Bankrupt crypto trading platform, FTX Derivatives Exchange is doing all it can to claw back all the funds that were donated under the leadership of its founder and former CEO, Sam Bankman-Fried (SBF). In one of the latest moves by the digital currency trading firm, confidential letters have been sent to political beneficiaries seeking a refund.

The firm confirmed sending the letters, with February 28 placed as the deadline for the politicians to refund the sum. When FTX was still in its prime, the trading platform was a known mega-donor to US election campaigns through Political Action Committees (PACs). Tagged as one of the biggest donors to President Joe Biden’s campaign, FTX under Sam Bankman-Fried has spent almost $93 million in supporting choice candidates across political lines.

The exchange in its Press Release revealed that the FTX donations might have been made by either the disgraced former CEO or any of the firm’s subsidiaries. The announcement reads.

FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried, or other officers or principals of the FTX Debtors (collectively, the “FTX Contributors”). These recipients are requested to return such funds to the FTX Debtors by February 28, 2023,.

The company said the deadline placed is a result of an earlier notice pushed out back in December last year in which it request such political donations to be returned voluntarily. 

FTX Ready to Seek Legal Option to recoup Donations

In the call for a refund of the donated funds, FTX said it is ready to explore legal options should the beneficiaries of the political donation refuse to make the refunds as demanded. According to the firm, it will also seek interest in the donated funds starting from the date the legal action commences.

The trading platform also said it reserves the right to request the repayment of the donations even though the beneficiaries have sent the funds to charities or other third-party beneficiaries. The announcement reads,

To the extent such payments are not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced, [..] Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX Contributor does not prevent the FTX Debtors from seeking recovery from the recipient or any subsequent transferee.

Journey to repay creditors

Though the process may look slow to creditors whose funds are locked up on FTX, it is still relatively faster than other known bankruptcies such as that of Celsius Network and Voyager Digital. 

When it filed for bankruptcy, FTX declared it has a total number of creditors ranging from 100,000 to 1 million. The journey to repay these investors has been bumped by discoveries of misappropriated funds. At the moment, the current CEO John Ray III is trying to pool this together and with targeted proposed sales of some subsidiaries, he plans to make full repayment as soon as possible.

Der Beitrag FTX asks politicians to return donations received by SBF for starting to refund customers – Report erschien zuerst auf Crypto News Flash.

Binance Exchange has announced its latest product dubbed Binance Tax as it looks set to help its users adhere to local taxation laws. According to a Press Release shared with Crypto-News Flash, the Binance Tax product will be launched first in France but there are plans for the service to be launched in other jurisdictions in the near term.

The Binance Tax service is a simplified product that is integrated with the exchange’s global platform. To access the tax service, Binance users will need to log into their accounts and navigate to the tax section. Users can then select from ‘Realized Capital Gains’, ‘Income Gains’, or ‘Transactions’ and then this will then generate a downloadable tax report, with a summary of any gains or losses.

The hurdle that is attached to filing tax returns as it relates to cryptocurrencies is one that has largely prevented many from entering the crypto ecosystem. The difficulty in pooling crypto transactions for the effective filing of tax returns has also pushed many into the crosshairs with regulators in different jurisdictions.

With the Binance Tax product making its debut in France, the exchange’s customers can access the tool for free as they prepare for the upcoming tax season.

“We’re always looking at how we can build products to make our customers’ lives easier and that often means listening and reacting directly to user feedback,” said Mayur Kamat, head of product at Binance. “We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting  in France.”

Binance said it plans to launch the new service in other countries in the near term to bring the new service to its users across the board.

Binance Tax and the Interoperability Feature

The launch of the Binance Tax product is bound to establish the digital asset trading firm as the biggest in the world. The new service is exclusive to the Binance platform, at least for now, as the exchange noted.

