Author: Anna Galvez

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Crypto News

Ripple (XRP) Awaits 5 New Partnerships – Ripple Is Consolidating Its Position In Asia And The EU

In accordance with the most recent press releases, Ripple (XRP) is earning more acceptance in Asia and within the EU as a pile of news talk about 5 financial companies which will deal with Ripple, accepting the use of the crypto’s xVia API to build a well-established and secure environment for cross-border transaction via the RippleNet.

FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch are called as the 5 companies which will sign up for Ripple (XRP) payments platforms.

These companies will test RippleNet and its xVia API during the next days, aiming to provide cheaper and instantaneous cross-border transactions for their clients.

The team behind Ripple (XRP) is continuously developing its payments platform

While Ripple (XRP) is earning more and more acceptance, worldwide, the team behind it makes the financial sector strive for Ripple’s platforms even more, as it is bringing new updates and innovations, day after day.

All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time-consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before

Asheesh Birla, Ripple’s Senior VP for the product

The future is bright for Ripple (XRP)

At the moment of this article, XRP is trading at $0.82, recording a slight 0.26% increase in the last 24 hours.

However, besides these 5 companies, which are new to Ripple and its platforms, the Canada-based Zip Remit and the Brazil-based Beetech, also payments processors, announced their plans to adopt Ripple (XRP) xVia API to use the RippleNet for cheaper and faster transactions.

Ripple (XRP) is gaining more and more and dealing with more financial institutions, week after week, which makes us believe the statement made by Brad Garlinghouse, the CEO of Ripple, that Ripple will be the partner of more than 50% of the world’s banks, in the next five years.

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Crypto Markets

Ripple (XRP) And Ethereum (ETH) Could Be Nominated As Securities

Gary Gensler, the former director of the US Merchandise Futures Trading Commission, recently announced at the MIT Blockchain Conference that regulators have a “strong case” against Ethereum (ETH) and Ripple (XRP) cryptocurrencies. A case that aims to clarify the classification of these two digital currencies, because apparently there are those who claim that they are “unregistered financial values”.

Ripple (XRP) and Ethereum (ETH) should be considered values by the way in which they were issued

In the case of XRP, the currency is created by a central organization. ETH, on the other hand, was issued through an ICO (Initial Currency Offer), according to Gensler. These qualities, he says, are framed within the vision of issuing and trading shares of a company.

The representatives of Ripple and Ethereum Foundation have publicly rejected that XRP and ETH cryptocurrencies are financial values. Similarly, the researcher and lawyer Peter Van Valkenburgh believes that Gensler is not taking into account the evolution of these cryptocurrencies.

According to Van Valkenburgh, the Ethereum Foundation of 2014 and the actual company are currently distinguishable because, although the ICO carried out four years ago can adjust to the status of financial value, the way in which the network works at this time it has changed radically.

Ripple company denied having a direct influence on the Ripple (XRP)

However, the connection of the Ripple company with the cryptocurrencies market worries several exchange houses, as the Securities and Exchange Commission (SEC) warned that all cryptocurrency exchange platforms that accept assets rated as securities must be subject to the corresponding legislation.

Currently, the classification of cryptocurrencies as financial values in the United States is shallow. This is why we must take into account that Gensler’s statements take place in a complicated legal landscape and with an imprecise use of terms.

The verdict on the classification of these two cryptocurrencies is still uncertain, however, there are indications that the SEC might be receptive to Gensler’s argument. A possibility that could mean the illegalization of the use of both Ethereum (ETH) and Ripple (XRP) in all the cryptocurrency exchange houses that are not registered with the SEC.

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Crypto

Ripple (XRP), Bitcoin (BTC), And Ethereum (ETH) – How The Cryptocurrencies Market Looks Today?

The cryptocurrencies are trading mixed this Thursday, with Bitcoin (BTC) remaining at its lowest value against the USD in the last 3 days, Ripple (XRP) showing a slight recovery, along with the Ethereum (ETH).

Bitcoin (BTC) still at around its lowest value in the last 3 days

The Bitcoin is trading at $8,916, dropping by 0.71% in the last 24 hours.

The Chicago Board Options Exchange wants to reduce the increases on its futures contracts, according to a letter to the Commodity Futures Trading Commission. The decision would reduce the increases from 10 to 5 points, with a point equal to $1. Futures contracts were launched in December 2017, when Bitcoin stood at a record high of $20,000.

Among other news, Nasdaq announced yesterday the intention to launch its own cryptocurrency exchange in the future, as the regulatory environment evolves in the cryptocurrencies market.

Ripple (XRP) slightly recovering

The Ripple (XRP), the 3rd crypto coin in the market by market cap, marked a slim appreciation by 0.87% reaching to $0.82, at the moment of this article.

