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Attorney James Filan Provides Ripple v. SEC Lawsuit New Conclusion Timeline

Mark Brennan
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Attorney James Filan Provides Ripple v. SEC Lawsuit New Conclusion Timeline

Recent developments in the ongoing lawsuit may push the conclusion of the case to the end of the first quarter of 2023.  


Since Judge Analisa Torres made amendments to the Joint Schedule Order letter written by Ripple and the Securities and Exchange Commission (SEC), a lot has happened along the line, which has been factored into the schedule of the ongoing lawsuit.

While XRP holders are hoping that the case will end this year, these recent developments could see the lawsuit extended until next year.

Attorney James K. Filan, a legal expert with substantial knowledge of the matter, suggested in a recent update on Twitter that the Ripple v. SEC lawsuit may be concluded on or before May 23, 2023.

 Ripple v. SEC: Updated Schedule

On the issue of the deliberative process privilege (DPP) and the attorney-client claim over William Hinman’s 2018 speech that declared Ethereum (ETH) as a non-security, attorney Filan asserted that the issue could be a possibility linger well into June or July this year.

Recall that after the SEC was ordered to surrender Hinman’s documents to Ripple, the agency made another effort to keep the document away from Ripple on the grounds that it is protected by the attorney-client privilege.

However, Ripple objected to this claim, which prompted the SEC to support its argument with another motion. Attorney Filan noted that if the SEC is further compelled to produce the document, the agency will still file another objection, but this time under Judge Sarah Netburn, as part of efforts to keep Hinman’s document away from Ripple.

Depending on when Judge Torres makes a decision over Hinman’s documents, the SEC will have a deadline of 14 days to object to the ruling before Judge Netburn.

If the SEC objects, attorney Filan stated that the Defendants will also respond to the objections, with Ripple’s reply due to be submitted on or before 14 days.

There is also the likelihood that either party may seek an extension of time to file their response, just like it has happened recently.

Notably, if the SEC is ordered to surrender the documents to Ripple, the agency, which looks poised to protect the documents at any cost, may be forced to file a DPP interlocutory petition with the Second Circuit.

Although attorney Filan believes the SEC’s attempt to get clearance to file an interlocutory appeal will be successful, he added that it will take some time before a decision is made, which will further drag the lawsuit.

While the parties may still be on the Hinman documents, attorney Filan noted that Ripple’s motion to compel the SEC to provide answers to certain questions, as filed on May 18, may be attended to.

The SEC’s motion to object to Ripple’s request is due by June 2, 2022, while Ripple’s reply to the objection will be submitted on or before June 13, 2022.

Also, on the issue of Amici’s motion to participate in the lawsuit’s expert challenge filed recently by attorney John Deaton, the SEC had already been granted a time extension to object to the motion, which makes its objection due on June 7, 2022, while any response to that effect must be filed on June 10, 2022.

Attorney Filan added that all motions to exclude expert testimony are expected to be filed by July 12, 2022, with oppositions and replies, scheduled for August 9, 2022, and August 30, 2022, respectively.

That said, motions for summary judgment for undisputed facts must be filed by September 13, 2022, while opposition and replies to these motions are due by October 18, 2022, and November 15, 2022, respectively.

Final Decision Could Linger Till Next Year

With all this in place, the briefing will be complete and the cryptocurrency community, especially Ripple, will be waiting for a final decision on the lawsuit from Judge Torres.

Although many believe the lawsuit may end this year, given the SEC’s delay tactics, several developments may come up along the line that could push the case further into next year.

Based on these developments, attorney Filan concluded that his best guess as to when Judge Torres will make a decision on the Expert Motions and Summary Judgment motions will be on or before March 31, 2022.

Meanwhile, Ripple CEO and founder Brad Garlinghouse noted that while the development has so far been in the company’s favor, the case has continued to move at a slow pace.

Top Ethereum Whale Adds 142 Billion Shiba Inu Amid Price Dip

Zabi
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0
Top Ethereum Whale Adds 142 Billion Shiba Inu Amid Price Dip

 

Whales feel delighted in buying Shiba Inu dips.



