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MoneyGram Requests Limited Redactions to Ripple and SEC Motions to Exclude Expert Testimony

Mark Brennan
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MoneyGram Requests Limited Redactions to Ripple and SEC Motions to Exclude Expert Testimony

MoneyGram wants to seal a few lines from a deposition transcript of one of its officers in the upcoming Ripple vs. SEC Daubert motion. 



Popular payments giant MoneyGram has filed a motion seeking to seal certain portions of the filings made by Ripple and the SEC in connection with the parties’ motion to exclude expert testimony. 

MoneyGram’s Request

According to MoneyGram, the proposed limited redactions are essential to protect the company’s “highly confidential business information.” 

MoneyGram noted that the proposed redactions are narrowly tailored to a few lines from a deposition transcript involving one of its officers. 

The excerpts contain non-public information related to MoneyGram’s sensitive financial information as well as business strategies. 

“Indeed, public disclosure of this information would be highly detrimental because it would reveal to the public and MoneyGram’s competitors detailed information about MoneyGram’s internal and confidential business operations and strategic matters,” the financial payment giant noted in the motion. 

Notably, MoneyGram has sent a sealed copy of the relevant excerpts from the transcript, highlighting the proposed redactions. MoneyGram noted that the proposed redactions were sent alongside a copy of its motion letter. 

Interestingly, Ripple and the Securities and Exchange Commission do not oppose MoneGram’s request. 

It is noteworthy that the development was shared by attorney James K. Filan, a former federal prosecutor who has consistently shared updates about the Ripple lawsuit. 

Unidentified Third Party Makes Similar Request

In a similar development, an unidentified party referred to as Third Party A, has also filed a motion seeking to seal certain portions of the defendant’s Daubert motion filed on July 12, 2022. 

Per the motion filed by the unidentified party, the sealing requests are narrowly tailored to protect the party’s confidential business information. 

The party also noted that the sealing requests would protect Third Party A’s legitimate privacy interests of all current and former employees and representatives. 

“While Third Party A is not seeking to remain completely anonymous at all, Third Party A’s identity should be redacted in instances where the identity of other similarly-situated third parties are being redacted in the same or adjacent paragraphs,” an excerpt from the unidentified party’s letter reads. 

The party noted that it would be unfair to expose its identity when the identities of other third parties are redacted. 

Ethereum Crosses $1,700 After Unusual Spike In Number of Daily Active Addresses

Mark Brennan
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Ethereum Crosses $1,700 After Unusual Spike In Number of Daily Active Addresses

 

Ethereum has surged to over $1.7k after network activity hit a new all-time high.



Ethereum (ETH) Crosses $1,700 After Network Set A New All-time high For Daily Active Addresses, 48% Higher Than Previous Record.

ETH has been sending off signals of an oncoming price surge for some time. Just recently, as reported by The Crypto Basic, the Ethereum network recorded a sudden increase in the number of daily active addresses. The number set a new high, surpassing the previous record by 48% to reach 1.06 million active addresses.

ETH Dashes Above $1,700

Santiment has reported that ETH price has surged to cross the $1,700 mark, a move that could have been fueled by the increase in the active daily addresses. Santiment is a reputable firm focusing on crypto chain analysis and social metrics. At press time, ETH is trading at around $1,725, recording a 5% increase in the last 24 hours and a 7-day surge of about 8.6%.

This sudden surge in active addresses comes after Ethereum developers executed a shadow fork that will pave the way for the final upgrade of the Ethereum network from a Proof-of-Work to a Proof-of-Stake model. The final merger is expected to happen in September this year. Interestingly, while ETH appears to be surging, founder Vitalik Buterin says the expected merger is yet to be priced in. This sentiment could indicate a growing optimism that the ETH prices could surge higher than the current range. Time will tell.

What’s Going On?

From a critical point of view, several factors could have affected the ETH price. Besides the expected merger and the overall and apparent recovery of the larger crypto market after a brutal winter, the recent move by the Fed to raise interest rates by 75 basis points (0.75%) helped crypto to gain upward momentum. People may be getting into crypto, especially Ethereum, hoping to secure their wealth in the face of inflation.

