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Coinbase Confirms It Will Distribute FLR Tokens to XRP Holders

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Coinbase reiterates its commitment to supporting FLR token distribution.


San Francisco-based crypto exchange Coinbase has regurgitated its commitment to support the upcoming airdrop of Flare Network’s tokens (FLR). In a tweet yesterday, Coinbase noted that it would honor its prior commitment to its customers by supporting the distribution of FLR to users who held XRP at the time of the snapshot, December 12, 2020, at 00:00.

According to the announcement, Coinbase said it would support FLR distribution to beneficiaries within the first half of next year.

“Customers on http://Coinbase.com simple & advanced trade & @CoinbaseExch in approved jurisdictions which held XRP on the snapshot date of Dec. 12, 2020, at 00:00 UTC will qualify to receive FLR tokens.”

The exchange further said it could not guarantee support for any specific jurisdiction. Per the announcement, the FLR airdrop will only be available to Coinbase users who reside in supported jurisdictions. However, Coinbase users residing in Germany, Singapore, Coinbase, Japan, and New York, will be exempted.

Flare Response

Flare network and community both thanked Coinbase.

 

Flare Network CEO Calls Out Coinbase Team

The announcement comes a week after Flare Network’s CEO Hugo Philion disclosed that Coinbase is yet to respond to inquiries about FLR distribution. On December 6, Philion revealed that Flare Network had not gotten any response from Coinbase regarding its offer to support the exchange in distributing the tokens to XRP holders. 

As reported, the long-anticipated FLR airdrop is scheduled to take place on January 9, 2023. Despite fixing the FLR airdrop distribution date, the Flare Network team wants to confirm the exchanges’ readiness for the token distribution. 

Philion is eager to get Coinbase to distribute FLR tokens because it seems the exchange is having problems with Flare Network’s token distribution. It is worth noting that while other exchanges have completed the distribution of Songbird (SGB), Flare Network’s testnet tokens, Coinbase is yet to distribute the crypto assets to XRP holders who qualify for the airdrop. The exchange has not given any information on why it has delayed the token distribution for over a year. 

TheCryptoBasic reported that prominent crypto YouTuber Ben Armstrong, a.k.a BitBoy Crypto, called out Coinbase over the matter. 

“Wait… Coinbase didn’t give XRP holders their Songbird SGB token distribution? Uncle brian_armstrong, WHAT’S THE DEAL?!” BitBoy tweeted last month.

Flare Ready for FLR Airdrop

Meanwhile, Flare Network is committed to proceeding with FLR distribution on the scheduled date, January 9, 2023. The company recently demonstrated its willingness to distribute the tokens to XRP holders by publishing a list of exchanges supporting FLR airdrop. According to the list, 25 crypto exchanges, including Binance and Bithumb, have confirmed they will support FLR airdrop, while 12 exchanges, including Coinbase and Binance.US, have not confirmed support for the exercise. 

Burn Rate Surges As 43 Million Shiba Inu Burnt In 24 Hours

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Over 42.84 Million Shiba Inu (SHIB) has been burned in the past 24 hours. Two significant burn transactions come from a Cryptocom-related wallet.


Shiba Inu Community has decreased the circulating supply of Shiba Inu by 42,842,867 (42.84M) SHIB via six separate transactions in the past 24 hours.

Over 34.95 Million SHIB Burned by Cryptocom-related Wallet

A whopping 34.95 Million SHIB has been sent to the “inferno’’ addresses in two separate transactions via a Cryptocom-related wallet tagged “Crypto.com 2”.

As reported earlier by The Crypto Basic, the said wallet permanently removed 19,400,000 (19.40M) SHIB from circulation in the first transaction. After the first burn, the same Cryptocom-related wallet executed a second transaction about six hours ago from press time and took out another 15,550,995 (15.55M) SHIB from circulation forever.

Cryptocom related Wallet Burned 15.55 Million SHIB
Cryptocom-related Wallet Burned 15.55 Million SHIB

In total, the wallet incinerated 34,950,995 (34.95M) SHIB via two separate transactions in the past 24 hours and became the major SHIB Burn contributor of the Day.