Top Ethereum Whale Gobbles Up another 142.67 Billion Shiba Inu (SHIB), worth $1.53 Million in Past 24 Hours.

Ethereum’s key stakeholder adds another 142.67 Billion SHIB, worth $1.53 Million to her wallet as the dog-themed cryptocurrency dips further below its current support level located at $0.00001125 on the 4 hours chart.

Taking advantage of discounted prices, the biggest ETH Whale currently ranked 293 on WhaleStats named “BlueWhale0073” exchanged another $1,539,417 ($1.53M) to buy 142,670,797,289 (142.67B) of Shiba Inu tokens through one significant transaction.

This marks the whale’s second noteworthy transaction in less than 72 hours. Formerly on May 24th (Tuesday), she purchased 86,740,251,500 (86.74B) SHIB, worth $1,015,728 ($1.015M) in one transaction.

So far in this week, BlueWhale0073 has accumulated a whopping total of 229,411,048,789 (229.41B), worth $2,555,145 ($2.55M) through two separate transactions.

Shiba Inu Drops Below Current Support Level:

The widespread selloff in the global crypto market that began on May 9th is not over yet. Shiba Inu fails to defend its current support level located at $0.00001125 on the 4 hours chart.

In the past 24 hours, Shiba Inu pierced its above-mentioned support level and drops to a new low of $0.00001012. At the time of writing, SHIB is trading at the price of $0.00001041, down -8.98% over the last day, with a 24-hour trading volume of $526,510,828 ($526.51M).

If SHIB’s price plunges below the $0.00001012 mark, it will open doors to the retest of a historic support level located at $0.00000909. On the flip side, Bulls would only take charge when SHIB shows sustained trading above the critical resistance level located at $0.000013.

Date Announced: Team Confirms Terra 2.0 And LUNA Airdrop Coming On May 28, Provide All Relevant Details

Albert Brown
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Date Announced: Team Confirms Terra 2.0 And LUNA Airdrop Coming On May 28, Provide All Relevant Details

 

Terra 2.0 is going live on 28th May.



Ever since the proposal to create the Terra 2 blockchain after the collapse of the previous Terra ecosystem, there have been all sorts of speculations as to how the new blockchain will be created and how Terraform Labs and founder Do Kwon will compensate those who lost their Luna investments in the price crash.

Now, a roadmap has been created, and an amended proposal for the creation of Terra 2 has been passed. Terra 2 will not be a fork of the existing Terra Luna blockchain but an entirely new system with upgraded features.

Terra 2

According to a recent Tweet, the Terra 2 testnet is live, and the entire blockchain will go fully live on May 28.

“We expect Terra to go live on May 28th, 2022, at around 06:00 AM UTC.”

Exchanges Support

So far following top exchanges have confirmed their support for Terra 2.0 and its airdrop.

Binance, Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX Gateio KuCoin, LBank, Cryptocom, FTX, Bitfinex, Bitget and MECX Global.

Luna Airdrop

Terra team confirms that airdrop will occur on May 28th.

“The LUNA airdrop will occur on the first block of the new Terra chain, expected on or around May 28th, 2022, at 06:00:00 GMT.”

 

There will be four groups of tokens in the Terra ecosystem when the airdrop begins:

  1. Pre-crash Luna
  2. Pre-crash UST
  3. Post-crash Luna
  4. Post-crash UST

These four groups are formed in accordance with when the said tokens were bought, with the start of the Luna and UST price crash as the reference.

For pre-crash tokens, account snapshots will be set as of May 7, while the post-crash snapshots will be placed on May 28, which is the same day that Terra 2 will go live.

Luna airdrops will be made from tokens minted on Terra 2. Each of the four token categories will have a pre-defined airdrop ratio.

  1. Pre-crash Luna – 1:1.1
  2. Pre-crash UST – 1: 0.033
  3. Post-crash Luna – 1:0.000015
  4. Post-crash UST – 1:0.013

Holders of all token categories will be entitled to a 30% airdrop relative to their holdings during the genesis of Terra 2. The remaining 70% will be distributed over two years, with a peak at six months. The airdropped tokens will arrive at the user’s wallets in a bonded state, and holders can unbonded them for transfer after 21 days.

