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Ripple Seeking License in Ireland To Expand In Europe

Albert Brown
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Ripple Seeking License in Ireland To Expand In Europe

Ripple Looking To Obtain A License in Ireland in EU Expansion Plot.


Ripple Labs is looking to procure a license in Ireland to penetrate the European Union market.

Amid its legal tussle with the SEC, an American technology company has its eyes set abroad as it looks to obtain an operational license in Ireland in an elaborate attempt to penetrate the European Market, CNBC reports.

In a recent interview with CNBC, Stuart Alderoty, General Counsel at Ripple, disclosed that Ripple is seeking to procure a Virtual Asset Service Provider (VASP) license from the Irish authorities. According to Alderoty, Ripple’s ultimate goal is to bring its services to a broader EU market through an affiliated entity already domiciled in Ireland.

Alderoty highlighted the challenges faced by the firm in the United States despite having the country as its base. These challenges have been prompted by the ongoing legal battle with the US Securities and Exchange Commission (SEC), which sued the firm two years ago for selling XRP without prior registration – a token the regulatory watchdog regards as securities.

Due to the impediments faced within the US, Ripple has set its eyes abroad as it goes on an expansion path. The penetration of the Irish market is part of the firm’s broader plan, as it will give it a base through which it will extend its reach in the EU. Alderoty noted that the firm already has two employees stationed in Ireland. Additionally, he revealed that most of Ripple’s business activities are currently abroad.

Alderoty tells CNBC:

” Ripple is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can “passport” its services throughout the European Union via an entity based there.”

In addition to the application for a VASP license in Ireland, Ripple plans to pursue an electronic money license from the Irish authorities in a short while, says Alderoty. This underlines the firm’s dedication to bringing its services to the global scene, one bloc at a time.

Ripple has been establishing partnerships with several private and public financial entities across different jurisdictions, from Europe, Africa to the Middle East. These expansion moves come when several crypto firms are hit hard by the prevalent Crypto Winter.

On Monday, Ripple announced a partnership with Africa’s largest mobile money interoperability hub, MFS Africa. The partnership would see MFS Africa leverage Ripple’s On-Demand Liquidity solution to provide mobile money services to customers in 35 countries.

Earlier this month, The Crypto Basic highlighted Crypto Oasis UAE’s report on Ripple. The blockchain-based ecosystem discussed Ripple’s increasing impact in the blockchain space within the Middle East and North Africa (MENA) region through different partnerships with central banks and private financial entities.

Shiba Inu Makes It To Certik’s Weekly Project Spotlight

Albert Brown
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Shiba Inu Makes It To Certik’s Weekly Project Spotlight

SHIB Sees Positive Sentiments and Surge in Token Holders Despite Market Uncertainties.



Shiba Inu is witnessing generally positive sentiments and an increase in token holders despite the market chaos triggered by the FTX saga, Certik highlights.

 

Amid the panic and FUD dumped into the space by the FTX implosion, Shiba Inu (SHIB) appears to be showing more resilience against the bears than the majority of assets in terms of on-chain metrics and social outlook as token holders surge, with an uptick in social sentiments.

Blockchain security and analytics platform CertiK released its Weekly Project Spotlight episode Thursday, focusing on SHIB to bring the community up to speed with the latest on-chain metrics and social outlook regarding the meme coin.

According to CertiK, its Skynet Social Analysis module revealed some promising details on the Social Sentiment Index of SHIB. Shiba Inu’s Social Sentiment Index has an encouraging score of 79%, indicating a mostly positive outlook on the asset. Considering the prevailing crypto space issues, this score remains one of the best.

 

Additionally, CertiK disclosed that the number of SHIB token holders had increased in the past 24 hours despite the asset’s 24-hour decline along with the rest of the market. Token holders have increased by 0.25% in the past day, sitting at 1.27M, according to CertiK’s Token On-Chain Monitoring and Intelligence Module.

A close view of the growth of SHIB token holders reveals a gradual increase in the past few days, suggesting a readiness on the part of investors to procure SHIB despite market uncertainties. The value of 1.27M is one of the highest in the last two months.