Shib Burn Rate

As per Shibburn.com, the massive SHIB burns above increased Shiba Inu’s burn rate by 132.65% over the last day.

Shiba Inus Burn Rate Soars 132.65 Percent in the Past 24 Hours
Shiba Inus Burn Rate Soars 132.65 Percent in the Past 24 Hours

At the time of writing, Shiba Inu is trading at the price of $0.000008861, up 0.33% over the last day, with a 24-hour trading volume of $95,534,747 ($95.53M).

Terra Classic Developers Successfully Reopen IBC Channel To Osmosis

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The Osmosis IBC channel is now functional.


The Inter Blockchain Communication (IBC) channel linking the Terra Classic network to Osmosis, the popular Cosmos decentralized exchange, is now open per a tweet from the Terra Rebels, an independent development group for the network.

Rex Harrison, AKA Rexzy (@RexYellerBelly,) a senior member of TerraCVita, a competing independent developers group, also confirmed the development, sharing a screenshot of a successful transaction. 

It is worth noting that the Osmosis IBC reopening is the result of a proposal from Terra Classic core developer Edward Kim to speed up the timeline of the IBC reopening for Osmosis, Juno, and Crescent. Instead of reopening these channels with the v23 upgrade scheduled for sometime this month, developers opted to do so earlier to keep up with the changes in the Cosmos ecosystem.

Notably, with the IBC channels reopening, users can access trapped Terra Luna Classic (LUNC) and TerraUSDClassic (USTC) liquidity, most of which lie on Osmosis. For context, the channels connecting the Terra Classic network to other Cosmos chains were closed during the ecosystem collapse in May to reduce the impact of impermanent losses. Per the proposal from Kim, developers ought to have reopened the IBC channels by December 5.

Unsurprisingly, the community has received the confirmation that developers have successfully reopened the channel to Osmosis with excitement. However, a few persons have encountered challenges while trying to perform transactions. For example, Cosmos Human (@EU_FDA) noted that he could not transfer LUNC from Osmosis to another wallet. Kayak King (@moorlandthicket) noted that he is yet to receive USTC transferred from Osmosis to his Terra Station wallet.

It bears mentioning that the push to reopen the IBC channels to Osmosis inspired a couple of proposals to maximize LUNC burns. The first proposed an increase in the on-chain burn tax parameter, while the second pushed to get Osmosis which served as the primary off-chain DEX for the LUNC community before the crash to implement the burns off-chain.

Ripple vs. SEC Settlement Rumors Make Whales Shuffle 392M XRP

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As Ripple vs. SEC settlement rumors set in, Crypto whales move over 392M XRP in 24 hours.


Whale Alert, a crypto whale tracking service, has continued to share updates about large XRP movements in recent days. The recent transactions suggest that whales are still shuffling large amounts of XRP to and from exchanges.

Over the past 24 hours, Whale Alert reported that these high-net-worth crypto investors shuffled a whopping 392,764,221 (392.76M) XRP coins. The massive XRP shuffling comes as rumors about a possible settlement in the ongoing lawsuit between Ripple and the SEC set in. 

Details of the Transactions

The crypto whale tracking service data shows that the first transaction in the past 24 hours occurred on December 12 at 11:50 UTC. Whale Alert indexed that an anonymous whale withdrew 38,893,182 (38.89M) XRP worth $14.4M from Binance, the world’s largest cryptocurrency exchange.

About six hours ago, two unknown whales shuffled a total of 188.5M XRP worth $72.83M in a single transaction. Whale Alert also observed another transaction involving the withdrawal of 30M XRP ($11.67M) from Bitso exchange by an unknown whale. 

In the hours leading up to press time, another Binance user withdrew 37,371,039 XRP tokens ($14.14M) from the exchange to an unknown address.

 

2 Whales Move 98M XRP In One Hour

Two crypto whales moved a combined 98M XRP in one hour.

In two transactions, the first whale deposited 68M XRP to the Bitstamp crypto exchange. For the first transaction, the whale transferred 28M XRP ($10.92M) to an address on Bitstamp, while the same whale moved another 40M XRP ($15.55M) to the same Bitstamp address within an hour.