Q2 Report Shows Ripple Records Over 114M XRPL Transactions Involving 126B XRP Worth $58.3B

Albert Brown
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Q2 Report Shows Ripple Records Over 114M XRPL Transactions Involving 126B XRP Worth $58.3B

Ripple Records Over 114 Million Transactions on the XRP Ledger in Q2 2022.


Ripple publishes its Q2, 2022 report, showing strong growth.

Leading blockchain company Ripple has published its Q2 2022 financial report. In the report, Ripple shared an update about its quarterly XRP sales and other relevant information related to the blockchain company. 

Growing ODL Adoption

Following the growth and adoption of Ripple’s On-Demand Liquidity (ODL), the blockchain company noted that it sold $408.9 million worth of XRP. 

 

The volume of XRP sold in Q2 2022 surpassed the $273.27 million recorded in the previous quarter, Ripple stated.  

“XRP sales by Ripple, net of purchases, were $408.9M vs. $273.27M USD the previous quarter.”

Ripple further notes:

“Ripple has continued to engage in sales solely related to ODL, and these volumes have ramped up substantially as Ripple’s ODL business expanded globally,” an excerpt from Ripple’s Q2, 2022 financial report reads. 

The blockchain company reported that it conducted XRP purchases from the secondary market following a recent ODL adoption surge. 

Per Ripple, it will continue to purchase XRP from the secondary market as the demand for ODL continues to gain momentum. 

Ripple’s XRP sales in connection to ODL adoption account for only 0.47% of the global XRP volume for Q2 2022, CryptoCompare TopTier (CCTT) volumes suggest.  

Ripple Volume

Meanwhile, the massive cryptocurrency market crash also impacted XRP transaction volume. The price of XRP and transaction volumes took a major hit following a series of political and macroeconomic events. Ripple’s Q2 volume declined 22% on QoQ.

“Volumes have declined 22% QoQ to an ADV of $862M down from $1.1B.”

Escrow 

Aside from Ripple’s transaction volume, the blockchain company also provided insight about its monthly token unlock. In Q2 2022, Ripple unlocked 3 billion XRP for three months but returned 2.3 billion XRP to its escrow account later. The remaining tokens were used to cater to the company’s day-to-day expenses.

Jed McCaleb Sold All His XRP

As reported by The Crypto Basic and mentioned in the ripple report Jed McCaleb, co-founder of Ripple Labs, sold his 9B XRP in 8 years.

Q2 XRP Transactions

According to Ripple, a total of 114.6 million transactions were recorded on the XRP Ledger (XRPL) in Q2 2022. A total volume of 126.5 billion XRP, worth $58.3 billion, was traded.

“The community continued to create and advance more projects and apps to address a variety of use cases,” Ripple added. 

Carbon Markets

Additionally, Ripple committed $100 million to carbon markets. The funds will be used to support global carbon removal activities.

As reported by TheCryptoBasic, Malaysia-based cross-border payment hub Tranglo tapped Ripple’s ODL to facilitate payments across 25 corridors, including Singapore, the United Kingdom, UAE, etc. 

Peter Brandt Smashes Binance CEO, CZ Responds “Take It Easy Peter”

Mark Brennan
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Peter Brandt Smashes Binance CEO, CZ Responds “Take It Easy Peter”

 

There was a short Twitter spat between top crypto trader Peter Brandt and Binance CEO Changpeng Zhao (CZ).



There’s never a shortage of drama in the crypto space. If it’s not the self-proclaimed “Satoshi,” Craig Wright, suing people, it’s traders and investors engaging top CEOs and developers. This time around, it’s an exchange between Peter Brandt, a well-known stock, forex, shares, crypto trader for the last 30 years, and CZ, the Binance CEO.

How It Started

It all started when CZ tweeted, “dishonesty is a fast way to lose trust.” Basically, this could be taken as meaning that people who are often dishonest end up becoming untrustworthy as victims sooner or later realize that they are being used by someone for their personal interests.

