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Stellar (XLM) Witnesses Buying Interest Despite the Crypto Slump

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Stellar

Stellar

When a cryptocurrency is made available in important exchanges, then its price usually gets a positive push, and that is what happened with Stellar (XLM) yesterday. Earlier on this week, Coinbase, which is among the biggest crypto exchanges in the world, revealed that it was looking to add many more tokens to its platform.

Yesterday, the company made Stellar Lumens (XLM) available on its platform for Coinbase users in New York. It is a significant development for the token in question, and it goes without saying that the news was welcomed with great optimism by investors.

Coinbase News Supports XLM

It also resulted in a major spike in the price of Stellar. The wider crypto market has been performing very poorly over the past 24-hours, and many of the biggest tokens in the market have lost a lot of value. However, the announcement from Coinbase led to a highly impressive rally in XLM over the course of the same period, and Stellar rallied by as much as 13%. This happened during a period when some of the world’s major cryptocurrencies lost in excess of 10% in some cases. Usually, such an impressive move on the part of any coin leads to further gains as new investors come in and it remains to be seen how it all pans out during the course of the weekend.

>> Bitcoin Drops 30% in Two Weeks: Should You Panic?

One of the most important aspects of a Coinbase listing is the fact that it exposes a particular cryptocurrency to a far bigger pool of investors and that eventually leads to a spike in price in most cases.

Although the current listing is only restricted to New York at this point in time, it could be made available to all users eventually, and that could be the next big event for XLM. The latest announcement has resulted in impressive gains for Stellar, but it remains to be seen whether it can hold on to them.

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JPM Coin Fails to Impress Ripple’s Brad Garlinghouse… Again

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JPM coin

JPM coin

Ripple CEO Brad Garlinghouse has spoken out about JPM coin once again. This time, he gave the major US bank some praise for its new venture. Garlinghouse participated in a fireside chat yesterday at the 4th annual DC Blockchain Summit in Washington D.C. where he further discussed his views of the new bank coin.

Brad Garlinghouse and JPM Coin

In the chat yesterday, Ripple’s CEO said that JPMorgan Chase’s entrance into the cryptocurrency community is a good thing. However, that was the only positive thing he said about the new JPM coin. Garlinghouse is sticking firm to his original stance on these new bank stablecoins, claiming they will ultimately cause more chaos.

JPMorgan Chase announced the news of its new stablecoin back on February 14th and Garlinghouse was one of the first major executives in the cryptocurrency space to chime in.

In the tweet above, Garlinghouse linked a post he wrote back in August of 2016 regarding his view of the potential future of bank coins. It seems his prediction is coming true. The CEO’s argument is that if banks start making their own stablecoins, like JPM coin, it will make the financial system far more dysfunctional than the current one.

Garlinghouse believes that the current financial system lacks interoperability and each bank adding its own stablecoin will not solve this problem. In the fireside chat yesterday at the DC blockchain summit, Garlinghouse described a system shifting to exactly what he predicted in his article.

>> Crypto News: Huobi Adds XRP and IBM Releases X-Force Red

He explained:

“This guy from Morgan Stanley was interviewing me last week, and I asked him, so is Morgan Stanley going to use the JPM Coin? Probably not. Will Citi use it? […] Will PNC? And the answer is no. So we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability.”

It’s clear that Garlinghouse firmly believes in his company and what they offer financial institutions. To an extent, he has a very valid point, but it seems these major US banks want nothing to do with XRP.

Why do you think banks aren’t adopting Ripple and XRP? Is it that XRP isn’t a ‘stablecoin’ like JPM coin is? Do you think they want their own control and power over the system? Leave your comments below!

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Tezos (XTZ) Outperforms in 2020: Here are the Key Drivers

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Tezos

Tezos

The New Year has seen a degree of a turnaround in the crypto space, as many tokens have recorded significant gains. One notable gainer is Tezos (XTZ). Since the start of the year, the XTZ token has more than doubled in price, and it goes without saying that it could be on the radars of most crypto traders by this point.

More importantly, the coin has managed to break into the top 10 crypto projects by market cap thanks to this rally. Currently, XTZ enjoys a market cap of $1.9 billion. However, this begs the question …

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Ripple Shuns Securities Question | Dismisses XRP Lawsuit

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Ripple

Ripple

Over the past few years, XRP has grown into the third-biggest cryptocurrency by market cap, and much of the credit for that goes to the company Ripple. The company holds the highest number of XRP tokens, and as a result, its activities have a direct impact on the price of the token. Over the course of September, the San Francisco startup has come under a lot of pressure from the XRP community due to the high volume of tokens it’s been selling.

In a new development, the company has now decided to file a motion in order to dismiss a lawsuit that alleges that it violated securities law in the United States. The violation pertains to its act of selling XRP tokens.

Now What?

Many members of the XRP community have claimed that the token has performed poorly throughout the year because of the fact that Ripple had sold billions of tokens every quarter. The company’s Chief Executive Officer Brad Garlinghouse had earlier dismissed the allegations and stated that the sales were meant for further developing the XRP ecosystem. In its motion to dismiss the lawsuit, the company stated that the case had not been brought within three years of XRP having its initial coin offering. Hence, the statutes of limitations have expired.

