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Crypto-To-Fiat Payment Firm Swapin Drops Fees 65% Following FTX Fiasco To Support Crypto Community

Andrew MacGill
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Crypto-To-Fiat Payment Firm Swapin Drops Fees 65% Following FTX Fiasco To Support Crypto Community

All across the cryptocurrency community, there is only one topic of discussion at this very moment. That’s because the significance of the situation and the impact it’s had on the industry is second to none.

The cryptocurrency platform FTX best known for partnering with Tom Brady, Steph Curry, and other stars, is at risk of going under and has halted customer funds. The turmoil also caused a devastating crash in crypto after months of consolidation.

To help lift spirits around the crypto community, crypto-to-fiat payment provider Swapin is reducing fees on all InstaPay services by 65% throughout the entire month of November.

What Happened At FTX?

The situation related to FTX is tragic. Many users have funds frozen there, while others, including celebrity investors, might have their entire net worth wiped out. There is a somber tone all across the cryptocurrency industry, with many users fearing what could possibly come next.

Despite all the despair across the market, it is important to remember that not all cryptocurrency companies are misguided and maligned. Many companies seek only to push crypto adoption forward, and find ways to improve the industry itself.

65% Off Swapin Fees In November

Starting now through the end of November, Swapin is offering all users 65% off fees when using InstaPay services in hopes of reviving confidence in crypto brands. Regular commissions of 1.35% have been reduced to 0.5% on transactions valued at 30K euros and above, making Swapin’s competitive fees even lower.

Swapin is a reminder that brands can still be trusted across the cryptocurrency industry. The company is licensed and regulated in Europe, and has incredible ratings on Trustpilot from satisfied customers.

How Swapin Tackles Crypto Volatility

The company is run by a CEO who got his start in the industry as a Bitcoin miner, and had a vision for an interconnected future after experiencing many hurdles firsthand. For example, converting crypto to fiat comes with the regular price volatility risk.

Swapin tools lock the exchange rate between cryptocurrencies and EUR or GBP for 30 minutes while transactions take place, eliminating risk for businesses and individuals on the receiving end.

Everything You Need To Know About Swapin

All Swapin tools instantly convert cryptocurrencies into fiat and deposit it into a connected bank account. The process is seamless and convenient, making crypto payments easy for the first time.

Swapin also has a complete lineup of business services companies themselves can take advantage of. B2B tools like Coin Collector and the E-Com widget make accepting crypto from clients and customers as simple as possible.

B2C Solutions Explained

Solutions like InstaFill let users top up a bank account with cash by sending crypto to a specially connected wallet. Each time funds hit the wallet, Swapin instantly fills your bank account with a corresponding amount of fiat.

InstaPay lets anyone send payments in crypto that is converted into cash in an instant as the name implies.  It also has useful recurring payment templates for monthly subscriptions, bills, etc.

All About B2B Tools

Coin Collector generates a pre-filled invoice link where users can quickly pay for goods and services with a large list of popular cryptocurrencies supported by Swapin.

The E-Com widget is a plug and play tool that companies can implement on any website to accept cryptocurrencies through a convenient checkout process.

Take Advantage Of Lower Swapin Fees All November Long

Swapin InstaPay services will be available with a 65% discount on fees for the entire month of November. Any crypto users feeling the burn from the FTX fiasco can take advantage.

The promotion is just another step in Swapin’s commitment to furthering crypto adoption and creating an ecosystem that coexists alongside traditional finance and big banks.

Terra Classic Developer Pitches Proposal That Could Effectively Burn $2M in LUNC While Also Creating A Developers Pool

Mark Brennan
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Terra Classic Developer Pitches Proposal That Could Effectively Burn $2M in LUNC While Also Creating A Developers Pool

Alex Forshaw proposes a new plan for $4 million in off-chain assets.



Terra Classic developer Alex Forshaw gave updates about the multisig wallet holding about $4 million in off-chain assets in a medium blog post shared on Twitter yesterday.