The second XRP whale moved 30M XRP coins ($11.67M) to the Latin American exchange Bitso.

Ripple vs. SEC Settlement

It is not surprising to see crypto whales shuffle a whopping 392M XRP in 24 hours as rumors of a settlement in the Ripple lawsuit continue to make rounds. In a surprise “Ask Me Anything (AMA) session” over the weekend, Cardano founder Charles Hoskinson revealed that he heard rumors that a settlement between Ripple and the SEC will take place on December 15.

“I’ve heard rumors that the Ripple case will be settled on December 15,” Hoskinson said. “And we’ll just see, and that could have catastrophic implications for the industry, one way or the other.”

XRP whales have continued to react to the rumor since it became, with vast amounts of the crypto asset shuffled. However, FOX Business journalist Eleanor Terret debunked the claims made by Hoskinson. She noted that FOX Business’ sources who know the case said the parties are not planning to settle.

Life Imprisonment? As SBF Arrested In Bahamas On Fraud & Money Laundering Charges At Request Of US DoJ

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SBF faces life imprisonment if convicted.



Embattled FTX founder Sam Bankman-Fried has been arrested in the Bahamas at the request of the US Department of Justice based on sealed charges filed in the Southern District of New York, per a tweet attributed to Damian Williams, US Attorney for the Southern District of New York.

The charges against SBF include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering, the New York Times reports citing a person with knowledge of the matter. Consequently, the disgraced crypto founder risks serving a life term in prison if found guilty on all counts. Bahamian authorities say the request from the DoJ indicates that extradition is likely, as reported by The New York Times.

Meanwhile, the US Securities and Exchange Commission has said it is also preparing to file separate charges on securities violations in response to the DoJ charges. The tweet attributed to SEC director of enforcement Gurbir Grewal says the financial regulator will publicly file the charges in the Southern District of New York today.

It bears mentioning that SBF was scheduled to testify before the House Financial Services Committee today on the collapse of his crypto exchange. However, his arrest makes his appearance impossible.

In a statement yesterday, Rep Maxine Waters, chair of the House Committee, while expressing surprise at the arrest, conceded that it was high time law enforcement kicked off the process to bring the crypto founder to justice. The lawmaker, however, expressed disappointment that the American people looking forward to the hearing will not get the chance to get answers from SBF.

“Although Mr. Bankman-Fried must be held accountable, the American public deserves to hear directly from Mr. Bankman-Fried about the actions that’ve harmed over one million people, and wiped out the hard-earned life savings of so many,” the statement read. “The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity.”

FTX, the global crypto exchange, collapsed in early November after a bank run confirmed the illiquidity of the entity, likely due to reported fraudulent financial practices. Notably, it appears that SBF gave a huge loan to Alameda Research, the crypto exchange’s sister trading firm, from customer deposits, without the knowledge of customers and against promises made in the firm’s terms of service agreement that says it can not under any circumstances lend out customer funds. 

In the aftermath of the collapse, John Ray III, overseeing the restructuring process as part of bankruptcy proceedings, has revealed in court filings findings that point to the mismanagement of corporate and customer finances.

SBF, on his part, in several interviews that he has given since, has denied any claims of fraud. Instead, the crypto founder champions a narrative of gross negligence and ineptitude while finding ways to dodge or misdirect burning questions, much to the chagrin of the crypto community. 

While the crypto community has been waiting for this arrest, some members have indicated that they do not want to get too excited just yet over fears of the political influence SBF may control due to massive campaign donations.

In recent interviews, the erstwhile billionaire has said he has only $100,000 left in his account. It will be interesting to see how he secures legal financing.

SBF to Testify Remotely At the Senate Banking Committee Hearing Tomorrow Amid Fear of “Paparazzi Effect” 

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FTX founder said he is not planning to attend the testimony in person. 

Sam Bankman-Fried (SBF), the former CEO of FTX cryptocurrency exchange, disclosed today that he has no plans to speak at the upcoming Senate Banking Committee hearing scheduled for December 13, 2022. SBF made this known today during a Twitter Space hosted by Unusual Whales. 