 

Interestingly, some people in the crypto industry have often accused Binance exchange and its CEO of being dishonest. A few weeks ago, trader Peter Brandt accused Binance of covering up cases where customer orders were filed wrongly.

Peter Fires A Salvo

Following CZ’s tweet, Peter Brandt decided to go all out and fire a shot at him.

He replied: “No doubt you have learned that from experience.” Peter indicates that CZ has been dishonest, and now, from his experiences, he has learned that dishonest people lose the trust of others.

Peter’s reply to CZ’s tweet was a direct reference to the afore-mentioned accusations that he leveled against the exchange and CZ earlier on.

CZ was quick to shoot back, but in a humble way, saying:

“Best learning is from other people’s experiences.” He went on to urge the trader to “take it easy, Peter.”

 

The community and followers are still waiting to see whether Peter will respond and whether the engagement could turn into something more heated or rational. 

Cardano Vasil Hard Fork Again Delayed For Weeks

Mark Brennan
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Cardano Vasil Hard Fork Again Delayed For Weeks

Cardano Fans Will Have To Wait A Few More Weeks As Vasil Hard Fork Delayed.


The Cardano Vasil hard fork previously planned for the end of July has been delayed again without specifying how many more weeks are needed.

The Cardano community has been waiting for the Vasil network upgrade for months. However, the upgrade has often been postponed due to what the developers call “further testing.” For one, Cardano’s main mantra is never to deploy a system unless it’s completely and flawlessly perfect.

A few weeks ago, Cardano announced that it would deploy its latest network hard fork by July 2022. This plan now seems to have not materialized. The latest reports reveal that Cardano has chosen to postpone the upgrade until further notice.

IOG Tim Harrison, VP of Community & Ecosystem, and Kevin Hammond, IOG’s Technical Manager, informed about the hard fork delay in Cardano 360:

Kevin Hammond, IOG’s Technical Manager, said:

“Obviously, from where we are, there could be a few more weeks before we go to the actual Vasil hard fork. This is incredibly important. All the users must be ready to progress through the hard fork to ensure a smooth process.”

Tim Harrison said:

“This will ensure that API developers and exchanges are all ready for that.”

Apparently, the main reason for the delay is to give more room for the engineers at Cardano to conduct exhaustive testing of the hard fork. This is usually done in a testnet with virtual variables derived from the real network stats. Thorough testing is one of the developers’ key measures to design reliable and secure systems.

As such, the Vasil hard fork can be expected to be deployed when Cardano developers are absolutely sure that the system is adequately tested and ready for release. It wasn’t immediately clear whether the delay would affect ADA’s market standings in any way. At the time of this writing, ADA is trading at around $0.53 and holding position 7 in the charts. 

Ripple CEO Added to List of Initial Speakers for the Upcoming Messari’s Mainnet 2022 Summit

Lele Jima
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Ripple CEO Added to List of Initial Speakers for the Upcoming Messari’s Mainnet 2022 Summit

Ripple CEO will be the first speaker at the summit.

Brad Garlinghouse, the CEO of Ripple, is included in the list of first speakers attending Messari’s Mainnet 2022 summit.

According to an official announcement, Garlinghouse will be the first speaker, who will be joining Messari’s co-founder Ryan Selkis on stage for a fireside chat. 

In a Twitter update today, Messari described the upcoming fireside chat between Garlinghouse and Selkis as “a meeting of the minds, who have often been on different sides, joining together to discuss the most pressing topics in crypto on-stage.” 

Other Speakers Added to the List

Aside from Garlinghouse, other top cryptocurrency players added to the list of speakers for the Messari Mainnet 2022 summit include the CEO of Galaxy Digital Investments Mike Novogratz, OpenSea CEO and founder Devine Finzer, and president of Time Keith Grossman.  

Christine Moy, Head of Digital Assets at Apollo Global Management, and Balaji Srinivasan will also be among the list of initial speakers at the upcoming summit. 

Messari’s Mainnet 2022 Summit

The Mainnet 2022 summit is the third time Messari will be hosting the event. Messari, a leading provider of crypto market intelligence products, usually provides a conducive environment for attendees and speakers to focus on ways to address and industry’s challenges and advancements. 