According to the exchange, the new Binance tool does not support other wallets for now. However, the exchange said there are plans underway to integrate the support in the near future. In a bid to expand the functionalities of the Binance Tax product, the exchange said it will expand the service’s interoperability to other wallets and platforms in the near future.

In addition to these defined plans, Binance also said it will introduce other improvements it believes will be beneficial to tax tools in the near future.

Many countries including China, South Korea, India, and the United Kingdom are renowned for their crypto taxation provisions. While Binance has a limited presence in these countries, the Binance Tax tool is billed to set a new standard among crypto entities, many of which may also be looking to float related services in the mid-to-long term.

Der Beitrag Binance Exchange Floats Binance Tax to Aid Customers File Proper Tax Returns erschien zuerst auf Crypto News Flash.

Riding on the goal to bring blockchain innovations into the mainstream digital economy, the duo of Ripple Labs and VeChain are amongst the top pioneers driving the shift to this new world. Since the advent of Non-Fungible Tokens (NFTs), the creator economy has shifted remarkably over the past few years.

From what started as digital artwork registered on the blockchain through CryptoPunks, the digital collectible world has extended to music and other creative areas. With the industry now in the spotlight, here is a short insight into how Ripple and VeChain are championing the growth of the emerging multi-billion dollar industry.

Ripple floats a $250M creator Fund

Ripple Labs Inc is a blockchain payments firm whose footprint in the digital currency ecosystem is now growing at a very fast pace. Away from its core business, Ripple also maintains the XRPLedger, a smart contract platform designed for creators.

As its own commitment to helping develop the NFT ecosystem, Ripple has launched a $250 million creator’s fund to enable every artist to bring their collections to the XRP Ledger. While the XRPL has a high transaction throughput, it is also known to be extremely cheap, and its transactions are notably fast. These features come off as the core selling points Ripple has for creators to consider embracing the protocol.

At this time, Ripple wants developers and creators whose projects can contribute to the growth of the Ripple ecosystem in the near future. While the potential beneficiaries of the fund will be drafted irrespective of location, the preferred projects will be those with a defined NFT utility and community engagement.

While the initiative is in partnership with top projects including onXRP, MINTNFT, and CrossTower amongst others, the firm announced the beneficiaries of its second wave of the fund back in October last year. With applications for the 3rd Wave now closed, Ripple said it will make the announcement when the applications for the 4th Wave are opened.

VeChain and the World of V Partnership

While VeChain remains one of the most innovative blockchain protocols, its recent partnership with the World of V platform is bound to showcase its unique potential in the near term. The partnership involves a pivot into a whole new class of products dubbed Phygitals.

World of V is thrilled to introduce Phygitals-as-a-service: bridging the gap between physical and digital experiences through the combination of #NFTs and #IoT powered by @vechainofficial tech.#WorldofV #VNFT $VET #WoV #VeChainhasNFTs #NFThttps://t.co/Gp439UNf3A

— World Of V | NFT Marketplace (@worldofv_art) February 3, 2023

Phygitals are digital goods that have their counterparts in the physical world. The products form the next frontier for NFTs as users want a more definitive use case for the choice of digital collectibles. As detailed in its announcement, the World of V platform has launched its Phygitals-as-a-Service product and it has designed the product to be embraced by everyone.

The platform has created a model in which the physical items can be authenticated for originality while the digital version’s Proof of Ownership can easily be verified by all. With the Phygital products branded as a combination of the potentials of the Internet of Things (IoT) and NFTs, a whole new experience is bound to be unleashed for users in the Web3.0 ecosystem.

Der Beitrag Ripple and VeChain to conquer this futuristic billion-$-market with superior tech and real life usecases erschien zuerst auf Crypto News Flash.

The Cardano (ADA) network started the year with a bang as revealed by its recently released on-chain monthly statistics. Per the published data, the protocol recorded explosive growth in its smart contracts and metadata, a situation that has helped re-established the protocol as a worthy Ethereum Killer.