The founder of FTX, who disclosed he was playing a video game during the Twitter Space, said it is difficult for him to travel lately because of the massive “paparazzi effect” he has attracted following the collapse of FTX.  

He added that if the committee insists that he attends the hearing, he is willing and open to having a conversation with the Congress members.

Tracy Wang, Coindesk’s Deputy Managing Editor, also joined Twitter Space and confirmed that SBF would not be attending the Banking Committee hearing in person. According to Wang, SBF will attend the hearing virtually. 

Several crypto enthusiasts, including David Gokhshtein, who joined the Unusual Whales’ Twitter Space, also confirmed that SBF would not attend the Banking Committee hearing in person. 

Congress to Subpoena SBF If He Fails to Attend the Testimony

Several twists have emerged since the Senate Banking Committee invited SBF to testify and answer for the failure of FTX and Alameda Research. Earlier this month, SBF stated on Twitter that he is not sure he will attend the December 13 hearing because he is still learning and reviewing what led to the collapse of the crypto trading platforms. 

Reacting to SBF’s comment, Maxine Waters, chair of the House Committee on Financial Services, said that based on SBF’s role as former CEO of FTX, it is clear that he has sufficient information for the testimony. She added that SBF must attend the testimony because of the damage FTX’s collapse caused U.S. investors. 

“Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony,” Waters said. 

On December 8, Waters further revealed that SBF could be subpoenaed if he fails to show up voluntarily at the December 13 hearing. 

US Congress Candidate January Walker Says a Ripple Settlement is a Loss for Web3 and the World

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January Walker’s recent remarks echo the degree of importance the broader crypto community assigns to the Ripple v SEC case.


United States politician and Congressional candidate January Walker recently highlighted the significance of Ripple defeating the United States Securities and Exchange Commission (SEC) in the ongoing litigation instead of going for a settlement. According to Walker, if Ripple settles, it spells a loss for the world and the Web3 scene. Walker is known for her advocacy for blockchain and cryptocurrencies, having called Cardano an efficient chain in September. Her comments came after the Cardano founder shared a rumor of Ripple’s settlement on Dec 15.

“If Ripple settles it will be a loss for the whole world & WEB3,” Walker remarked boldly in a tweet today as she weighed in on the 2-year legal tussle, which is nearing its endpoint. Walker’s comment comes barely a month.

Charles Hoskinson Responsible For Settlement Rumours

Cardano founder Hoskinson was again in the XRP community’s crosshairs as he shared rumors of a settlement date for the SEC vs. Ripple case.

“I’ve heard rumors that the Ripple case will be settled December 15,” Hoskinson said. “And we’ll just see, and that could have catastrophic implications for the industry, one way or the other.”

However, FOX Business reporter Eleanor Terrett has debunked these claims, tweeting, “It’s not true.”

Ripple CEO On Settlement

As reported by The Crypto Basic on Nov 22, Ripple Chief Executive Brad Garlinghouse revealed that the technology company is willing to settle with SEC if the regulatory watchdog is ready to clarify the status of XRP as a financial instrument.

A Ripple Victory Would Contribute to Regulatory Clarity

Despite not being directly affected, the broader cryptocurrency community has persistently highlighted the significance of a Ripple victory in the ongoing lawsuit, as this would bring hope to the majority of PoS assets at risk of being labeled securities by the SEC. A victory from Ripple can be referred to by any court of law to vindicate similar assets regarded as securities by the regulatory watchdog.

Walker’s recent comment underlines this reality, but she’s not alone in this regard, as fellow former U.S. Congressional Candidate and crypto proponent David Gokhshtein recently made similar remarks. According to Gokhshtein, the worst outcome of the case would be Ripple going for a settlement on the case, noting that he does not know if that will bring clarity to the industry. Recall that FOX reporter Eleanor Terrett recently debunked claims of a December 15 settlement of the case.

“We need Ripple to win this case and not settle,” Gokhshtein said in a tweet yesterday, as recently highlighted by The Crypto Basic. With the lawsuit ending, Gokhshtein has championed Ripple’s advocacy of late, calling for all cryptocurrency proponents to support Ripple, as it will be generally beneficial for the entire industry. 