For several legal reasons, Forshaw and several other community members who had welcomed the opportunity to become signers to the wallet and manage the funds on behalf of the community have opted out, the developer wrote in the blog. 

The developer now proposes that the community convert the assets to Terra Luna Classic (LUNC) and send it to the burn address. As a legal disclaimer, Forshaw urges that whomever the community saddles with the responsibility be traceable and well-recognized non-US citizens.

While the developer asserts that this process will absolve the community of legal risk, he notes that it does nothing to provide the community with capital that it can efficiently deploy for development. 

To this end, Forshaw proposes $2 million worth of LUNC be minted and sent to an on-chain multisig address for payment of professional developers.

The comprehensive plan burns $4 million worth of Terra and then mints $2 million LUNC from this. So, effectively, it burns $2 million worth of LUNC while providing the community with $2 million worth of LUNC for development.

Community Members Respond

Several users have shut the idea down upon seeing the word mint. It is unsurprising as a majority of the community, largely united by the common goal to reduce the LUNC supply and reclaim lost value lost fortunes in the Terra crash in May due to excess LUNC printing to stabilize TerraClassicUSD (USTC). As a result, LUNC dropped from highs of over $100 to pennies in just a few days.

Meanwhile, others like HappyCattyCrypto have asserted that too many legal risks are associated with the assets. The people who accept the responsibility to burn it may still be held liable, said HappyCattyCrypto. The validator urges the community to forge a new path and abandon the assets.

Terra Rebels member Duncan Day questioned why the community needed to take over ownership of the wallet for the plan to work. Specifically, Duncan wondered why the current holders could not carry out the burn.

However, the reviews were not all negative or critical. For example, one community member described it as a “great idea.”

It bears mentioning that the $4 million in off-chain Terra Classic community assets have remained the subject of intense debates within the community, with contentions surrounding decentralization, efficient allocation of resources, and payment for developers.

Dogechain All Set To Move To Proof-of-Stake (PoS)

Albert Brown
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Dogechain All Set To Move To Proof-of-Stake (PoS)

 

Dogechain has announced an upcoming network upgrade that will support a proof-of-stake (PoS) consensus mechanism to the network.


The Dogechain team just recently announced plans to execute a network upgrade that will enable the network to support a PoS consensus mechanism barely three months after the launch of the layer-2 scaling solution.

The team disclosed the development through the official Dogechain Twitter handle in the early hours of Friday. According to the official announcement, the network upgrades to introduce support for PoS are slated for November 14.

Additionally, the team revealed that the network would halt on-chain activities for 12 hours to execute the upgrade successfully. This network downtime is expected to begin at 3 AM (UTC) on November 14, when the network is set to be upgraded.

 

 

As is common during every network downtime, the team noted that there would be a suspension of deposits, withdrawals, and transactions on the blockchain during the 12-hour downtime. They reminded the community that downtime is necessary, as the PoS upgrade cannot be successfully executed if the network is still running.

The Dogechain team further assured users that there is no cause for alarm as the network upgrade is executed, noting that the aftermath of the upgrade will bring some “good things” to the network.

One of the improvements that will follow the network upgrade is an enhancement in the network’s infrastructure to boost on-chain performance.

Furthermore, the network upgrade will enable veDC locking and minting. This will essentially allow users to lock up their Dogechain (DC) tokens to get rewarded in $veDC in a ratio of 1:1.

Pos Staking

The network upgrade will also introduce PoS staking on the Dogechain network. Notwithstanding, users will not be able to stake their Dogechain tokens directly or delegate them to validators. Users will only be able to stake the $veDC received from the DC lockup.

The Dogechain team revealed the staking model to be employed in an earlier tweet on Tuesday, which highlighted the details of the lockup and staking exercises.

  • Users can lock up their Dogechain (DC) tokens to get rewarded in veDC.
  • The veDC rewards will be at a ratio of 1:1 to DC. The longer the user locks up their DC, the more veDC they will receive.
  • Users can then delegate the veDC received to validators to receive rewards in DC.
  • DC tokens on other networks, such as Ethereum, cannot be used for the staking exercise. The staking will only allow DC from the Dogechain mainnet. Consequently, users with DC on Ethereum are advised to bridge their tokens to the Dogechain network.

