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June 2014

Ripple’s Xpring Acquires Logos Network to Build XRP DeFi Products

by
Ripple

Ripple

San Francisco-based crypto startup Ripple has acquired Logos Network, a payment platform, to help in developing decentralized financial products. Ripple is the firm behind XRP, which is the third-largest cryptocurrency.

Xpring Growing Its Team

The investment arm of the company, Xpring initiative, has already brought on board the Logos Network. Logos Network is a blockchain-based payment platform focused on scalability and speed. With the acquisition of the platform, Xpring will now have an additional nine engineers on its team. Xpring will now have a team of 32 members, quite the leap from its two in May. The CEO and founder of Logos Network, Michael Zochowski, will be the Head of DeFi products at Xpring.

Logos was previously working on the building of a payment network motivated by the Bitcoin blockchain before joining with Xpring. With the combination, the team will now explore avenues of creating a DeFi system that will leverage XRP.

Development of DeFi Products

While speaking on the initiative, Zochowski indicated that he expects his team to focus on various projects at different levels on the Xpring platform. The focus will be to enable a broad range of DeFi applications. He added that they strongly feel that the future of finance and payments lie in distributed ledgers as well as decentralization.

Xpring Senior Vice President Ethan Beard stated that the Logos team would be vital in helping Ripple develop XRP derivatives, futures, and loans. He said that they are in the initial stages of figuring it out. He added that they made investments in the past in DeFi companies.

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Last month, Xpring announced a 1 billion XRP grant to Coil, a web money monetization platform. Coil will use the grant to create an ecosystem of developers, creators, non-profits, and companies that use XRP via the Web Monetization standard.

In April, Bain Capital Ventures and Xpring invested in Robot ventures with the target being product strategy and fintech disruptors. Robot Venture invested in cryptocurrency mining company Coinmine and Point, which is creating new debit card solutions.

Featured image: DepositPhotos © adriantoday

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Binance Acquires Crypto Derivatives Platform JEX

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Binance

Binance

Even a couple of years ago, the crypto derivatives market was regarded as some form of novelty by most people across the world, except those who were actually involved in it. However, things have changed dramatically since that time as Bitcoin went on its remarkable run back in 2017 and many other developments made it abundantly clear that the crypto space was here to stay.

Key Acquisition for Binance

In a new development, crypto exchange giant Binance has announced that it has decided to acquire crypto derivatives platform JEX. Since 2017, several cryptocurrency exchanges have sprung up, and a range of new investments instruments have also been introduced so that investors have lots of options.

Crypto derivatives are gaining in popularity in the crypto space, and now there are companies that offer it. JEX offers crypto derivates like perpetual contracts, options, and futures, and this signifies a major coup for Binance. In order to integrate JEX with the wider Binance ecosystem, it is going to be rebranded as JEX Binance and customers will soon be allowed to trade on the platform. According to Binance’s press release, the customer will get to trade crypto derivatives on JEX within a few weeks.

That being said, it is also important to keep in mind that Binance has been working on its own products as well, and hence, this acquisition could be a way of speeding up the entire process. The company will eventually choose between the JEX platform and its own platform in the end. A spokesperson for Binance spoke about the way in which the company is going to go about choosing the platform.

>> Bitcoin Price Soars 7% as Bulls Find Support at Lower Levels

He said, “We think open competition is a great way to test out the products’ usability. Through the competition, we hope to fully review the two products in terms of market feedback, scalability, and liquidation model design.” The entire JEX team working in crypto derivatives will be absorbed by Binance, and the JEX token is also going to come into its control.

Featured image: DepositPhotos © kongvector

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TRON (TRX) Slumps Over 10% After Justin Sun’s Banking Fiasco

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TRON

TRON

Over the course of the past few years, a wide range of altcoins have come into existence that have made the crypto ecosystem a bit less dependent on Bitcoin, and TRON (TRX) is definitely one of those.

Why the Sudden Fall?

The crypto token TRX has grown in stature over the years and is now regarded as one of the leading altcoins in the world. However, it has not had a particularly great time today, and its value has plummeted significantly due to the wider crash in the market that has been led by Bitcoin. TRX has plunged by as much as 10.5% and at one point was trading at just $0.01715 per token.

The general crypto market has quite volatile over the past few months, with big gains often being followed by big crashes. Bitcoin fell by as much as 5% within the matter of a few hours today, and that resulted in a wider crash in the market, as is so often the case.

That being said, it should be mentioned that the fall in TRON may be attributed to other causes besides Bitcoin’s crash. Earlier on today, news broke that several important members of the cryptocurrency industry were going to lose access to bank accounts.

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The founder of TRON, Justin Sun, is among those who will no longer have access to his bank account. This is a particularly significant development and one that could have far-reaching consequences for the entire project. The founder of the TRX project went on the social media platform Twitter and stated that despite having held an account for as long as eight years, his bank, the Bank of America, is going to close his account.

Bank of America has not provided any explanation with regards to its actions, but it is believed that banks are now cracking down on accounts that are directly related to the cryptocurrency industry.

Featured image: DepositPhotos © hello.artmagination.com

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Ripple Receives Boost with ECB Change in Leadership

by
Ripple

Ripple

There is good news for the blockchain industry, especially Ripple (XRP), following the leadership change at ECB. Mario Draghi is leaving as the head of ECB, and he is being replaced by IMF Managing Director Christine Lagarde.

Change in ECB Leadership Good News for Ripple

Christine Lagarde taking over spells good times for blockchain as a growing and disrupting technology because her tenure is expected to be supportive of the industry.  Besides being among those top leaders who have openly endorsed blockchain and cryptocurrency, Lagarde is specifically focused on Ripple and its associated products.

She believes that proper regulation of the industry will enhance trust, and her enthusiasm and acknowledgment of Ripple has been bullish for XRP. Ripple is benefitting with its relationship with the White House as its top management team has friends in the Trump Administration who can help further their agenda. Corry Johnson, the ex-Chief Marketing Strategist, indicated that Ripple has consistently been communicating with White House officials.

Ripple’s objective is not to compete with SWIFT, which is currently leading the market with over 11,000 banks across the globe using its network. Ripple’s Global Banking Head, Marjan Delantine, indicates that the platform is aiming to complement the existing rival networks.

>> Monero (XMR) Jumps 6% On New Exchange Listing Hopes

Growing Momentum to Take XRP Past 50 Cents

Currently, XRP is reacting from $0.40, which is seen as a significant support level bringing XRP closer to the breakout pattern versus the USD. Buyers are currently in control of XRP as the near-term trend depends on the buyer. In the event it builds enough momentum, XRP could go past $0.50 after trading high volumes, and XRP price is expected to leap to $0.80.

However, losses below $0.34 are not good for holders as it will scare traders, and such a shock will initiate panic sells reminiscent of those witnessed in the first quarter 2019 when support was $0.30. Deep losses, although unexpected, will most likely cancel the upward trend.

Featured image: DepositPhotos © Violka08

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