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However, along with the standard legalese in the motion to dismiss, the company also stated that XRP is not a security and hence, purchasing it does not mean that an investor has entered into an investment contract. In the motion, the company stated, “Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders, and the XRP Ledger is decentralized.” It is a telling point and one that could give Ripple a massive advantage if the lawsuit ever goes to trial.

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Ripple Invests in Cybersecurity Startup Funding Round

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Ripple

Ripple

Ripple has invested in a $2.2 million USD seed funding round by London-based cybersecurity startup Keyless via its investing division, Xpring. Keyless claims to be the first company in the world to combine biometrics with secure multi-party computation.

Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money. Since then, it has evolved into more of a startup investment arm of Ripple, funding unique and high-potential projects in the world of crypto in order to enable widespread adoption of digital assets. It is unsure exactly how much it has invested in Keyless, but it is believed to be one of the more sizeable investments alongside venture fund Cryptos Capital.

Ethan Beard, Senior Vice President of Xpring, said Ripple has made this investment due to the potential for widespread adoption across a range of industries. “During our technical review, we found Keyless’ solution to be clever and well thought out. We believe Keyless’ solution will be particularly welcomed by wallet providers and exchanges to accelerate the verification process for crypto holders.”

While Keyless’ technology still remains under development, the company recently completed beta testing with two crypto wallet customers for its first product, the Keyless Authenticator. The authentication technology is said to protect personal data across cloud, mobile, and internet-of-things technologies by allowing users to split up multiple parts of their biometric information, such as the face or fingerprint, and send the encrypted data to multiple nodes.

>> Altcoins Attempt to Build Gains After a Big Jump in Bitcoin

Ripple’s investment branch has been busy at work funding various projects, having recently acquired payment platform Logos Network to help develop decentralized financial products. Last month, it launched a new software development kit that allows for the integration of XRP apps in multiple programming languages, providing far greater scope for the development of unique blockchain products.

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Tezos (XTZ) Hits New High for 2019, Market Cap Tops $1.4 Billion

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Tezos

Tezos

Tezos (XTZ) is having a strong end to 2019, with the token seeing its price surge over 85% since early November. This boosts expectations for appreciation going forward as adoption continues to grow following initial skepticism.

XTZ Storms into the Top Ten

This week, the digital coin continues its impressive performance and gained 25%, making it the best-performing token among the top ten digital coins. Currently, the coin is trading at $1.72. On December 8, the token stormed into the top ten coins by market cap for the first time. The coin’s market cap rose to $1.4 billion to exceed its closest rival, Cardano, by around $300 million.

The rally may be cut short following the recent market slide, but so far, Tezos is among the biggest crypto gainers. In the meantime, the gap between Tezos and Bitcoin SV (BSV) has continued to narrow, which means that it could get into ninth place if it surges by another double-digit.

Staking is the New Trend in the Industry

The rally was a result of Kraken adding direct staking from Ledger hardware wallets through the Ledger Live app. The exchange offers passive income to those who choose the platform for greater security of their coins. It offers a 6% reward in comparison to Coinbase, which added staking early last month but trimmed rewards to 5%.

>> Binance Adds Fiat Payment Options with Paxful Partnership

Staking changes how tokens work in an ecosystem by minimizing their significance as speculative assets but also increasing their demand as a way of generating income. As a result, this means that there is enhanced price stability as well as coin demand.

The crypto market has been bearish, but XTZ has managed to defy that on several occasions in the last few months. Staking has become the new trend in the industry among various exchanges that have moved to provide custodial services with some returns. The Tezos staking rewards vary depending on the number of coins locked in.

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BitPay to Include Support for XRP This Year

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BitPay

BitPay

Over the course of the past few years, plenty of innovative companies have come up, and one of the more interesting ones in this regard has been BitPay. The company is a blockchain payment provider and is regarded among the more innovative companies in the crypto ecosystem.

Key Details

In a new development, BitPay announced that it is going to provide support for XRP payments by the end of 2019. It is a significant development not only for the company itself but also for XRP, which is currently the third-biggest cryptocurrency in the world by market cap.

As everyone knows, the ultimate aim of most cryptocurrencies is to be accepted as a regular payment and make a dent in the dominance enjoyed by fiat currencies. To that end, this is a major development for XRP, which has fashioned itself as a payments solutions provider for institutions as well as for individuals. According to the revelations made by the company to a leading crypto news website, BitPay has actually partnered with Xpring, a product created by Ripple, and it is going to use it to complete the integration of XRP to its platform. The director of product at the company, Sean Rolland, stated, “XRP can offer a payment option that is fast, cost-effective and scalable.”

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One of the more important things to come out of this development is the realization that XRP is not only meant for institutions and large banks but also for individuals who wish to make fast payments. BitPay has grown significantly over the course of the past few years, and last year alone, the company processed as much as $1 billion worth of payments.