Last Friday, the 41-year-old founder of Gokhshtein Media asked all crypto enthusiasts to support Ripple in the lawsuit whether or not they are fans of XRP. According to Gokhshtein, a Ripple victory will bring favorable regulatory clarity to the crypto industry and bolster blockchain innovation.

Gokhshtein’s assertions have been occasionally echoed by several individuals within the crypto space, with the consensus on the matter being already established. The crypto industry in the United States remains largely unregulated, with a deficiency of regulatory clarity. Proponents have been calling for clarity to eliminate the regulation by enforcement cases carried out by the SEC.

Though the firstborn crypto bitcoin has been officially recognized as a non-security by SEC Chair Gary Gensler and others, most assets, especially PoS tokens, are at risk of being dubbed securities. The outcome of the Ripple v SEC case will go a long way in providing clarity on the status of these assets.

In September, the White House released its first-ever regulatory framework for the crypto industry. Notwithstanding, the framework did little to clarify how assets should be regulated. Consequently, several entities and individuals within the space condemned its content as inefficient. 

‘Reuters Has It Wrong Again,’ Says Binance In Response To Reports Of DoJ Charges: Report

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Binance refutes a Reuters report that the DoJ is preparing to place charges on the crypto exchange.


Binance, in a tweet today, has refuted details of a report from Reuters insinuating that the US Department of Justice will soon file charges against the crypto exchange.

The Reuters report suggested that the DoJ could file charges against the crypto exchange soon based on a money laundering and criminal sanctions investigation that kicked off in 2018. While it says some prosecutors now believe there is enough evidence to act on, it also highlights senior officials at the Money Laundering and Asset Recovery Section (MLARS) are hesitant. Notably, per the report, the approval of this unit is needed for charges to be filed, but the group has a history of moving slowly. 

However, with the change of the MLARS chief in October, Reuters implies that prosecution may come sooner rather than later. As highlighted by the news outlet, the new MLARS chief, Brent Wible, comes from units known for swifter prosecution action.

Meanwhile, per the report, the investigation over the last four years has cast a cloud over the crypto exchange and shaped its operations. The article implies that Binance’s Anti-Money Laundering rules and sanctions enforcement is still not up to code. It suggests that the reason Binance launched the US arm of the exchange was to distract regulators from the international version. In addition, it says that the investigation is why the crypto exchange has gone on a hiring spree for regulators with links to the US Treasury and DoJ.

Binance Says Reuters Is Wrong

However, Binance, an hour after the report, refuted claims from the report, sharing its official response to Reuters’ request for comment and a blog post discussing its security and compliance team. While it says it can not speak to what the US DoJ plans to do, it defends its law enforcement team.

“Reuters has it wrong again,” the exchange wrote via its official Twitter handles. “Now they’re attacking our incredible law enforcement team. A team that we’re incredibly proud of – they’ve made crypto more secure for all of us.”

Per the shared blog post, Binance touts its security and compliance team as the strongest in the finance sector. Binance says its team responds to law enforcement faster than any other. 

Despite suggestions that the crypto exchange has expanded the team with former high-ranking officials from US enforcement agencies for the sake of the open DoJ investigation, Binance outlines the achievements of its team to prove otherwise. In 2022, Binance, in brief, says its team has:

  • Responded to over 47,000 law enforcement requests 
  • Increased its headcount by over 500%
  • Participated in over 70 anti-cybercrime workshops with law enforcement globally.
  • Joined the National Cyber-Forensics and Training Alliance (NCFTA), the first crypto firm to do so.

The Response From The Crypto Community

In response to the Reuters report, several members of the crypto community have expressed frustration with the perceived obsession of mainstream media and US enforcement agencies with Binance, especially as they feel the latter should be focused on the FTX collapse. 

However, a few wonder if everything is truly alright at the top crypto exchange by volume. Notably, it would not be the first time in recent months that executives of popular crypto firms have assured users that everything is fine when things are not. 

