Thoughts

 Although the world of crypto ICOs has been fairly untrustworthy for quite some time, things are now beginning to change. As people become more aware of what makes a good crypto project, as well as the various documentation that should accompany a trustworthy project, the industry is starting to see another influx of VC crypto funding.

By moving through a project in meticulous detail and working out how to tell the reputable projects from the quick cash grabs, you’ll be in the perfect position to make some high-impact early investments. And, if the projects we’ve touched upon in this list are any measure, there are a lot of fantastic companies still waiting for funding out there.

Best of luck in the world of crypto VC.

XUMM Wallet Launching “Buy & Sell XRP” xApp For Fiat Globally

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XUMM wallet will soon have a new xApp where users can buy and sell XRP in exchange for fiat from several providers at competitive rates.


XUMM wallet, in a tweet yesterday, teased a “Buy & Sell XRP” xApp where users can trade their XRP holdings in exchange for fiat.

Per the screenshot, the xApp already has three providers, including XUMM. However, developers in the tweet let slip that they are already in the process of providing support for at least four more providers.

For context, xApps are web apps embedded in the XUMM wallet to provide services to XUMM wallet users. In the case of the Buy & Sell XRP xApp, users can access XRP on/off-ramp services with the choice to select from several providers.

Per a previous XUMM wallet thread less than a week ago, BTC Direct and Banxa, the two other known providers, will serve Europe and most of the world, respectively. However, the native XUMM on/off-ramp service is restricted to the Netherlands, with plans to expand the service to the UK and France soon.

Consequently, the on/off-ramp service will soon be accessible globally with the support of third parties like Banxa and BTC Direct.

While using the XUMM service requires a XUMM pro subscription of about $60 yearly with an additional $5 fee, using third-party services does not require a XUMM pro subscription. Despite this, XUMM promises to offer the best rates and support, noting that the third parties will offer support for their services, not XUMM.

The latest development is part of a push from XRP Ledger developers to keep XRP users on the XUMM wallet built by XRPL Labs for XRP. It also comes at a critical time when trust in centralized exchanges is waning, providing an opportunity to purchase and sell tokens for fiat without having to leave self-custody. As one user notes, it may point to the future of crypto.

XRPL developers hope that the onboarding of several providers will incentivize competition for consumer benefit, per a tweet from Wietse Wind, a senior XRPL Labs developer. bill morgan (@Belisarius2020), in response to the announcement yesterday, said the move might lower fees.

It bears mentioning that Wind first teased the launch of on/off-ramp services on XUMM in July. In October, the service went live in the Netherlands, as reported by The Crypto Basic.

Businesses Can Now Pay Employees’ Salaries In XRP

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NOWPayments said companies could pay salaries in XRP using its Mass Payouts feature.



Top-rated cryptocurrency payment gateway NOWPayments recently revealed that employers can now use its solution to pay employees’ salaries in XRP. NOWPayments noted in a recent blog post that paying salaries in XRP would help to boost companies’ efficiency while reducing transaction costs.

Benefits of Paying Salaries in XRP

Paying employees’ salaries in XRP comes with numerous perks, including eliminating the delay associated with the traditional financial system by offering rocket-fast transactions, NOWPayments said. Other benefits associated with paying salaries in XRP include security, low transaction fees, borderless payment, privacy, and transparency. 

“[Paying salaries in] XRP allows you to significantly reduce transaction costs, increase the efficiency of financial transactions, as well as get rid of a large number of intermediaries,” NOWPayments noted in a blog post. 

How to Pay Salaries In XRP

NOWPayments noted that companies who wish to pay salaries in XRP must use its “Mass Payouts” feature for the initiative. The mass payouts feature allows users to send crypto to multiple recipients.

Companies who want to send salaries to their employees can do so through the following steps. 

  • Register a NowPayments account through the official website.  
  • Navigate to the settings menu and generate an API key 
  • You will be required to set up the “Custody feature on the Dashboard.” 
  • Deposit XRP into your NOWPayments account.
  • Navigate to Custody and click “Create Mass Payouts.” 
  • Upload the .csv file generated earlier in the provided field. 
  • Input the employees’ XRP addresses and the amount you want to send to each of them. 
  • Click proceed, and the payment and NOWPayments will automatically forward the funds to your employees.

The development comes months after NOWPayments announced that businesses could also pay employees’ salaries in Shiba Inu.

NOWPayments Drives Crypto Adoption

NOWPayments has been actively involved in fostering widespread cryptocurrency adoption across various parts of the world. The platform supports over 75 cryptocurrencies, including Bitcoin, Ethereum, XRP, Shiba Inu, etc. Aside from allowing businesses to pay salaries in crypto, NOWPayments also offers businesses the opportunity to accept crypto payments in exchange for goods and services. 

In October, NOWPayments reported that ten offline businesses, including Gucci, Rooms-To-Go, Porsche Towson, etc., have leveraged its solution to accept crypto payments.