Furthermore, per data from CertiK’s overview of SHIB, the asset currently has an excellent Skynet Trust Score of 93%, with a Security Score of 92%. Also, Price Sentiment is neutral, with an average score of 53% in the past seven days. Additionally, with a daily volume of $1.5M on DEX, SHIB DEX volume has increased by 429% in the past 24 hours.

Possible Reasons Behind SHIB’s Promising Metrics

Several developments surrounding the Shiba Inu project of late have possibly contributed to the asset’s promising metrics, including the uptick in social sentiments. The team behind the Shiba Inu Metaverse project recently revealed a second concept art for the Tech Trench hub. This suggests that the project is progressing quite well.

Additionally, Lithuania-based crypto payments processor CoinGate recently disclosed that SHIB has secured the 12th position on CoinGate’s most popular payment methods list a year after the platform integrated the meme coin, indicating a growing adoption rate for the asset on CoinGate.

Notably, Crypto.com’s balance sheets were recently disclosed by the exchange, with a revelation that has been received well by the SHIB community. The Singapore-based exchange holds over 20% of its $2.4B net worth in SHIB, making the meme coin the second largest asset on its reserves, only behind bitcoin (BTC).

Meanwhile, amidst these promising developments, SHIB appears to be cooking up some comeback against the bears, scooping in a 0.60% gain in the past 24 hours to trade at $0.00000196 as of press time. 

XRP Ledger Builders To Launch Another XUMM Wallet On/Off Ramp Supporting 13 Stablecoins

Mark Brennan
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XRP Ledger Builders To Launch Another XUMM Wallet On/Off Ramp Supporting 13 Stablecoins

Gatehub Partners With XRP Ledger Builders To Launch Another XUMM Wallet On/Off Ramp.



Developers are working on launching another on/off ramp for the XUMM wallet to allow users to fund and withdraw directly on the XUMM app.

XUMM wallet users will soon be able to fund and withdraw their coins on the XUMM wallet thanks to an integration with GateHub, according to GateHub CEO Enej Pungerčar in a tweet yesterday.

“On/off ramp for all 13 supported stablecoins issued by @GateHub will be fully integrated into @XummWallet,” Pungerčar tweets. “You will be able to fund and withdraw coins without leaving Xumm!”

Presently, it is not clear when this feature will roll out. Senior XRP Ledger and XUMM developer Wietse Wind asserted that it might take a while, but once it is ready, it will ship with an app update.

Notably, it is yet another feature that will allow users to stay on the self-custody app and remove the need for central exchanges. As one user highlights, it is a necessary feature, as we have witnessed the collapse of several centralized crypto platforms this year. 

It bears mentioning that XRPL developers have already launched an XRP on/off ramp service for XUMM Pro wallet users in the Netherlands. It allows users to convert their XRP holdings to Euros and vice versa in minutes without a third party, though it requires KYC to confirm Dutch residency. Developers are currently working on extending the service to other parts of Europe and the United Kingdom.

It costs $5 in addition to the $60 XUMM Pro yearly subscription.

However, the latest GateHub integration may not be geographically limited. Wind responded in the affirmative when asked if a user could convert XRP to USD on XUMM using the feature.

The latest developments reflect statements from Ripple chief Brad Garlinghouse at the Ripple Swell event. Garlinghouse asserted that Ripple remains focused on solving real-world problems.

Notably, Pungerčar was also a speaker at the event. “If we started building GateHub today, we would choose XRPLedger again,” the GateHub founder asserted.

1B Terra Classic Burned As LUNC Supply Falls Below 6T

Lele Jima
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0
1B Terra Classic Burned As LUNC Supply Falls Below 6T

Terra Classic (LUNC) burns have surpassed 28 billion.



The number of LUNC tokens burned in the past few days has skyrocketed. As of November 12, 27.1B LUNC tokens were burned. In just six days, nearly 1 billion LUNC tokens have been sent to the official Terra Classic dead wallet, bringing the total number to 28.01 billion. The development was shared by @LunaBurn13, an unofficial community-driven Twitter account that tracks all LUNC burn transactions.