According to the published data, the transaction types from Epoch 385 to 390 saw a 31% growth in the activities of smart contracts in the network. Transactions marked as “Simple” saw a 46% growth while MetaData, transactions linked without the aid of smart contracts saw a 23% growth for the month of January.

Cardano was designed as a high-performance blockchain protocol. The network has been largely unstoppable since the launch of the Alonzo Smart contract functionality back in September 2021. The growth of activities on the Cardano blockchain was tagged by many experts as a viable way to reduce the dominance of Ethereum in the Decentralized Finance (DeFi) ecosystem.

According to the Cardano Foundation, transactions involving native tokens touched 7.66 million, up by 3.06%. The total transactions on Cardano were pegged at 60.2 million, atop a 3.86% growth while the wallet count in the network surged by 1.72% to 3.91 million. The performance of the entire network as of the end of January was also bolstered by a total of 4,991 Plutus Scripts activated.

January #Cardano on-chain stats 🚀

We continue to see increases in transactions using smart contracts and metadata 🙌#blockchain #BuildingOnCardano pic.twitter.com/fmvWNe1gCB

— Cardano Foundation (@Cardano_CF) February 2, 2023

Cardano’s competition as a top hub for DeFi was also showcased with its total policy count that topped 69,177. This figure is complemented by a total of 1.26 million designated wallets that are running on the protocol at this time.

For Cardano (ADA), a new standard has been set, and this is billed to serve as a guide for the blockchain for the rest of the year.

Bolstering Cardano (ADA) Growth: the Emergence of New Products

Cardano as a contender as the best smart contract in the digital currency ecosystem has the likes of Avalanche (AVAX), Solana (SOL), XRP, and Aptos (APT) amongst others to beat. The Cardano ecosystem is growing and the number of new initiatives and products recently introduced are poised to push the protocol to the frontline.

The much anticipated DJED stablecoin has finally gone live back in January. The stablecoin is tagged as the most overcollateralized dollar-pegged token in the Cardano ecosystem and possibly, the entire blockchain industry. The DJED stablecoin has helped revamped the trust in the Cardano ecosystem and it has recorded a massive embrace since its introduction. The stablecoin now serves as the latest product through which members of the Cardano community can access high interest on yields.

With yield-bearing platforms like MuesliSwap pledging support for the new stablecoin, its role in the Cardano ecosystem is now becoming an integral one.

Cardano also has other planned protocol upgrades that are bound to increase innovative product listing in the near term. One of these is the launch of the Sidechain Toolkit to help developers create a sub-blockchain with different features on Cardano.

Der Beitrag Cardano: 7,66M tokens, 60,2M transactions, 3,91M wallets, and explosive growth for smart contracts and metadata erschien zuerst auf Crypto News Flash.

Since the Sam Bankman-Fried (SBF) founded crypto trading platform FTX Derivatives Exchange filed for bankruptcy back in November last year, the firm’s customers have been on the edge for new updates. In one of the most recent updates around, the company has announced an extension to the deadline for interested buyers to place a bid for its solvent subsidiaries.

When the company filed for bankruptcy, new CEO, John Ray III said at the time that it is not all of its subsidiaries that are insolvent. The firm listed LedgerX, Embed Technologies, FTX Japan, and FTX Europe as some of its healthy units. At the time, the firm applied for approval to sell off the units, and it got approval from bankruptcy judge John Dorsey to sell off the entities.

The primary goal remains to sell off these companies before the bankruptcy proceedings will be prolonged enough that their valuations will now tank. According to Bloomberg, both FTX Europe and FTX Japan have been getting bids for acquisition since the notice to sell was pushed out.

At the moment, the exchange’s outlet in the European Union has received a total of 40 bids while FTX Japan has one bid higher than the sister firm. With the new extension to the bidding periods, both firms may see additional bids roll in.