DC Token Burn

As the Dogechain team persists in network development activities, the chain’s native token has responded favorably to the moves. Dogechain team on October 31 burnt a whopping 800B DC tokens – three days after the community voted for the incineration of 80% of the asset’s supply.

The total supply after the burn was adjusted to 199B DC, with the circulating supply reduced by 58% following a burn of 18B from the circulating supply. The circulating supply post-burn was accordingly adjusted to 14B DC.

The Crypto Basic reported the activities leading to the burn on October 28. The community voted for the 80% supply burn, which sent DC on a relief rally, as the asset’s price surged by 43%.

Ripple General Counsel Says SEC Chairman Has Repeatedly Failed to Protect Crypto Investors

Lele Jima
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Ripple General Counsel Says SEC Chairman Has Repeatedly Failed to Protect Crypto Investors

Alderoty lambasts the SEC chairman again.



Stuart Alderoty, the General Counsel at Ripple, has once again rebuked SEC Chair Gary Gensler over his recent comments in an interview with popular media outlet CNBC. 

In a CNBC interview, Gensler noted a need for better investment protection. He called on cryptocurrency-related firms to discuss better ways to regulate the industry with the SEC. Gensler further said the “runway is running out” for cryptocurrency companies as investors continue to get hurt from crypto offerings.

Ripple’s General Counsel Comments

Responding to the comment made by Gensler, Ripple’s General Counsel stated that the only “runway running out” is the false and worn-out talking points from the SEC’s chairman.

Alderoty noted that Gensler’s quest to elevate the SEC as a suitable regulator for the U.S. cryptocurrency industry is responsible for creating huge financial damage for investors.

“The only runway that’s running out is these worn out (and frankly false) talking points from SEC Chair @GaryGensler. His insistence on elevating the SEC’s quest for power over effective regulation in this country is creating deep financial damage,” Ripple’s General Counsel said. 

Alderoty said the chairman of the Securities and Exchange Commission has repeatedly failed to protect United States investors, adding: 

“[Gensler] keeps crowing about Kim Kardashian while the lines in bankruptcy courts grow longer for consumers. This insanity must stop.” 

Gensler and Alderoty’s Hostile Relationship

Alderoty has not been on good terms with Gensler since the beginning of the lawsuit between Ripple and the Securities and Exchange Commission. Ripple’s General Counsel has repeatedly slammed Gensler over his preferred regulating cryptocurrency space method. Gensler is accused of protecting the interest of the SEC at the expense of United States investors.

According to Gensler, the vast majority of cryptocurrencies are securities. However, Gensler failed to clarify what factors he used to make the assertion.

Responding to the comments, Alderoty said he could not remember when Congress appointed Gensler to become the cop on the beat for crypto. 

Community Pressures Congress To Probe Connections Between FTX CEO And SEC Chair

Mark Brennan
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Community Pressures Congress To Probe Connections Between FTX CEO And SEC Chair

The crypto community does not trust the US SEC and is now looking to Congress for answers.



In a tweet yesterday, CryptoLaw, shared a petition urging crypto community members to call on US Congressional members to investigate what it described as “Gary Gensler’s official actions and possible role in what may be one of the biggest frauds in American history.”

According to the US crypto regulatory news outlet, crypto community members deserve answers.

It comes as the crypto community has drawn links between FTX chief Sam Bankman-Fried and US Securities and Exchange Commission chair Gary Gensler as the world tries to unravel the FTX collapse. 

CryptoLaw founder and amicus curiae on behalf of XRP holders in the SEC vs Ripple case John E. Deaton asserted in a tweet yesterday that the SEC has continued to fail in its duty to protect digital asset holders in the US. Alleging foul play, Deaton points out that Gensler met with SBF before the FTX collapse.