Terra team further explained that for Liquid (non-vesting) Luna tokens, Users could stake their liquid LUNA on Terra Station to their preferred validator(s) to earn rewards and participate in the new chain’s governance, use dApps upon launch, or trade it on an exchange.

The team answered an essential question of whether users need to claim the airdrop or will it just show up in their wallets, saying, “LUNA that is not immediately staked (as vesting tokens) will be made available in users’ Terra wallets automatically.

Staked vesting tokens will show up in Terra Station. Users need to select the new network and visit the “Stake” tab to view their staked balance. After a user’s vesting cliff is hit, tokens will start to become available in their wallet each block.

Users who receive the airdrop through CEXs should check with the exchange for details on how the $LUNA airdrop will work. Our partner exchanges have done a great job of communicating these details, and we’ve been retweeting the announcements as they drop.”

Validators

Following validators have confirmed support for terra 2.0

ChainLayer, BTCSecure, Sigma, TerraBay, Nebula Protocol  Astroport, Spectrum, One Planet, Anchor, Sigma, Nexus, Nebula, Coinhall, Prism, and Random Earth.

PartnerSHIB Saga Continues, NOWPayments Unleashed One More Use Case for Shiba Inu 

Zabi
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0
PartnerSHIB Saga Continues, NOWPayments Unleashed One More Use Case for Shiba Inu 

 

NOWPayments Now Supports Fiat Withdrawals For Shiba Inu.


 

NOWPayments has just released exciting WOOF News for Shiba Inu Community. The cryptocurrency payment gateway tweeted that it has added an option of fiat withdrawals for shib. Customers will pay merchants in SHIB, while merchants would be able to convert shib into fiat.

Merchants would be able to withdraw any amounts of dog-themed cryptocurrency into fiat starting from 15 EUR up to unlimited volumes.

Now payments write:

“The solution allows the merchants to withdraw any amounts of cryptocurrency in fiat starting from 15 EUR up to the unlimited volumes. This feature can be used by any business who is eager to test crypto payments for the first time and wishes to withdraw crypto to fiat currency fast, easy, and from any part of the world.”

Fiat Withdrawals became possible after NOWPayments, in collaboration with Switchere, a licensed financial services provider launched a new fiat payout solution. The solution allows businesses to withdraw crypto in fiat currency quickly, easily, and from anywhere in the world.

The feature is available to all the new businesses who want to test SHIB payments for the first time. Using this feature, merchants can withdraw any amount of dog-themed cryptocurrency in fiat, starting from 15 EUR up to unlimited volumes.

Besides Shiba Inu, the feature currently supports 12 other popular cryptocurrencies. The list includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), Aave (AAVE), EOS (EOS), Chainlink (LINK), OMG Network (OMG), Uniswap (UNI), and yearn. finance (YFI).

NOWPayments has a special love for the Shiba Inu ecosystem and its strong community. This unique love can be justified because the entire official partners of the Shiba Inu ecosystem, including Sorbillo, John Richmond, and Welly, accept Shiba Inu and LEASH as payment via NOWPayments.

Besides this, the cryptocurrency payment gateway company also supports Shiba Inu Burns. Formerly on March 22nd, NOWPayments added a new optional BURN feature for SHIB and LEASH to its platform that enabled merchants to burn a portion of the profits they receive in SHIB or LEASH.

Confirmed: Terra Team To Burn 1.388 Billion UST

Mark Brennan
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Confirmed: Terra Team To Burn 1.388 Billion UST

Burn the Remaining Terra USD (UST) Voting Ends as 99% of Votes Favor the Proposal.


The Terra community is in support of the proposal to burn the excess UST in circulation.

TerraForm Labs has announced that voting for its proposal to burn the excess TerraUSD Classic (USTC) has been concluded.

Proposal 1747 named “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST 2” was submitted seven days ago in Terra Station to determine the best approach to make UST investors whole.

Result of Users’ Votes

Since the proposal was submitted, over 153.64 million votes have been made by Terra community members, with the vast majority of participants voting in support of the proposal.