The closure of the bids is now scheduled for March 8 according to the filing lodged on Wednesday. Following the bid, the new date for the auction has now been pushed to April 26. While the focus, for now, is on FTX’s businesses in Europe and Japan, other subsidiaries of the embattled crypto trading platform are also garnering interest from investors across the board.

Per the report, as many as 117 entities have unveiled interest in one or more of the firm’s assets.

FTX Post-Bankruptcy proceedings focused on Customers

The collapse of FTX has stirred a catastrophic loss for thousands and millions of investors across the board. At this time, the core focus of the court-approved FTX liquidators focuses on repaying its customers and creditors around the world.

FTX said its creditors topped 1 million at the time of its bankruptcy filing and the firm’s collapse has been proven to cause as much as $9 billion in losses across the board. The proceed from the sales of the solvent subsidiaries will notably be added to the capital base to repay investors.

Some of the subsidiaries that are already marked for sale like FTX Japan have pointed out plans to repay their users this February. The outfit revealed it will be able to fulfill this promise because it has segregated users’ funds prior to this time. 

There is no doubt that FTX has lost its luster with global regulators and the firm is on track to lose its license in Japan even if its ownership changes. While the new owners will need to pursue licensing, they will at least not inherit the liabilities and drudgery in repaying creditors.

Der Beitrag ATTENTION FTX customers: Important deadlines for Japan and Europe businesses revealed – Report erschien zuerst auf Crypto News Flash.

Since the acquisition of Twitter by the social media-savvy billionaire, Elon Musk, there have been claims that the microblogging site is on track to pivot into digital payments. In recent times, the California-based company has reportedly set up a new team to develop the product, and cryptocurrencies are tipped to feature as an integral part of the payment system.

Considering the fondness Musk has for the most popular memecoin Dogecoin (DOGE), there are insinuations that the digital currency will take a frontline role in the new Twitter feature. Herein lies the dilemma as a pro-crypto lawyer, John Deaton pointed out the likelihood of the company getting into the crosshairs of US regulators.

Taking to Twitter, Deaton created a hypothetical scenario whereby Twitter eventually secures the approval to offer crypto payments and allowed only Dogecoin. According to the vocal lawyer, this move can notably push the United States Securities and Exchange Commission (SEC) to come after the firm as it might tag DOGE tokens as securities.

The SEC is known to be quite erratic in how it files lawsuits against players in the digital currency ecosystem. The regulator has been in a legal brawl with blockchain payments firm, Ripple Labs Inc since December 2020. The lawsuit was filed at the time when the former SEC Chairman Jay Clayton was preparing to make his exit from the commission.

The SEC claimed at the time that Ripple sold XRP coins as unregistered securities and raked in about $1.3 billion in sales at the time.  As the case has evolved over the years, many are now tipping the blockchain payments firm to win the regulator considering the merits of the firm’s arguments.

Dogecoin: Will Twitter face the same plight as Ripple?

Considering Elon Musk’s history with the SEC, there is a likelihood that the billionaire investor will do all he can to prevent an additional Dogecoin (DOGE) fueled brawl with the new Twitter company.

It is worth noting that there are reports the social media platform is losing ad revenue. Notably, it was claimed that the firm’s biggest advertisers pulled out citing the misdirection of the firm’s new content moderation policies. The attempt to diversify its revenue generation models accounts for one of the reasons why Twitter is pivoting into the digital payments sector.

Based on this, the chances that the firm will rile the regulator by singling out DOGE as the only supported crypto in its payment push is somewhat unlikely. Dogecoin has goodwill in the broader Web3.0 ecosystem and has wide acceptability amongst millions of users. 

The coin’s use case is generally tagged as a payment utility, supporting it alongside Bitcoin (BTC) and Ethereum (ETH) will strengthen its chances of not crossing regulators’ crosshairs.

Der Beitrag Could Dogecoin become a security if Elon Musk integrates Twitter as a native currency? Lawyer weighs in erschien zuerst auf Crypto News Flash.