Meanwhile, @JagoeCapital, a Web 3 startup founder, has drawn links alleging that the Alameda Research CEO Caroline Ellison knew Gensler on personal terms. Notably, her father was the head of the department of Economics at the Massachusetts Institute Of Technology (MIT) when Gensler was still a professor at the institution.

Head of policy at FTX US, Mark Wetjen, also served under Gensler during his stint as chair of the Commodity Futures Trading Commission (CFTC), FOX Business journalist Eleanor Terret tweeted today. Wetjen played a significant role in introducing SBF to important figures in Washington, Terret says, citing unnamed sources. Notably, she also acknowledges the MIT connection.

Notably, the calls have gotten the attention of Minnesota representative Tom Emmer.

“…reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly,” Emmer tweeted. “We’re looking into this.”

As highlighted by a user, it is no idle threat, as Emmer is a member of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. 

Despite these speculations, FTX, FTX.US, Alameda Research, and SBF are all under investigation by the US SEC, per a recent Bloomberg report. The report details that the SEC had kicked off investigations into the US arm of the crypto exchange in addition to its crypto lending activities months ago.

Top US Law Firm To File Lawsuit Against FTX On Behalf of FTT Investors

Mark Brennan
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Top US Law Firm To File Lawsuit Against FTX On Behalf of FTT Investors

 

FTX legal woes are about to kick off as US law firm Rosen announces plans to sue the company.



Rosen Law Firm, a global investor rights law firm, has launched an investigation into potential securities claims made by investors of FTT tokens, the native cryptocurrency of embattled crypto exchange FTX.

According to a press release, the move enables Rosen to file a lawsuit against FTX to help FTT investors recover their losses.

“The Rosen Law Firm is preparing a class action seeking recovery of investor losses,” the announcement read. 

Investors With Losses Of Up to $100k

Notably, FTT investors are entitled to compensation without making any form of payment via a contingency fee arrangement. Investors of FTT who suffered huge losses above $100k are advised to contact Rosen’s injury lawyer, Phillip Kim, Esq, for more information about the class action.

Furthermore, victims of FTT collapse are asked to select qualified counsels with a track record of success in leadership roles, adding:

“Often, firms issue notices that do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not litigate securities class actions. Be wise in selecting counsel.” 

Rosen has been involved in several crypto-related litigations. The law firm played an important role in the class action against the executives of TerraForm Labs, the team behind the collapsed Terra project.

FTT Massive Collapse

According to reports, investors of FTT suffered huge losses over the weekend that plunged the value of their holdings. FTT, trading around $25, plummeted to $2.2 this week after Binance announced it would liquidate its position in FTT.

The announcement led to a series of troubles for FTX and its execs, including a huge hole of over $6 billion in Alameda Research’s balance sheet. Despite FTX’s claims that everything was fine with the exchange, users were seen moving their funds out of the trading platform for fear that FTX was facing bankruptcy.

While many investors are concerned about their funds getting stuck if FTX goes bankrupt, some crypto stakeholders stressed that the industry should be more concerned about Alameda Research’s possible collapse. Alameda Research has a significant investment in numerous cryptocurrency projects, which will put the entire crypto market at risk.

Recall that the US department of justice and SEC are investigating the FTX collapse, and Tether has started to freeze FTX USDT accounts on authorities’ request.

At press time, FTT is changing hands at $3.28, up over 10% in 24 hours. 

Ripple CTO Open To Hiring FTX Employees Not Involved In Shady Practices

Mark Brennan
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Ripple CTO Open To Hiring FTX Employees Not Involved In Shady Practices

 

David Schwartz has no qualms about poaching FTX employees, but there are exceptions.



IN A TWEET, Ripple CTO David Schwartz urged employees at embattled crypto exchange FTX to consider applying at Ripple, asserting that the blockchain payments company is always hiring.

However, the celebrated XRP Ledger co-creator outlined a few exceptions, expressing the sentiment that Ripple wants nothing to do with FTX’s compliance, finance, or business ethics staff in a jab at the shady practices at the crypto exchange.

