Kraken suspends XRP trading for all US residents starting on January 29th and joins the list of exchanges like Coinbase and Binance that halted XRP Trading after the SEC lawsuit against Ripple. In today’s cryptocurrency news we read more about it.
Kraken suspends XRP trading starting from January 29 as per the announcement made back on Friday. While US users will be able to deposit or withdraw XRP after this date, they will have two weeks to continue trading this asset:
“We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day.”
Ripple Labs along with Brad Garlinghouse and Chris Larsen were sued by the US Securities and Exchange Commission for a $1.3 billion sale of securities tokens. The price of an XRP token dropped by about half since the SEC announcement and it is currently trading around $0.28. Other exchanges already moved to suspend XRP trading like Coinbase, Bitstamp, and Binance US. As for whether the trading could continue, Kraken noted:
“We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.”
As previously reported, Blockchain.com will halt XRP trading as a direct response to the SEC lawsuit against Ripple which alleged that the token was sold as an unregistered security. Exchanges like eToro and Coinbase already stopped XRP Trading and now Blockchain.com joins the list of exchanges too. Blockchain.com will disallow XRP trading on the platform according to the statement from the official site starting from January 14th. The statement clarified that the exchange’s traders will retain access to the XRP coin that they already own in a limited capacity but they will be able to send it out however they won’t be able to receive any new XRP.
Also, Grayscale dissolves its XRP Trust from the Grayscale Digital Large Cap Fund the previous week because of the US SEC lawsuit against Ripple. The lawsuit accused ripple and its co-founder Chris Larsen and CEO Brad Garlinghouse of raising over $1.3 billion by selling XRP as an unregistered digital securities offering. Right after the lawsuit, about 27 exchanges have dropped support for XRP and some even delisted it.
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Bitfinex launches payment gateway for merchants to accept crypto
Crypto exchange Bitfinex has entered into the payments space with a new service called Bitfinex Pay.
The post Bitfinex launches payment gateway for merchants to accept crypto appeared first on The Block.
Crypto exchange Bitfinex has launched a new payments offering, geared toward merchants, dubbed Bitfinex Pay.
The service is aimed at helping online merchants receive crypto payments in bitcoin (BTC) and ether (ETH), as well as Tether (USDT) via the Ethereum and Tron blockchains. Bitfinex Pay also supports bitcoin payments via the Lightning Network.
Bitfinex said it wants to take on companies like PayPal with its new service. PayPal doesn’t yet support crypto payments, but the company previously announced plans to add crypto as a funding option as well as integrate it into the Venmo app.
“We’re aiming to take on established behemoths in the technology and payments fields, leveraging our knowledge of the tech to bring crypto payments into the mainstream,” said Bitfinex CTO Paolo Ardoino. “This is the age of digital money and with Bitfinex Pay we’ve created an intuitive and seamless way for online merchants to receive payments in crypto.”
Merchants willing to use Bitfinex Pay will have to open an account with the exchange, where their crypto payments will be directly deposited. Bitfinex said the maximum payment per client is capped at $1,000.
There are no processing fees for using the service, said Bitfinex, adding that any blockchain transaction fees will be borne by merchants and their customers.
Kings of Leon to release the first-ever music album as an NFT
The rock band enjoys worldwide fame and says NFTs are the future of how artists will interact with the public.
First-ever album NFT
American rock band Kings of Leon will become the first music artist to release an album via a non-fungible token (NFT), as per a report on music industry publication Rolling Stones today.
NFTs are cryptographic representations of tangible or non-tangible items on a blockchain that prove the holder’s ownership of whatever they back (such as digital art, music, real estate, or in-game assets). The sector saw muted growth in the past years but has surged to a $3.44 billion sector in the past few months.
The tech allows the peer-to-peer exchange of the ownership of assets, one that, in turn, rewards creators fairly—a benefit that Kings of Leon wants to capture.
“Over the last 20 years — two lost decades — we’ve seen the devaluation of music,” said Josh Katz in a statement regarding the launch. Katz is the CEO of Yellowheart, a blockchain-based ticketing company and the firm that is providing smart contracts to aid the album launch.