The Binance exchange-backed layer-1 protocol, BNB Chain has announced the launch of the BNB Greenfield protocol as it seeks to take Web3.0 data ownership to a new level. Taking to its official Twitter page, the protocol said the new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the Web3 era.

BNB Chain is excited to announce the release of the BNB Greenfield whitepaper.

This new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the #Web3 era.https://t.co/6IZH1bJevW

[1/7] 🧵… pic.twitter.com/tlCi77ZwPb

— BNB Chain (@BNBCHAIN) February 1, 2023

Data ownership remains one of the most controversial subjects in the world today. Big tech giants like Amazon, Google, Facebook, and Microsoft control an enormous chunk of users’ data in a centralized manner. The rise of blockchain technology sought to overthrow this narrative by decentralizing access to data storage and ownership to return power back to the average user.

As a high-performance protocol, the launch of the new protocol is the blockchain’s own way of joining this revolution. According to the released Whitepaper, the protocol consists of a trinity that works together to provide a decentralized data storage system with users at the center. These three core aspect includes the new blockchain and its multitude of storage providers; the new BNB Greenfield dApps; and existing BNB Chain dApps.

The system is designed to harness the functionalities of these trio to ensure the appropriate safeguard of data in a decentralized manner. 

Operation model and benefits of BNB Greenfield 

According to BNB Chain, for users to utilize BNB Greenfield, they will need to upload their data with unique access and usage permissions. Once this is done, registered and verified storage providers will store that data off-chain with proper redundancy and backup. The Metadata of users’ BNB ledger is then stored on the BNB Greenfield blockchain. 

When this is done, “a native programmable layer connects BNB Greenfield with BNB Smart Chain, opening the door for both new and existing #dApps to leverage data stored on the network in new and exciting ways,” BNB Chain said.

BNB Greenfield is designed to benefit everyone within the Web3.0 ecosystem and while data can be stored faster, it can also be stored more cheaply when compared to the centralized alternatives around. The provision of personal Cloud Storage for users comes off as one of the major benefits of BNB Greenfield.

Additionally, the system will provide hosting and website deployment services, an offering that will directly compete with dominant giants like Amazon Web Services and Microsoft Azure. The protocol’s benefits also extend to a new social media model as well as the storage of Terabytes of Data from BNB Smart Chain and L2 Rollup Transactions

Today, data ownership and control has been tipped as one of the most defined roles blockchain technology will play in today’s digital ecosystem. According to BNB Chain, the release of BNB Greenfield is just the start of a whole new era that will shape the future of data ownership.

“The release of the BNB Greenfield whitepaper is just the beginning of a journey towards greater data independence, ownership, and opportunity for users, builders, and the #Web3 community.”

Der Beitrag Binance’s BNB Chain releases new standard BNB Greenfield in Web3 data ownership and utility – Report erschien zuerst auf Crypto News Flash.

The Ethereum developers are on track to launch “Zhejiang”, a testnet environment that will help prepare the broader community members ahead of the launch of the Shanghai Hardfork billed to go live later this month. As reported by Coindesk, the Zhejiang public testnet is scheduled to go live on February 1 at 15:00 UTC.

Testnets are very important in the launch of new products on a public blockchain. The testnet environment is supported by the main chains. They are used to test-run any feature, products, or improvements that are on track to be launched on the parent blockchain at a later time.

With the Ethereum Improvement Proposal (EIP)- 4895 which will allow the withdrawal of staked Ether set to be infused into the Shanghai upgrade, the need for Zhejiang has been further highlighted. Once live, users will be able to try out how the withdrawal of stake Ethereum will take place once the feature is activated.

This will enable both the Ethereum developers and the community to expand work on what needs to be done. The developers will be able to improve the user experience, correct any bugs flagged and reposition the underlying fundamentals that will ensure the Shanghai Hardfork is implemented without hassles.