It comes as facts show that the once-leading crypto exchange is neck-deep in a battle with insolvency. According to a Reuters report, the crypto exchange is currently trying to raise about $9.4 billion in capital to stay afloat as the Binance deal fell through. The report details that FTX chief Sam Bankman-Fried (SBF) is approaching competitors and venture capitalists looking to raise $1 billion each from them.

The exchange has already obtained a line of credit from Tron to provide liquidity for TRX-related tokens, per an announcement via its official Twitter channels. 

The exchange has started processing withdrawals again, according to on-chain data. However, the crypto exchange has first restricted withdrawals to Bahamian customers, according to a tweet yesterday that clarifies that it is following Bahamian regulations.

While it assures that it will eventually re-open the services to its customers globally, users are not buying it. Notably, it is not the first time that the exchange has given users assurances this week.

On Monday, SBF assured users that the exchange and its assets were safe. However, a bank run triggered by a disclosure by Changpeng Zhao that Binance planned to sell off its FTT holdings proved reports from CoinDesk and Dirty Bubble Media that the exchange was illiquid. 

Notably, SBF made an attempt at an apology in a lengthy Twitter thread yesterday for the abusive use of about $8 billion in user funds. He asserted that he is working to obtain lines of credit to ensure users recover their assets. Controversially, the FTX chief appeared to sub-tweet CZ, saying, “well played; you won.”

Despite the perceived comic nature of the tweet by the Ripple CTO, it is worth noting that the company is hiring, according to a report from The Crypto Basic in October. Details of the story indicate that the company has at least 150 positions it is looking to fill.

Top Whale Adds 290B Shiba Inu As Price Recovers

Zabi
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Top Whale Adds 290B Shiba Inu As Price Recovers

Bigg Shiba Inu Whales continue to fill up their bags.


Over 290B SHIB has been accumulated by the Giant Shiba Inu holder in the past 24 hours.

Etherscan.io reports that the 7th major Shiba Inu Whale has added a staggering 290,821,132,449 (290.82B) SHIB, worth 2,951,834 ($2.95M) to her wallet through six separate transactions in the past 24 hours.

Shiba Inu Whale Scooped Up 290.82B SHIB in the Past 24 Hours
Shiba Inu Whale Scooped Up 290.82B SHIB in the Past 24 Hours

The data reveals that the deep-pocketed SHIB investor became active about 23 hours ago, spending $32,699 to accumulate 3,221,668,737 (3.22B) SHIB in two separate transactions. After that, the Whale aggressively added 184,611,797,681 (184.61B), 100,588,022,736 (100.58B), 131,387,656 (131.38M), 2,268,255,639 (2.26B) to her wallet in her third, fourth, fifth and sixth transaction respectively.

This massive accumulation has increased his Shiba Inu holdings by a whopping 290,821,132,449 (290.82B) SHIB, to a herculean 16,694,316,354,341 (16.69T) SHIB, worth $169,948,140 ($169.94M).

34.20M SHIB Burnt in the Past 24 Hours:

On the other hand, Shiba Inu Community-led burn initiatives continue reducing the SHIB circulating supply by burning millions of canine-themed tokens daily. As reported earlier by TheCryptoBasic, the SHIB Burn Projects collectively have removed a total of 34,203,073 (34.20M) SHIB from circulation forever through three separate transactions in the past 24 hours.

Impact on SHIB Price:

These developments helped Shiba Inu’s price to surge 3.83% over the last day and, as of writing, is seen trading at the price of $0.00001007 with a 24-hour trading volume of $453,019,785 ($453.01M).

30M Shiba Inu Burnt In 1 Transaction, Burn Rate Spikes 800%

Zabi
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30M Shiba Inu Burnt In 1 Transaction, Burn Rate Spikes 800%

Single wallet burned 30M Shiba Inu.



Over 34.20 Million Shiba Inu (SHIB) has been removed from circulation forever in 24 hours, 30 Million SHIB in a single transaction. Shiba Inu’s Burn Rate skyrockets 820.84% over the last day.

Shiba Inu Community has made three burn transactions in the past 24 hours and destroyed 34,203,073 (34.20M) SHIB.