This year’s Messari Mainnet summit will be held in New York City from September 21 to September 23, 2022.  

“As 2022 has already proven to be a monumental year for the industry, we are excited to offer attendees an event that cuts through the noise and focuses on the innovations that will drive our industry forward,” Selkis said in a statement, adding:  

“Attendees should leave Mainnet feeling confident that the long-term outlook for crypto has never been brighter.”

Ripple CEO May Comment on SEC Lawsuit

Garlinghouse and other speakers will take on various cryptocurrency and blockchain-related conversations. The speakers will be joined by over 150 leading cryptocurrency operators and builders, as well as investors. 

It is expected that Garlinghouse would seize the opportunity to talk about the ongoing Ripple vs. SEC lawsuit. 

The lawsuit between the Securities and Exchange Commission is still ongoing, with the case expected to be concluded on or before March 2023. 

First Ever Uncollateralized Institutional Lending Marketplace Coming To Polygon

Albert Brown
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First Ever Uncollateralized Institutional Lending Marketplace Coming To Polygon

 

The First Ever Uncollateralized Institutional Lending Protocol Is Coming To The Decentralized Marketplace On Polygon.



Clearpool, the first DeFi protocol for uncollateralized lending, is launching on Polygon.

The DeFi space is gaining steam, and the industry has seen a sharp increase in the number of lending protocols running on various blockchain networks over the last 2-3 years. However, the protocols available have been largely supportive of only collateralized lending. That changed when Clearpool came into the picture. Clearpool is a protocol that supports uncollateralized lending for institutional entities.

The good news now is that Clearpool is deploying on Polygon. Polygon is one of the fastest-growing blockchain networks that support DeFi protocols. The good news was announced by Polygon in a Twitter post.

 

What Clearpool Brings To Polygon

Clearpool made a debut on the Ethereum blockchain back in March 2022. The protocol has already facilitated the loan lending and repayment of over $180 million. It has also wooed some of the largest lending and borrowing (TradFi) institutions like Wintermute, Amber, Folkvang, FBG Capital, Auros, and Jane Street. It’s also backed by various financial investors, including Arrington Capital, Sino Global Capital, Sequoia Capital India, and Hashkey.

By deploying on Polygon, Clearpool utilizes the large user base while opening up the possibility of lenders to earn rewards in Matic. Matic is the native crypto on the Polygon network. As mentioned, the protocol has a ready following of some of the largest DeFi players in the industry, which it will bring to Polygon and help grow Polygon’s DeFi ecosystem.

For years, the DeFi industry has been plagued by low network speeds/ throughput and high transaction fees – especially on the Ethereum blockchain. These issues could very well be the main factors that have led Clearpool to ditch Ethereum for Polygon. For this reason, the Polygon network has grown exponentially over the last few months.

On Polygon, the protocol will leverage the high network throughput and reasonably low transaction fees. Just recently, Polygon launched the Zero Knowledge Ethereum Virtual Machine (zkEVM), which allows users to validate transactions without having to dig into details of their counterparts on the other network. 

First Blockchain-Backed Clothing Launches on Cardano

Albert Brown
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First Blockchain-Backed Clothing Launches on Cardano

A new clothing line, Origin Thread, has leveraged Cardano to launch blockchain-backed clothing. 


According to Origin Thread, people who purchase the clothes, Bagru/Shirt/01 (name of shirt), can scan the UFC tag on the shirt to watch a video of how it was produced. 

The rationale behind the concept is to ensure that customers get quality and authentic cloth from the manufacturers. 

“Cardano’s first blockchain-backed clothing. Scan the NFC tag on your shirt and view a video of its creation and fully transparent, on-chain sourcing information. The future of clothing is on sale now,” Origin Thread said in an announcement today. 

Details of the Shirt

The Origin Thread shirt is made with 100% organic cotton. The price for each shirt goes for $200, and customers can have the item delivered to them worldwide at zero cost. 

According to information about the Bagru/Shirt/01, the cloth will be sewn in England and hand printed using a traditional craft process in India. 