Following recent industry collapses, trust in centralized crypto platforms has plummeted. While nothing in the report points to fraud or funds mismanagement charges, a legal battle with the DoJ could shake Binance’s claim to the top of the crypto world, as highlighted by Reuters. 

Reuters reports that former MLARS chief Kendall Day is handling negotiations on behalf of Binance to secure an out-of-court settlement. 

It bears mentioning that trust in mainstream media has also dropped as much as in central crypto platforms in recent weeks.

CryptoCom Related Wallet Burns 19M Shiba Inu

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Crypto.com’s related wallet burns 19 Million Shiba Inu (SHIB) in a single transaction.


Shibburn.com recently reported a major burn transaction of the day. As per the report, a total of 19,400,000 (19.40M) SHIB has been moved to a dead wallet in a single transaction.

As per Etherscan.io data, the transaction has been carried through one of the Cryptocom-associated wallets tagged “Crypto.com 2”. The transaction is executed about 2 hours ago from press time.

Crypto.coms User Burned 19.40 Million SHIB
Crypto.com User Burned 19.40 Million SHIB

This caused Shiba Inu’s burn rate to surge by only 15% over the last day and the total amount of burned SHIB tokens in the past 24 hours now stands at 28,072,095 (28M).

Shiba Inus Burn Rate Surges 15 Over the Last Day
Shiba Inus Burn Rate Surges 15 Over the Last Day

Shiba Inu’s Burn Saga continues despite widespread selloffs in the global crypto market. As reported earlier by The Crypto Basic, Shiba Inu Community has removed a whopping 90,061,737 (90.06M) SHIB through 44 separate transactions in the last seven days.

The said burn didn’t immediately impact Shiba Inu’s price. At the time of writing, Shiba Inu is trading at the price of $0.00000887, down -4.23% over the last day, with a 24-hour trading volume of $148,148,890 ($148.14M).

Ripple Partner Nium Joins Forces With Paycell for International Money Transfers

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Paycell to leverage Nium’s business payments infrastructure for international money transfers.


According to a press release today, Paycell, a financial services platform in Turkey, has announced a strategic partnership with Ripple’s partner Nium to offer account-to-account international money transfers for its growing clients.

 

Under the partnership, Paycell will leverage Nium’s leading business payments infrastructure to enable its clients to perform fast, affordable, and reliable international money transfers from account to account. 

Commenting on the development, Serhat Dolaz, Paycell CEO, said the partnership with Nium comes as users seek innovative ways to conduct international money transfers. Dolaz noted that Paycell’s partnership with Nium is part of an effort to meet this growing need.

“Thanks to Nium’s account-to-account money transfer infrastructure, users can perform international money transfer transactions without paying high commission fees and in a shorter time compared to their alternatives. With 24/7 transaction access, buyers also have instant access to the funds sent to them,” Dolaz said in the announcement. 

Notably, Paycell was created by Turkey’s mobile telecommunication company Turkcell. Paycell is a digital payment and financial services platform committed to creating a cashless society using its secure payment solution. The company hit a milestone of 7 million users in Q3 2022. Paycell started as a platform that allows users to pay for different services and products, including utilities, TV, fines, repay loans, etc.

Nium’s Chief Revenue Officer, Frederick Crosby, said in a statement that the partnership shows how its services can be embedded and customized to add value to firms.

“We provide a faster, cost-effective money movement alternative to traditional rails that helps large enterprises increase their topline revenues, and we look forward to growing our relationship with Paycell as their user needs evolve globally,” Crosby added.

Nium Leverages RippleNet in Payments

Nium is among the companies leveraging Ripple’s payment solution, RippleNet, for cross-border remittances. In May, Nium’s co-founder and CEO, Prajit Nanu, highlighted the successes RippleNet has brought to its business. 

According to Nanu, RippleNet helped Nium to strengthen its presence in Malaysia, Australia, and Singapore. He added that leveraging Ripple’s payment solution made cross-border settlements easy, fast, and reliable for users. 

In June, TheCryptoBasic reported that Nium partnered with Stellar Development Foundation (SDF) to facilitate fiat payouts to Southeast Asia.