While the testnet is on track to be launched as noted, users will have to wait until February 7 before they can try out the withdrawal feature. By February 7, the Zhejiang testnet will undergo an update that will make the withdrawal possible. However, when the testnet goes live, interested users can deposit ETH to validators on the testnet, and then withdraw them by the coming week when the update has been completed.

Ethereum and the new PoS era

The Ethereum protocol is notably pushing forth its own boundaries with its transition from the Proof-of-Work (PoW) consensus model to Proof-of-Stake (PoS) after the Merge event that went live last year.

The transition spelled a very remarkable turn that saw the energy consumption by its nodes reduce by as much as 99 percent. Ethereum was always bantered alongside Bitcoin (BTC) for its contributions to climate change. While energy consumption was the most visible improvement at this time, the Ethereum protocol is billed to record significant scalability upgrades in the near future.

Following the Merge, Ethereum is still on track to welcome significant upgrades including the surge, the verge, the purge, and the splurge. 

By the time all of these network upgrades, Ethereum would have undergone a unique clean up, and evolution which will make it retain its relevance as the biggest hub for Decentralized Finance (DeFi) applications and smart contracts in the blockchain world.

As noted, each of these further upgrades is billed to be ushered in through a testnet that will be introduced at a later date. Each of these upgrades is billed as fitting to foster ecosystem growth as well as serving as a major push for the price of Ether, the network’s native token.

Der Beitrag Ethereum to launch new testnet “Zhejiang” to push adoption and foster ecosystem growth erschien zuerst auf Crypto News Flash.

There are different ways to measure the growth of a blockchain-based network, be it a layer 1 or 2 protocol, or even a gaming platform. One of these ways is the debut of a detailed Whitepaper, a move that will capture the vision and action plan of the project as well as its roadmap to achieve its set goals.

This is the stage that the Vechain-based Play-and-Earn gaming platform ExoWorlds has gotten to. ExoWorlds is an Openworld Metaverse that permits creators to build, explore and conquer the verified galaxy. ExoWorlds is building a formidable community of believers as it seeks to take the metaverse exploration to a whole new level.

WHITEPAPER RELEASED 📖

FINALLY!!! The time has come! 👨‍🚀 The whitepaper is out! Come explore the #ExoWorlds Verified Galaxy and be part of this great adventure!👇https://t.co/6Wmktg9Yus#VeChain #VeChainHasNFTs #VeFam $VET $EXO #ETH #BNB

— ExoWorlds (@ExoWorldsNFT) January 30, 2023

Insight into the Whitepaper

Per its description in the published Whitepaper, ExoWorlds is branded as a next-generation Science Fiction MMORPG, built with Unreal Engine 5.1 and secured on the VeChainThor Blockchain. The platform prides itself in its push to build an open-world experience that will be the first of its kind in the broader Web3.0 ecosystem.

With a mix of an incredible theme story, captivating graphics, and trusted technology, ExoWorlds is set to make its mark on its target audience with a second-to-none user experience.

The gaming platform will be powered by a total of 10,000 Planet Non-Fungible Tokens (NFT) collections. Unlike other layered NFTs, ExWorlds said its NFTs are procedurally generated in Blender using real-life texture data and rendered for months with various GPU rigs. 

According to the roadmap detailed in the Whitepaper, the protocol started with the sales of the procedurally generated NFTs back in February 2022. Moving ahead, ExoWorlds said it will focus on the launch of its Metaverse Prototype, a work that took about 7 months to create. The metaverse prototype is already test launched in Blockchain Rio, the largest blockchain conference in Latin America – and was received with tremendous success.

While no date has been pegged for the release of its ecosystem token, ExoWorlds plans to conduct the public sale of its token at a later time this year. The protocol said it designed the token with carefully designed tokenomics that will help fuel sustainability in its ecosystem. 

Users who gain access to the token will also be able to stake them as well as lock them to be rewarded with in-game assets. After their debut, ExoWorlds highlighted that the token will be launched in both centralized and decentralized exchanges.