Origin Thread will produce only 60 units of the shirt. Out of the 60 shirts, 35 are reserved for ORIGIN token holders, while the remaining 25 will be made available to the public. 

The Bagru shirt sales for ORIGIN token holders started on July 15, 2022, while the public sale commenced on July 18, 2022.  

The price of the shirt may be considered expensive for many people. However, the shirt comes with its own unique peck – granting buyers access to owning a non-fungible token.  

“The NFT is accessed by scanning the combined QR code and NFC tag identifier,” Origin Threads noted. 

How to Buy the Cloth

Customers will be required to make payment for the shirt in ADA via the NFT-MKR payment gateway. After paying for the shirt, the user will have to verify ownership of the cloth by inputting the wallet address used to transfer the fund. 

You will be required to verify the ownership of your wallet by sending a small amount of funds to your address as demanded by Origin Thread. 

Once the transaction is confirmed, you will have to select the shirt you wish to claim and enter your delivery information and size. 

Confirm your order, and Origin Thread will start production of your shirt, and it will be delivered to you once production is complete. The shirts will be shipped to customers in the last week of August. 

The development further showcases the prowess of the Cardano network.

Canadian Based FCF Pay Adds Support For Floki Inu Enabling Merchants To Accept FLOKI As Payment

Zabi
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Canadian Based FCF Pay Adds Support For Floki Inu Enabling Merchants To Accept FLOKI As Payment

 

Canadian Payment Gateway, FCF Pay Add Support for Floki Inu (FLOKI), Enabling Merchants to Accept FLOKI as Payment.


Canada-based crypto payment gateway FCF Pay recently announced the listing of Floki Inu, facilitating vendors across the globe to accept FLOKI as payment.

FCF Pay is showing some special love towards canine-themed cryptocurrencies as the leading crypto payment gateway has recently added support for most of them, including SHIB Trifecta (Shiba Inu, BONE, and LEASH) and Baby Doge Coin (BabyDoge).

FCF Pay is committed to driving cryptocurrency adoption, benefiting consumers and merchants.

Retailers can stay ahead of the competition with FCF Pay as it empowers the sellers by offering them the all-in-one solution to accept cryptocurrency and fiat payments by offering low processing fees and processing payments instantly.

On the other hand, FCF Pay also empowers cryptocurrency holders by allowing them to use their favorite crypto as currency when buying goods and services.

Total Value Locked (TVL) in Ethereum 2.0 Deposit Contract Hits A One-Month High of $21.7B

Mark Brennan
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Total Value Locked (TVL) in Ethereum 2.0 Deposit Contract Hits A One-Month High of $21.7B

 

Total value in Ethereum (ETH) 2.0 reaches a new one-month high, Glassnode data shows.


Glassnode, an on-chain crypto analytics company, recently shared that the total value of Ethereum in the ETH 2.0 Deposit Contract has just reached a new monthly high of $21,782,048,562.98 ($21.7B). This marks a new record for the highest value the contract has ever seen in a month. A previous monthly high for the market was established on July 22, 2022, when it reached a value of $21,502,670,488.13 ($21.5B).

 

According to Defilama, a total of $56.62 billion worth of value is locked up in Ethereum (ETH) 2.0, making it the blockchain with the biggest total value locked (TVL) at the time of writing. This represents more than 65 percent of the total value of $87.56 billion that is locked up in the several blockchains that implement DeFi protocols.

Recall that it was revealed by The Crypto Basic today that the Ethereum network achieved a new record for the number of daily active addresses on Tuesday, hitting 1.06 million. This is a 48 percent increase over the previous record, which was set in January.

In related developments, the long-awaited transition from proof-of-work to proof-of-stake, often known as “The Merge,” could make it easier for Ethereum to maintain its leadership position in DeFi. If Ethereum was able to get to the top of the DeFi market despite using the slower and more expensive proof-of-work (PoW) consensus process, then it would seem conceivable that it should be able to acquire even more market share after The Merge is finished.

Ethereum seems to be a bargain at its present pricing when considering its future potential. From its all-time high of $4,800, Ethereum has fallen more than 75 percent. With the price now hovering around $1,600, the potential for further gains is very appealing.

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