Aside from the number of tokens incinerated, the Terra Classic community members have also staked a whopping amount of 880.4B LUNC. According to the Twitter handle, LUNC staked assets account for 12.79% of the token’s total supply.

LUNC Circulating Supply Falls Below 6T

Interestingly, the LUNC revival campaign has yielded positive results in reducing the number of tokens in circulation. According to CoinMarketCap data, LUNC’s circulating supply is currently below 6 trillion. At the time of writing, LUNC has a circulating supply of 5.997 trillion (5,997B).

LUNC supply falls below 6T
LUNC supply falls below 6T

Terra Classic Burn

Most of the LUNC tokens incinerated from the 0.2% tax burn deducted from all on-chain transactions. Aside from the 0.2% tax burn deductions, other entities like Binance, LUNCDAO, and others have contributed significantly to the ongoing LUNC burn campaign.

Binance remains a major player that has burnt the most LUNC tokens. Binance LUNC burns account for roughly 13.7B of the total 28.01B LUNC incinerated. The world’s largest cryptocurrency exchange burned the tokens via the fees obtained from LUNC trading activities on the platform.

LUNC Burns to Spike

The number of LUNC burned is expected to skyrocket in the coming weeks. LUNC trading volume has increased recently after the community implemented the 0.2% tax burn. As reported earlier this week, LUNC ranked among the top 10 assets with the highest trading volume in both Binance and KuCoin.

The asset’s trading volume surge on Binance suggests that the next batch of the exchange’s LUNC burn will spike tremendously. Recall that after Binance completed its fifth LUNC burn on October 31, 2022, the trading platform changed its LUNC incineration schedule weekly to monthly. Based on this decision, Binance’s next LUNC burn report is scheduled for December 2, 2022.

Yesterday, Terra Classic developer Rex Harrison AKA Rexzy, revealed that a new casino supporting LUNC burns would soon launch on the network. The speculation was corroborated by TerraCVita, an independent Terra Classic development group, which noted that the casino could burn up to 24B LUNC in six months.

Furthermore, a Terra Classic decentralized exchange that promised to be a LUNC furnace is currently being developed, which will help to boost burns.

CNBC’s Jim Cramer Says We Know Nothing About XRP, Deaton Responds

Mark Brennan
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CNBC’s Jim Cramer Says We Know Nothing About XRP, Deaton Responds

Cramer slams crypto again and asserts that we know nothing about altcoins.

In a recent episode of CNBC Squawk Box shared on Thursday, Jim Cramer asserted that we know nothing about altcoins like Solana and XRP.

According to Cramer, the reason is that the government does not want to regulate these assets.

“I find the level of arrogance for people who think that crypto’s good shocking,” the CNBC Mad Money host said. “What do we know about Solana? What do we know about XRP? The answer is zero. The reason we know zero is because the government doesn’t feel it should be regulated.”

Unsurprisingly, Cramer’s statements have attracted a lot of backlash from the crypto community, as they see the claims as bogus.

Deaton Responds

Notably, Cramer’s claims also elicited a response from Attorney John E. Deaton, who represents XRP holders in the capacity of amicus curiae in the US Securities and Exchange Commission case against Ripple.

In response, Deaton highlighted that XRP is subject to US regulation and documented as a virtual currency in opposition to the Mad Money host’s claims. According to the lawyer, in 2015, the government forced Ripple to comply with several banking regulations, including the Bank Secrecy Act. Furthermore, he cites a 2019 report by the Financial Stability Oversight Council signed off by the current chair of the Federal Reserve, Jerome Powell, and the former SEC chair Jay Clayton among others, that labels XRP as a virtual currency.

“… we know A LOT about XRP, not nothing as you suggest,” Deaton surmised.

Notably, another user pointed out that if the public knows nothing about these digital assets, it is not due to a lack of regulation but because the media and analysts like Cramer have failed to educate them.

Cramer’s Ever-Changing Crypto Stance

It is worth noting that the Mad Money host has been inconsistent in his stance on crypto in the past few years. 