According to data on Terra Station, out of the more than 154.5 million votes recorded so far, 99% representing approximately 153.64 million of the total votes are in favor of the proposal, while 5,491 votes are not in support.

Terra USD voting ended

With voting for the proposal ended, Terra will implement the community’s decision by burning the remaining UST in the community pool as well as the stablecoin in the cross-chain and liquidity incentive protocol.

The Terra community has passed the proposal to burn 1.388 billion UST held in the community pool, of which there are about 1.017 billion UST in the community pool and about 370 million in Ethereum, and the burning amount accounts for 11% of the total UST.

The move by Terra is part of efforts by the Terra team to regain the stablecoin’s peg to the United States Dollar, to make investors whole again.

Since it is likely that Terra will burn its excess USTC reserve to boost the stablecoin’s value, investors seem excited as seen in the value of the cryptocurrency.

Previous Plan to Burn UST Failed

Recall that the previous proposal to burn the excess UST supply did not go as planned, as the team reported that the proposal encountered technical issues along the way.

Despite the vote passing, the proposal failed to execute due to a technical glitch.

“Terra can’t make it ‘disappear’ – the vote passed and was executed automatically by the system. However, the execution failed due to an incorrect parameter (a malformed proposal that was not caught by the proposer),” Will Chen, Terra’s Building Developer said.

Meanwhile, Terra’s proposal to create a new chain for LUNA without the algorithmic stablecoin also passed, with the rebirth of the network expected to go live tomorrow.

Breaking: Binance Confirmed Support For Terra 2.0 And Its Airdrop, Details

Mark Brennan
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Breaking: Binance Confirmed Support For Terra 2.0 And Its Airdrop, Details

The largest crypto exchange joins the list of trading platforms that will support Terra’s upcoming airdrop. 


Binance, the world’s largest cryptocurrency exchange, has announced that it will be supporting the upcoming rebirth of the Terra 2.0 network and the renaming of the project’s ecosystem tokens. 

According to an announcement today by the exchange, old terra ecosystem tokens, including LUNA and UST, will be renamed LUNA Classic ($LUNC) and UST Classic ($USTC), respectively. 

Aside from the renaming of Terra ecosystem tokens, the world’s largest cryptocurrency exchange also disclosed that it will also support the project’s token airdrop of the new tokens to all eligible users and it will be distributed in accordance to Terra’s distribution plan. 

The development was also announced on Twitter by a popular cryptocurrency media outlet, Wu Blockchain: 

“Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop. Binance will issue Terra 2.0 LUNA (new tokens) to all eligible users according to the Terra project team’s token distribution plan.”

Here is what Binance said:

“Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop program. In the announcement, LUNA and UST tokens on the Terra Classic network will be referred to as LUNA (Old Token), and UST (Old Token). The specific arrangements are as follows:

LUNA (Old Token), UST (Old Token) Trading Suspension Time:

On May 26, 2022, the deposit and withdrawal of LUNA (old token) and UST (old token) will be suspended;

On May 26, 2022, trading will be stopped and the LUNA/BUSD and UST/BUSD spot trading pairs will be delisted, and the corresponding spot pending orders will be canceled.

LUNA (old token), UST (old token) code will be changed to LUNC, USTC:

  • The code of LUNA (old token) will be changed to LUNC;
  • The code for UST (Old Token) will be changed to USTC.

LUNC, USTC transaction recovery time:

  • On May 30, 2022, LUNC/BUSD and USTC/BUSD spot trading will be opened;
  • On May 30, 2022, the deposit and withdrawal of LUNC and USTC tokens will be resumed.

LUNA New Token Airdrop:

Binance will distribute Terra 2.0 LUNA (new tokens) to all eligible users according to the token distribution plan of the Terra project team. The specific distribution ratio will be announced separately.

Binance Airdrop Rules:

Binance LUNA air drop rules

Lock UST (old token) on the chain, and you will get AnchorUST (aUST) as a certificate. Therefore, users who participate in UST (Old Token) lock-up through the Binance Staking platform are eligible for this airdrop and will be included in this airdrop plan.

The attack-pre-snapshot includes: spot account, leveraged account, Binance treasure account, staking account, and LUNA (old token) in the currency-margined contract account, but does not include the U-margined contract account.