It is an indication that payments through cryptocurrencies are catching on at last, and it is only a matter of time before it becomes far more widespread throughout the world. In September, BitPay added support for Ethereum as well.

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Veritaseum (VERI) Slumps 60% After Emergency Lawsuit by the SEC

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Veritaseum

Veritaseum

Veritaseum (VERI) slumped 60% in the past 24-hour after The United States Securities and Exchange Commission (SEC) has filed an emergency lawsuit.

Big Blow for VERI

The explosion of the crypto space has led to a lot of tech innovation as companies have resorted to distributed tokens in the form of an Initial Coin Offering in order to raise capital. It has proven to be a highly effective method of raising capital, and many companies have managed to get off the ground using an ICO. However, it goes without saying that the presence of such a tool can also be misused.

Over the years, plenty of entities have conducted ICOs for bogus purposes and managed to dupe people for millions of dollars. However, the Securities and Exchange Commission has now taken a much more active role in this sphere and in a new development, it is now attempting to go after the mildly popular Veritaseum ICO.

It has emerged that the SEC has now moved a Brooklyn court in order for an emergency lawsuit to ensure that the people behind Veritaseum are not able to access the proceeds from the ICO. The SEC claims that the company, as well as its founder Reginald Middleton, had sold the cryptocurrency Veritaseum by telling investors that it was actually software or a gift card. However, that claim is apparently fraudulent, according to SEC, and goes against the regulations with regards to an ICO.

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The company managed to raise $14.8 million, but now the SEC is trying to ensure that the Veritaseum and its founder do not have access to those funds. The ICO took place back in 2017 and over the course of the next two years, raised a significant amount of money. At this point in time, only $8 million is left. It goes without saying that as soon as the news about the SEC action hit the news wires, investors started dumping the token en masse and its price crashed significantly.

Veritaseum (VERI) has fallen all the way from $9.40 to $4.50 in the past 24-hours.

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How Could a Potential Ripple IPO Affect XRP’s Price This Year?

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Ripple

Ripple

Over the past year or so, XRP is probably one of the few major cryptocurrencies that have not enjoyed any meaningful gains, and much of the blame has been laid at the door of the fintech firm Ripple. The San Francisco-based company owns the highest number of XRP tokens.

Uncertainty in the Crypto Market

Currently, the uncertainty in the crypto market has beaten down the XRP price further. However, it is the possibility of an initial public offering from Ripple that has given rise to a fresh debate among analysts.

Earlier this year, the Chief Executive Officer of Ripple, Brad Garlinghouse, stated that there is a possibility that many crypto-based companies are going to have their IPOs. That resulted in a lot of speculation about an IPO from the company itself. Garlinghouse later said that he was merely talking about the possibilities but has not been thinking about an IPO this year.

Allen Scott, who is the head of markets at Cointelegraph, stated that an IPO from the company could prove to be an existential threat to XRP as a token. However, it should be noted that the possibility of an IPO is currently at a speculative stage.

XRP has been beset with a range of troubles in recent times, and in order to tackle that problem, Ripple has launched a portal. The portal is aimed at allowing XRP investors to report malicious activity. The move from the company came after it emerged that XRP-related scams have hit the market.

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In addition to that, reports of fake XRP giveaways, token theft, and other financial crimes have come to the fore as well. Due to the presence of this portal, people can fill in a form that offers an exhaustive list of suspicious activities, which can be reported to the company. Ripple will investigate the matter but is not going to reimburse anyone with XRP tokens.

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Ripple Launching XRP Third Party Developer Platform

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Ripple

Ripple

Ripple has announced it is launching a new platform that will allow developers to integrate both fiat and cryptocurrency into any app.

The platform is being developed by Ripple’s Xpring division, the investment branch of the company, and will provide developers access to a range of services such as an Xpring software development kit that allows for the integration of XRP apps in multiple programming languages. Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money.

Xpring’s senior vice president Ethan Beard said, “Xpring SDK allows you the developer to use the XRP ledger simply and in any programming language you want. What takes a developer today a 100 lines of code to do a transaction on XRP ledger, using Xpring SDK cuts that down by 80 percent.” Beard said that this platform will function like Amazon’s Web services in that developers can download the code and run it themselves, or go to Xpring and plug into the service.

On top of today’s announcement, Ripple has also unveiled a new partnership with BitPay to enable businesses to accept XRP as payment by the end of the year. BitPay is a leading cryptocurrency payments service that had, until recently, only accepted Bitcoin but in recent weeks has added Ethereum and now Ripple’s XRP. With BitPay onboard, users can now make payments to companies such as Microsoft and AT&T using XRP.

>> Bitcoin Tanks from Highs, But Still Up Significantly YTD

Last month, Ripple announced that Xpring had acquired payment platform Logos Network to help develop decentralized financial products. The acquisition brings Xpring’s team to 32 with the addition of nine new engineers, a substantial increase from just two team members back in May. Logos Network founder and CEO Michael Zochowski will join Xpring as the Head of DeFi products.

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