As recently as April, the analyst had gushed about Ethereum and predicted an imminent rise to the $4,100 price point. We know now that did not happen. In June, Cramer asserted that there are fortunes to be made in crypto and urged investors to include it in their portfolio, albeit advising that they employ sound risk management.

However, a month later, the Mad Money host asserts there is no real value in crypto. Furthermore, he said the media should not report on crypto in August.

Notably, Cramer’s inconsistent stance and a streak of wrong market predictions have led many to question his ability as a financial analyst. It is so bad that a filing has been made for an actual Inverse Cramer ETF to allow investors to profit from betting against him.

Shiba Inu Metaverse Shares Second Art for Tech Trench Hub

Lele Jima
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0
Shiba Inu Metaverse Shares Second Art for Tech Trench Hub

The Shiba Inu metaverse team unveiled another tech Trench hub concept art.


@ShibTheMV, the official Twitter account of the Shiba Inu Metaverse project, has unveiled another tech Trench hub concept art.

It is noteworthy that the second concept art of Tech Trench was revealed after the completion of the Fireside Chat, which took place today at 01:00 (UTC). The fireside chat was scheduled to unveil more insights on the first concept art of Tech Trench.

Details

Per the team, the hub will serve as a learning center characterized by an immersive trench created in ancient times but has evolved into a hyper-technological venue for users to acquire knowledge. 

Describing the type of effect the hub will have on Shiba Inu metaverse users, @ShibTheMV said: 

“Tech Trench immerses you into a world of technological marvels, education, and evolutionary spectrums that embrace you into the beautiful history, innovation, projects, brands, and/or future platforms that are to enter SHIB The Metaverse.”

The team noted that the visual concept of the hub was inspired by leading tech schools and universities around the world, such as Princeton University (U.S.), Yale University (U.S.), Rolex Learning Center (Switzerland), Otemon Gakuin University (Japan), etc. 

“This hub allows for a deeper connection with the cultural reassurances and lessons learned from the innovative and daring journey SHIB as a project & community has endured,” SHIB: The Metaverse noted in a blog post this week.

Grayscale Investors Selling BTC and ETH Over 40% Lower Than Market Price

Mark Brennan
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Grayscale Investors Selling BTC and ETH Over 40% Lower Than Market Price

Grayscale trust selling at huge discounts indicates investor bearishness as fears of a possible DCG insolvency grow.



At press time, Grayscale’s Bitcoin Trust (GBTC) is trading at a 43% discount to its asset value, at about $9,562 per Bitcoin, compared to the current market valuation of about $16,813.

Similarly, its Ethereum Trust (ETHE) is trading at a 41% discount, at about $718 per Ethereum, compared to the current market valuation of about $1,219.

Notably, both indicate significant investor bearishness. Moreover, speculation suggests that it comes as fears about the health of Digital Currency Group, the parent company of Genesis Trading and Grayscale, grow.

DCG Solvency Concerns

It bears mentioning that Genesis Trading, a crypto lending platform for several central exchanges, including Gemini, has suspended withdrawals as it is currently going through a liquidity crisis.

The firm had $175 million locked on the now-bankrupt FTX exchange. However, DCG stepped in with a $140 million equity infusion last Friday, per a report by The Block. But it appears it was not enough to keep the lender afloat, as it has gone on to halt withdrawals this week.

According to a Wall Street Journal report, Genesis wants to raise $1 billion by Monday to meet client demands. Per the report, the liquidity crisis results from illiquid assets on its balance sheet.

Consequently, users are beginning to question DCG’s health.

North Rock Digital founder Hal Press believes these concerns are valid in light of the required $1 billion loan request. Notably, according to Press, Genesis is not worth that amount. Consequently, he believes that the liability rests with DCG. 

“The answer is that the liability sits with DCG, and DCG is now at risk,” he writes. “Furthermore, it’s not clear they are worth enough to raise the 1B by Monday, and that’s the issue. What a mess.”

Worst Case?

@0xSisyphus says in the worst case, the company has a hole it can not fill and may have no choice but to dissolve the Bitcoin and Ethereum trusts.