Attack-post snapshot includes LUNA (old token), and UST (old token) in the spot account.

Leveraged accounts, loan accounts, and LUNA (Old Tokens), UST (Old Tokens) transferred from these accounts to spot accounts will not be covered by the airdrop.

For users who participate in the staking lock-up of LUNA (old token) and UST (old token), the specific airdrop distribution details will be announced separately.

U.S. citizens, corporate entities, and regions on trade or economic sanctions lists will not be able to receive this airdrop.”

Top BNB Whale Buys 68 Million Dogecoin (Doge)

Zabi
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Top BNB Whale Buys 68 Million Dogecoin (Doge)

 

Top BNB Whale Gobbles up 68 Million Dogecoin (DOGE), worth $5.68 Million.



Dogecoin (DOGE) becomes one of the most purchased tokens among the top 100 BNB whales as the 71st biggest BNB Whale has just accumulated 68 million DOGE, worth $5.68 million ($5.68M).

The blockchain data tracking website, WhaleStats reports that the 71st biggest BNB Whale named “Martian Manhunter” has just made a purchase of 68,000,000 (68M) DOGE, worth $5,684,188 ($5.68M) in one significant transaction.

Dogecoin is now the 18th biggest holding position by dollar value for Martian Manhunter. The top 3 holdings for the wallet include TrueUSD (TUSD), Avalanche (AVAX), and Dai Token (DAI). The whale may acquire more of Dogecoin in the coming few days or weeks as the top holdings comprise two USD-pegged stablecoins.

With this massive accumulation, the total DOGE balance for the top 100 BNB wallets reaches 202,277,411 (202.27M) DOGE, worth $16,890,830 ($16.89M) as of the current price. This helps DOGE secure the top position among most purchased tokens by the top 100 BNB whales in the last 24 hours, WhaleStats reports.

Moreover, due to the recent whale activity, Dogecoin becomes the third most traded coin among the top 100 BNB whales following Binance Coin (BNB), and Binance USD (BUSD) in the last 24 hours.

At the time of writing, Dogecoin is trading at the price of $0.07802, down -6.03% over the last day, with a 24-hour trading volume of $481,915,288 ($481.91M).

Burn The Remaining Terra USD (UST) Gets 99% of Votes In Favor Of Proposal 

Mark Brennan
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Burn The Remaining Terra USD (UST) Gets 99% of Votes In Favor Of Proposal 

Burn the Remaining Terra USD (UST) Voting Will End in 12 Hours as 99% of Votes Favor the Proposal.


The Terra community is in support of the proposal to burn the excess UST in circulation.

TerraForm Labs has announced that voting for its proposal to burn the excess TerraUSD Classic (USTC) supply will be ending in less than 24 hours.

 Proposal 1747 named “Burn The Remaining UST in the Community Pool + Cross-Chain Liquidity Incentive UST 2” was submitted seven days ago in Terra Station to determine the best approach to make UST investors whole.

Result of Users’ Votes

Since the proposal was submitted, over 148.43 million votes have been made by Terra community members, with the vast majority of participants voting in support of the proposal.

According to data on Terra Station, out of the more than 148.43 million votes recorded so far, 99% representing approximately 147.5 million of the total votes are in favor of the proposal, while 5,491 votes are not in support.

Terra’s Next Move for UST Holders

With voting for the proposal expected to end in less than 12 hours, Terra will implement the community’s decision by burning the remaining UST in the community pool as well as the stablecoin in the cross-chain and liquidity incentive protocol.

The move by Terra is part of efforts by the Terra team to regain the stablecoin’s peg to the United States Dollar, to make investors whole again.

Since it is likely that Terra will burn its excess USTC reserve to boost the stablecoin’s value, investors seem excited as seen in the value of the cryptocurrency.

UST Classic has surged 35% in the last 24 hours. At press time, USTC is currently changing hands at $0.09, according to data on Coingecko.

Previous Plan to Burn UST Failed

Recall that the previous proposal to burn the excess UST supply did not go as planned, as the team reported that the proposal encountered technical issues along the way.