As per the report, the mysterious wallet burned a whopping 30,000,000 (30M) SHIB in one significant transaction.

The massive burn transaction was executed about 2 hours ago, as per Etherscan.io.

Mysterious Wallet Burned 30 Million SHIB
Mysterious Wallet Burned 30 Million SHIB

Moreover, the said transaction caused Shiba Inu’s burn rate to surge 820.84% over the last day when the Community-led burn initiatives were able to reduce the SHIB circulating supply by only 3,714,331 (3.71M) tokens.

SHIB Burn Rate Skyrockets 820.84 in the Past 24 Hours
SHIB Burn Rate Skyrockets 820.84 in the Past 24 Hours

Despite the widespread selloff in the global crypto market, Shiba Inu successfully defended its crucial support level located at $0.0000093 on the daily chart.

SHIB Stands Firm on Crucial Support 1D
SHIB Stands Firm on Crucial Support 1D

At press time, Shiba Inu is trading at the price of $0.00001014, up 5.34% over the last day, with a 24-hour trading volume of $464,288,364 ($464.28M).

Two Entities Now Supporting SEC Against Ripple

Lele Jima
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0
Two Entities Now Supporting SEC Against Ripple

Members of the XRP community have been reacting to reports of two entities filing briefs supporting the SEC against Ripple.



It is noteworthy that the two entities requested permission to file amicus briefs in support of the Securities and Exchange Commission (SEC) in its ongoing legal battle against Ripple. 

The New Sports Economy Institute (NSEI) and InvestReady are the entities seeking to file amicus briefs supporting the SEC in the ongoing lawsuit. 

NSEI’s Brief

NSEI noted in its amicus brief that it does not operate in the cryptocurrency industry. However, the association’s interest in the lawsuit stems from its commitment to fostering an environment where financial innovations are respected to the extent that it is transparent and supports the public interest.

NSEI said it intends to provide the court with a novel and unique perspective into the suit by identifying key aspects of cryptocurrencies in contrast with traditional financial instruments.

The New Sports Economy Institute asserted that cryptos are assets that do not generate cash flow, adding that people can only trade the nascent assets and not invest in them. NSEI continued that the Securities Act of 1933, alongside the Howey test, “should be contextualized against the backdrop of the financial instruments that were being used at the time.” 

InvestorReady Brief

On the other hand, InvestReady noted in its brief that the lack of investor protection in the crypto market had affected the United States online fundraising market. 

“We want to make sure the voices of those trying to follow the rules set forth are heard and not drowned out by many of the crypto-boom-fueled that jumped on the bandwagon to submit their briefs,” it added. 

InvestorReady said the market had become corrupt outside of regulatory scrutiny, adding that it does not need another “carve out” of firms that put investors’ funds at risk. 

XRP Enthusiasts React

The briefs have continued to spark reactions in the crypto community as members of the XRP community take turns scrutinizing the briefs. 

Famous U.S. Attorney Says Amicus Brief Filed In Support Of SEC Against Ripple Is “A Research Paper”

Attorney Jeremy Hogan, a partner at Hogan & Hogan P.A, was among those who reacted to the recent briefs filed by the entities in support of the SEC. He spotted an issue with the amicus brief filed by NSEI, admitting that the company does not operate in the cryptocurrency industry. 

Attorney Hogan was concerned about the unique perspective a non-crypto player would bring to the lawsuit. 

“This is more a research paper than an amicus brief,” attorney Hogan said. 

Furthermore, the founder of Digital Perspectives also took time to react to the amicus briefs filed by InvestReady in support of the SEC. 

“New Amicus Brief Filing in SEC vs. Ripple supports XRP as a security. A “Ripple Decentralization Test”?

image source: https://twitter.com/DigPerspectives/status/1590757412969263104

 

Meanwhile, the recent briefs filed by NSEI and InvestorReady mark the first support the SEC has received in its legal battle against the leading blockchain company. As reported, a dozen entities have filed briefs supporting Ripple against the SEC.

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