Notably, per Grayscale’s Form 10-K filing with the US Securities and Exchange Commission, in the case of a dissolution of the Trust, shareholders can receive a distribution in USD or the actual digital currency. However, the decision is at the discretion of the sponsor. 

If precedent is anything to go by, a distribution in USD resulting from the sale of digital assets is likely. For example, as one user points out, when Grayscale dissolved its XRP trust in light of the SEC lawsuit against Ripple, it liquidated its XRP holdings and distributed cash proceeds to shareholders.

Grayscale currently holds about 633.7k BTC ($10.57 billion) and 3.05 million ETH ($3.68 billion) per Coinglass data. Consequently, it could be catastrophic for the crypto markets.

However, several pundits believe this outcome is unlikely. For example, analyst Alex Krüger asserts that such action will also hurt DCG, and it is thus not in their interest to do so. 

Meanwhile, Financial Times Crypto editor Jeff Roberts says that the regulatory hurdles of dissolving the Trust may be too cumbersome. So instead, he believes the company may sell crypto media and news platform CoinDesk to raise the capital in the time required. 

The crypto market remains in general uncertainty as the FTX contagion unravels.

Shiba Inu Becomes CoinGate Top Payment Method

Zabi
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Shiba Inu Becomes CoinGate Top Payment Method

Shiba Inu (SHIB) secures the 12th spot as the most popular payment method via the CoinGate crypto payment gateway within a year.


Lithuania-based CoinGate recently celebrated its 1st partnership anniversary with Shiba Inu Community. A leading cryptocurrency payment processing service appreciates the Shiba Inu Community for its continued dedication to the project and confirmed via tweet that SHIB is now ranked 12th as the most popular payment method in just one year.

CoinGate helped SHIB grow its mainstream adoption by allowing users to buy hundreds of gift cards with Shiba Inu and redeem them to book flats on Airbnb, play the latest games from Steam and PS5, or purchase new clothes with Zalando or Nike. The platform lets users buy Amazon, Apple, eBay, and Netflix gift cards using SHIB.

Moreover, CoinGate also facilitates users to buy over 50 top cryptos, including SHIB, with a credit card free of cost.

Apart from this, CoinGate, a die-hard supporter of Shib, wished Shiba Inu a Happy 2nd anniversary on August 2nd and congratulated Shiba Inu Community on the launch of the much-awaited Shiba Inu’s Collectible Card Game dubbed ‘Shiba Eternity.’

Gokhshtein Says He’s Still Unofficial Leader of Shiba Inu 

Lele Jima
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Gokhshtein Says He’s Still Unofficial Leader of Shiba Inu 

Gokhshtein insists he’s the unofficial leader of Shiba Inu.



Prominent cryptocurrency influencer David Gokhshtein has reiterated again that he is the unofficial leader of Shiba Inu (SHIB). Gokhshtein’s recent claim comes less than two weeks after he declared himself as the unofficial Shiba Inu leader. 

In a tweet today, Gokhshtein said: “I’m still the unofficial leader of SHIB.” 

SHIB Community Reacts

As expected, the tweet has gotten lots of engagement from members of the Shiba Inu community. So far, the tweet has gotten over 600 likes and more than 85 retweets. 

SHIB holders took to the comment section to ask the self-acclaimed unofficial leader of Shiba Inu some questions about the leading canine-themed cryptocurrency. 

“So when Lambo?” @Codyweavermusic asked Gokhshtein. When Lambo (Wen Lambo) is a phrase used to ask someone in crypto when people will get rich by selling their crypto holdings; in this context, the Shiba Inu supporter quizzed Gokhshtein to give a date when the price of SHIB will rally to the level where existing investors will become rich by selling the asset class.

Responding to the question, Gokhshtein, who claims to be the unofficial leader of Shiba Inu, said he has no clue.

@Dezaxe Asks any plans on burning Shiba Inu.