Katz noted that the music industry had become great at selling “everything except music.” “There’s been a race to the bottom where, for as little money as possible, you have access to all of it,” he said.
But that changes with NFTs. “I think this will be how people release their tracks: When they sell a 100,000 at a dollar each, then they just made $100,000,” Katz noted.
Three token types; three arts
Kings of Leon would drop three types of tokens as part of a series called “NFT Yourself,” according to people involved in the project. One type is a “special” album package, while a second type would offer live show perks such as front-row seats to a Kings concert for life. The third type would be reserved for exclusive audiovisual art.
All three types of tokens offer digital art designed by creative firm “Night After Night.” In addition, Yellowheart would mint 18 unique-looking ‘golden tickets’ as part of the NFT release. Out of the 18, six will be auctioned by the band and the remaining would be placed in a vault.
“Each one of those is a unique NFT with the most incredible Kings of Leon art you’ve ever seen,” said Katz.
The launch was met positively by influential crypto figures. Ari Paul, the founder of crypto investment firm BlockTower Capital, said in a tweet that such NFT launches would unlock “all sorts of game-changing stuff” while letting the musician having a direct relationship with the buyer.
By itself, trivial. But it unlocks all sorts of game changing stuff. It lets the musician have a direct relationship with the buyer. They can communicate or airdrop (like merch, tickets and more directly), transparency into their fan base, cross-promotion etc. /1 https://t.co/OUf3CHgaVZ
— Ari Paul ⛓️ (@AriDavidPaul) March 3, 2021
Who knew NFTs would go from near-obscurity in 2019 to this far in 2021?
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Crypto Tax Provider TaxBit Raises $100M for Global Expansion
Crypto tax solution provider TaxBit has raised $100 million in a Series A funding round, according to its official website. The software provider would channel the capital into its expansion program, with eyes set on the United Kingdom.
Expanding its Audience
The fundraising campaign was spearheaded by investment firms Paradigm and Tiger Global. Paypal Ventures, Winklevoss Capital, the Winklevoss twins’ investment arm, Coinbase Ventures, Bill Ackman, and Qualtrics co-founder Ryan Smith, also participated. TaxBit came out with $107 million in total investments raised.
According to a company’s released statement, the investment round became necessary after cryptocurrencies gained wide acceptance following the pandemic. Michael O’Connor, vice-president of marketing, said the need for TaxBit’s tailored tax and accounting software is conspicuous given the industry’s hazy regulations.
Founded by the Woodward brothers, Austin and Justin, TaxBit automates profits and losses of crypto assets for major and small-time investors. Cryptocurrency tax software provider TaxBit has new plans for cryptocurrency investors in the UK.
Company CEO Austin Woodward informed Forbes that the newly raised funds would be targeted towards developing its enterprise tools and international market expansion. The United Kingdom was pinpointed by the US company as the first destination in its push to grow its global presence.
The company said it would offer a tax solution akin to the traditional enterprise resource planning tool for corporations. These tools will help crypto-facing companies manage their crypto transactions for optimal tax returns, like software tools for foreign currencies.
The crypto compliance firm, founded in 2018, initially offered crypto tax services to individual users before expanding to corporations. Although it still services retail users, the company has opened the doors for corporations looking to enter the crypto space without worrying about their taxes. Tax agencies like the Internal Revenue Services (IRS) are also considered natural clients as crypto payments are widely adopted.
FCA and Crypto
The United Kingdom has been quite aggressive towards cryptocurrencies ever since it crossed the Great Thames River’s shores. In a Jan. 6 parliamentary ruling, the House of Commons and the Financial Conduct Authority (FCA) passed a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) in the UK.
The law, which will see a large portion of the investing public lose out on the flourishing industry, was promulgated to protect investors from risk.
Crypto derivatives are tradeable securities that get their value from an underlying asset, such as an established crypto asset.
But, the UK government has not outrightly banned private ownership of cryptocurrencies and is preparing a regulatory framework to supervise the decentralized industry. It will mandate crypto exchanges in the country to conduct due diligence by adopting customer-recognition programs (KYC) and ensure that cryptocurrencies do not end up violating anti-money laundering practices (AML) or encourage terrorist financing.
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