Despite the fact that the vote passed, the proposal failed to execute due to a technical glitch.

“Terra can’t make it ‘disappear’ – the vote passed and was executed automatically by the system. However, the execution failed due to an incorrect parameter (a malformed proposal that was not caught by the proposer),” Will Chen, Terra’s Building Developer said.

Meanwhile, Terra’s proposal to create a new chain for LUNA without the algorithmic stablecoin also passed, with the rebirth of the network expected to go live tomorrow.

Korean Exchange Korbit Decline Terra 2.0, While Kucoin, Bitfinex, FTX And Other Top Exchanges Confirmed Terra 2.0 Support

Mark Brennan
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Korean Exchange Korbit Decline Terra 2.0, While Kucoin, Bitfinex, FTX And Other Top Exchanges Confirmed Terra 2.0 Support

Updated:

Korean exchanges are not supporting Terra 2.0 while other top world exchanges face no fear in supporting terra’s new ecosystem. 


The exchanges have disassociated themselves from Terra’s rebirth following the ongoing investigation by Korean authorities to determine the actual cause of LUNA and UST collapse.

With TerraForm Labs edging closer to launching a new chain in a bid to make investors whole, Korbit, South Korea’s first cryptocurrency exchange, has disclosed that it will be terminating Terra (LUNA) transactions on its platform later this month.

Korbit noted in a press release today that although Terra 2.0 is expected to launch tomorrow, it has decided to end LUNA deposit, trading, and withdrawal support, following an emergency meeting convened earlier this week.

According to the exchange’s decision, LUNA deposits will end on May 31, 2022, and trading of the cryptocurrency will be terminated by June 3, 2022, while withdrawal of the digital currency from the platform is slated to end on August 31, 2022.

While the exchange noted that there is a possibility that it may change the schedule, it urged its users to ensure that they comply with the directive as soon as possible to avoid incurring losses.

Reason for the Decision

Korbit noted two reasons why it chose to terminate support for Terra ecosystem token LUNA. According to Korea’s first exchange, it usually discontinues support for digital currencies, when the crypto asset in question puts the trading platform and its customers at risk.

The exchange added that it will stop supporting a particular cryptocurrency if it fails to comply with government regulations.

Terra Under Investigation in Korea

In recent times, Terra has been under heavy backlash for not moving early enough to curtail the losses investors incurred. At the moment, Terra as well as its founder Do Kwon are facing tax charges in Korea.

Terra is also undergoing an investigation in the country, as authorities seek to unravel the main reason for the firm’s collapse.

Regulators’ involvement in Terra’s situation has prompted many exchanges in South Korea to disassociate themselves from the rebirth of the Terra network.

Wu Blockchain tweeted about the development earlier.

As reported by TheCryptoBasic Terra’s Do Kwon Refuses Claims That He Lobbied Korean Exchanges To Accept Terra 2.0.

Upbit:

On the other hand Upbit, the largest exchange in South Korea said it supports the LUNA2 airdrop to holders who own LUNC in Upbit. But supporting airdrops does not mean supporting LUNA2 transactions.

Other Exchanges Outside Korea Support Terra 2.0

Meanwhile, Terra’s much-anticipated new chain is expected to launch tomorrow, a move that will give birth to new LUNA tokens that will ultimately replace the old ones dubbed Luna Classic (LUNC).

With LUNC holders expecting the launch of Terra 2.0, global cryptocurrency exchanges have declared their intention to support the upcoming Terra 2.0 in order to help investors recover their losses.

Popular cryptocurrency exchange FTX disclosed earlier today that it will be supporting the upcoming LUNA airdrop.

 

Following its decision to support the $LUNA airdrop, FTX said it will be suspending LUNC markets, including trading, deposit, and withdrawal on the platform later today around 12pm (UTC). The move is a result of Terra’s plan to take a snapshot of investors’ LUNC balance around 16:00 UTC today.

Bitfinex also declared that it would support the rebirth of the Terra network when it eventually goes live.

Similarly, Gate.io, a top cryptocurrency exchange, also announced that it would be joining other top cryptocurrency trading platforms to support the upcoming Terra 2.0.