 

Gokhshtein’s Unending Support for Shiba Inu

Meanwhile, the reason behind Gokhshtein’s claim as the unofficial leader of Shiba Inu could be his constant promotion of SHIB. The founder of Gokhshtein Media is a known Shiba Inu proponent who usually takes to his social media accounts to promote the widespread adoption of the token.

Last month, Gokhshtein said he regretted not putting all his capital on Shiba Inu when investing in meme tokens. 

“When it came to meme tokens, I should have just [gone] all in on SHIB,” he said. 

The reason for the comment is because of the tremendous rally Shiba Inu has recorded since the token went live in August 2020. According to data on Coingecko, Shiba Inu is up 163,131x from its All-Time Low (ATL) of $0.000000000056.

Earlier this month, Gokhshtein noted that Shiba Inu had given half the people he knows more gains than Bitcoin, given the tremendous rally of the canine-themed cryptocurrency. At press time, Shiba Inu is changing hands at $0.00000920, up 1% in the past 24 hours.

SHIB Slumps Amid FTX Collapse

The price of Shiba Inu was also affected following the collapse of the FTX exchange. Recall that after FTX filed for bankruptcy, the cryptocurrency exchange was hacked, and the attackers carted away several crypto assets, including SHIB. It is noteworthy that 593 billion SHIB tokens were stolen from the exchange. Hours after the hack, the perpetrators swapped 400B SHIB for Ethereum, plunging the price of the canine-themed cryptocurrency by 7%.

Things have been stable for Shiba Inu in the past few days, as the SHIB continues to trade around $0.00000900. Despite the massive collapse of SHIB’s price, enthusiasts of the cryptocurrency, including Gokhshtein, are optimistic that the asset’s price will rally in the next bull run.

Seattle-based Web3 Payment Company Launches Stablecoin On XRP Ledger

Lele Jima
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0
Seattle-based Web3 Payment Company Launches Stablecoin On XRP Ledger

First USD-pegged stablecoin launches on XRP Ledger.

Leading Seattle-based Web3 payment company Stably Corporation has launched its multichain USD-pegged stablecoin on XRP Ledger (XRPL). The stablecoin, dubbed Stably USD (USDS), supports XRPL’s goal to provide a sustainable and scalable platform for tokenized assets.

According to a press release today, Stably USD has become the first USD-backed stablecoin to launch on XRP Ledger. The move is part of a partnership between Stably and Ripple. It is noteworthy that the stablecoin has been launched on 11 other blockchains, including VeChain, Ethereum, Tezos, and Solana. The web 3.0 payment company plans to launch Stably USD on more blockchains soon. 

How to Mint XRPL-Based USDS

Per the announcement, users can mint/redeem XRPL-based USDS through the Stably website or Stably Ramp applications integrated into the Xumm wallet. Furthermore, institutional users can mint/redeem XRPL-based USDS by creating a Stably Prime account.  

Stably Sets New Transparency Standard

To build public trust, Stably created the stablecoin in collaboration with an SEC-qualified custodian. USDS is fully collateralized at a 1:1 rate, with its USD bank deposits managed by the custodian.

Stably further noted that it partnered with a top U.S. stablecoin auditor tasked with providing monthly attestations for the fiat reserves backing USDS. Meanwhile, Stably did not reveal the names of the stablecoin auditor and custodian. 

Kory Hoang, CEO, and Co-Founder of Stably, stated that the company chose to launch USDS on XRP Ledger due to the blockchain’s cutting-edge technology, adding: 

“Their strong institutional relationships and low transaction fees suit Stably’s stablecoin and fiat gateway infrastructure perfectly, enabling a wide range of use cases such as simplified payments and remittances. And this is only the start, as we expect stablecoin demand to continue growing immensely.” 

The technological prowess of XRPL has made it difficult for developers to ignore. The development comes months after TheCryptoBasic reported that Ripple would provide the necessary tech support for Stably USD. Commenting on the development at the time, Hoang said:

“We are very excited to partner with Ripple to support our fiat-to-stablecoin gateway to the XPRL via USDS. Regulatory compliance, transparency, and security have always been Stably’s top priorities, and we look forward to bringing more of these benefits to the XRPL community.” 

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