Massive sell orders made Ripple (XRP) lose its support and remained below the $0.85 level. Most probably it will struggle to jump back to around $0.90 in the upcoming days.

Ethereum (ETH) scores a small increase, despite the recent negative news

The 2nd crypto coin on the market by market cap, the Ethereum (ETH), gained about 2%, at the moment of this writing, reaching to $636.78, despite the recent MyEtherWallet hack.

Besides, Parity Technologies stated today that they will not alter the Ethereum (ETH) blockchain by changing the EIP-999 code to recover the $264 million lost due to a coding error in the wallets, back in November 2017.

“We have worked hard to contribute to the development of the Ethereum ecosystem. We’re not going to damage it. We find the right solutions through collaboration,” wrote the company’s representative on Twitter.

In conclusion, the cryptocurrencies market is not doing well since yesterday, mixed tradings being registered, with crypto coins scoring gains, such as Ripple (XRP) and Ethereum (ETH), while others scoring losses, the best example being Bitcoin (BTC) which today hit its lowest in the last 3 days.

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Crypto Markets News

Nasdaq Is Up To Becoming A Cryptocurrency Exchange, According To Its CEO

As the cryptocurrencies market is maturing, more and more important institutions and investors are attracted by crypto assets. Now, it’s the turn of Nasdaq to draw attention, as its CEO, Adena Friedman, admitted for CNBC that Nasdaq is open to becoming a cryptocurrency exchange.

During the today’s CNBC’s talk-show, Squawk Box, Adena Friedman declared that “certainly Nasdaq would consider becoming a crypto exchange over time” but also admitted that a more regulated cryptocurrencies market is necessary to bring in more investors.

Cryptocurrencies market are seen as the next normal step towards cryptocurrencies market complete maturation

As Adena Friedman said that cryptos need well-established regulations, so did other leaders of important trading companies, financial institutions, and central banks. Accordingly, many financial leaders consider that cryptocurrencies regulations are meant to improve the crypto market and bring more stability, facts which might bring more investors.

Besides, regulating cryptos will bring financial institutions and governments in a position of a slight control over this market, a fact that thrills them but which makes the crypto traders and holders from within the cryptocurrencies market fear the possible collapse of the crypto coins values against fiat currencies.

Until Nasdaq will become a cryptocurrency exchange itself, it supports the existing ones

“I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature,” said Adena Friedman.

Today, Nasdaq has stated that it started a collaboration with the cryptocurrency exchange Gemini, owned by Winklevosses twins, which grants Gemini access surveillance technology of Nasdaq in order to make sure they provide reliable and well-regulated exchange platform.

Adena Friedman also explained that with ICOs, the situation is not as easy as it is in the case of cryptocurrencies market. She said that “ICOs need to be regulated and the SEC is right that those are securities and need to be regulated as such.”

In short, it would be a significant gain for the whole cryptocurrencies market if, indeed, Nasdaq would become a cryptocurrency exchange. However, the Nasdaq’s CEO speech on CNBC represents a very positive news for the crypto market, which has proven, once again, that will be a future reliable and stable market.

Categories
Crypto News

Cryptocurrencies Regulations: Russia To Ban Cryptocurrencies Payments And Limit ICO Investments

Russia bans cryptocurrencies payments and also limited any ICO investment to about $160 for any non-accredited investors. This is a part of the cryptocurrencies regulations in Russia, a document that has been submitted to the Lower House of the Russian Parliament on March 20th. The legal document has arrived in the decisional house of the Russian Parliament and could be implemented since the summer.

Despite the pioneering and innovative nature of the document, the implemented regulations are striking. Accordingly, both cryptocurrency and tokens can only be used in Russia as a deposit of value or financial assets but not as a payment method.

Technically speaking, cryptocurrencies payments would not be allowed as they are transactions in exchange for goods or services. However,  nothing would prevent exchanging cryptos to fiat currencies via legal systems and if the payment is made in legal tender.

The Russian cryptocurrencies regulations also aim ICOs

The document is differentiating between accredited and non-accredited investors. Accordingly, non-accredited investors will be limited to only a $160 investment in an ICO, this being definitely a very low investment for such projects.

The bill also establishes the basic data a white paper should contain. Thus, the white paper must show the information on the issuer and the shareholders, structure of the issuer’s governing bodies, the purpose of the ICO, and a full business plan.

The new Russian cryptocurrencies regulations target exchanges, as well

The document also focuses on exchange houses, establishing that they can only be legal if they obtain licenses from brokers, dealers, or securities management companies. Alternatively, they must comply with the requirements established by the Russian federal law regarding the organized markets.

Also, the Russian cryptocurrencies regulations document proposes legal definitions of cryptocurrency mining, cryptocurrencies payments, and smart contract. Thus, it defines cryptos as “goods in an electronic format created using cryptographic methods” and declares that cryptocurrency and tokens are considered digital financial assets.

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