Bitget will be supporting the launch of LUNA 2.0 on the 27th of May.

Kucoin also confirmed Terra 2.0 and airdrop support.

 

The list of exchanges eager to support Terra 2.0 has continued to increase. Yesterday, TheCryptoBasic reported that Binance, Huobi, HitBTC, BYBIT, and Bitrue, among others, also declared support for Terra’s rebirth.

Poloniex Partners with APENFT to Integrate Platforms and Merge Metaverse Strategy

Mark Brennan
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Poloniex Partners with APENFT to Integrate Platforms and Merge Metaverse Strategy

Poloniex, a global cryptocurrency exchange, has announced a partnership with APENFT, a leading non-fungible token (NFT) marketplace. APENFT will be live on the Poloniex website and mobile app on Wednesday, May 25, followed by an NFT giveaway shortly after.

The alliance allows users to access and trade NFTs on Poloniex through the newly integrated one-stop NFT marketplace. According to their trading volume, users can get exclusive rights on Poloniex by obtaining Genesis NFTs and TRON ecosystem NFTs such as BAYCTron, MAYCTron, and TronMeebits.

“We are thrilled to be partnering with APENFT to directly contribute to the building of the NFT space and Metaverse,” said Shaun Scovil, General Manager of Poloniex. “This partnership leverages our shared potential to increase the reach of NFTs and further develop the industry. NFTs, in particular, are exciting because they have such a wide range of potential applications.” Shaun added that he believes NFTs will play a crucial role in the evolution of the metaverse. 

APENFT aims to transform world-class artwork from being elite-exclusive items to something that is accessible to everyone. APENFT is backed by the TRON network’s underlying technology to provide secure, reliable, efficient, and decentralized services. The marketplace features zero initial transaction fees and minimal gas fees to encourage NFT artists and developers to use the platform.

“We are very excited to reach the partnership with Poloniex. It is a great opportunity for both APENFT and Poloniex to build a metaverse in the crypto market,” said Sydney Xiong, Director of APENFT. “Committed to spearheading the metaverse era, APENFT will continuously support promising creators with meta and real exhibitions and invest and incubate marvelous NFT and GameFi projects worldwide. With the extensive experience of Poloniex, together we will expand the global crypto market and explore even more potential for the world of metaverse.”

Poloniex has been in operation for almost a decade and strives to provide its users with an exceptional experience. It is committed to enabling people all over the world to fully participate in the global economy and enjoy convenient financial services. By integrating the APENFT marketplace with minimal gas fees, Poloniex is pushing the mass adoption of NFTs and building a more effective metaverse.

To commemorate the collaboration, Poloniex held an NFT trading volume-based giveaway. APENFT and Poloniex also hosted a promotion event for 1,000 H.E. Justin Sun’s unique limited edition NFT covers designed by Valuart x Vanity Fair, available for purchase at 999 TRX each. After the conclusion of this event, APENFT will have a prize pool of up to 200,000 TRX for these NFTs, and Poloniex will airdrop $25 futures trail funds to users who acquire them.

Poloniex:

Poloniex was founded in January 2014 as a global cryptocurrency trading platform. With its world-class service and security, it received funding in 2019 from renowned investors, including H.E. Justin Sun, Founder of TRON.

Poloniex supports spot and margin trading as well as leveraged tokens. Its services are available to users in nearly 100 countries and regions with various languages available, including English, Turkish, and Vietnamese.

APENFT:

Officially registered in Singapore on March 29, 2021, APENFT is backed by the underlying technology of the TRON blockchain, with additional support from the world’s largest distributed storage system BitTorrent File System (BTFS). At the core of our mission, APENFT aims to facilitate the creator economy while catalyzing both financial and cultural inclusion in the metaverse. Our vision is to integrate both the virtual and the real worlds seamlessly. APENFT Foundation is the world’s first NFT art foundation that realizes crossover purchases. We aim to bridge conversations between stakeholders in the traditional art world and the digital art community emerging around NFTs, promote inclusiveness and diversity, broaden our multimedia audience, and increase all members’ engagement. In the future, our collection will be made available to the entire community through a series of curated online exhibitions in the metaverse.

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