Pedigree of the Founding team members

There is a general belief that the strength of a blockchain protocol can be determined by a deep recognition of the pedigree of the founding team members. For the published Whitepaper ExoWorlds, its founding team is led by Lucas Saint Laurent, a Partner of VeChain Stats, a leading block explorer on VeChain. Drawing on his mathematics background at Johns Hopkins University, Lucas is also the founder of Cryptographic Studio.

The ExoWorlds team also includes William Campbell the Chief Operating Officer and Ronnie Mueller the Chief Marketing Officer amongst others. With their collective experience, they are prepared to usher ExoWorlds into a published Whitepaper.

Der Beitrag VeChain based NFT blockchain MMORPG launches whitepaper in trillion-$-market – Report erschien zuerst auf Crypto News Flash.

Blockchain payments firm, Ripple Labs Inc has published its Q4 2022 XRP Markets Report detailing the trend in the broader digital currency ecosystem in the wake of current realities. According to the report shared by the firm, it recorded a number of significant milestones including the launch of its On-Demand Liquidity (ODL) in France, Sweden, and Africa.

The Q4 2022 XRP Markets Report is now live–detailing ebbs and flows in the broader crypto market to a ramp up in regulatory actions, as well as significant XRPL technical developments including XLS-20 going live on Mainnet, and the EVM sidechain on Devnet.https://t.co/mxpJAHfZTf

— Ripple (@Ripple) January 30, 2023

Ripple revealed that its sales of XRP coin, net of purchases, came in at $226.31 million in the fourth quarter as against the $310.68 million recorded in the previous quarter. The company noted that the plunge in sales stems from the negative outlook fueled by the collapse of the FTX Derivatives Exchange.

While Ripple highlighted how it took the hit, the firm noted a bigger impact for companies operating in the ecosystem. One major impact was the loss of trust in centralized exchanges, a trend that saw many move their funds away from these trading venues. The report highlighted that exchanges like Binance made attempt to regain trust by publishing Proof-of-Reserve (PoR).

Despite this show of transparency, Ripple noted that the result was against the obvious expectations as the disclosure level was not 100%. Based on this, investors are choosing a relatively safe custody measure in order not to get burned again. The report reads;

As such, market participants have drastically reduced balances posted to exchanges, increased withdrawal frequency, and shortened horizons for most trading strategies, all culminating in a heavy drag on liquidity coupled with volatile prices,

Amid the broad gloom that engulfed the ecosystem, Ripple said the industry has now entered its consolidation phase. Based on this, the firm noted the current tide will be favorable for its goals as a major builder in the space.

Ripple launches EVM Compatility on XRPL

One of the major highlights shared by the firm is the debut of the Ethereum Virtual Machine (EVM) compatibility on the XRP Ledger on Devnet. This new feature will help to open up the Ripple ecosystem to the highly liquid world of Ethereum.

As unveiled by Ripple, the EVM compatibility will make it easy for protocols like Aave, Uniswap, and Compound to run on the XRPL. This will not only bolster the smart contract capabilities of the XRP Ledger but will also help drive the growth of the XRP coin across the board.

Ripple confirmed that the EVM “milestone means more developers can easily access the XRPL’s feature set (such as its speed, sustainability, and low-cost transactions) while being able to code Solidity-based smart contracts. Additionally, this opens the door for successful DeFi applications like Uniswap, Aave, and Compound, to easily launch on the XRPL.”

In the market report, Ripple also gave additional details about other aspects of its operations. These include the release of about 3 billion XRP coins from escrow in the fourth quarter, in its characteristic manner. In all, the company said it is proud of its current defense in its legal tussle with the US SEC and awaits a favorable judgment from the court.

Der Beitrag Ripple sold $226,31M XRP and the EVM launched that DeFi applications like Uniswap and Aave can run on XRPL erschien zuerst auf Crypto News Flash.