Ripple has announced it will buy 40 per cent stake in Tranglo, one of Asia’s largest payment companies. XRP usage is expected to increase through On-Demand Liquidity (ODL).Ripple has struck a deal with Malaysia-based Tranglo to strengthen its position in Asia. Since its inception, Tranglo has performed more than 20 million transactions with a total value of more than $4 billion.Thrilled to finally announce this one — combining Tranglo’s APAC footprint with RippleNet will create an even better experience for customers who can take advantage of both ODL and Line of Credit! https://t.co/FyKn4oXTJJ- Brad Garlinghouse (@bgarlinghouse) March 30, 2021This month, Ripple recruited Brooks Entwistle, a former executive at Goldman Sachs, to manage work in the region.Read Also: Ripple Attracts Former Uber and Goldman Sachs Top Level ExecutiveTranglo is planned to use RippleNet channels in South Asia countries. Ripple said that international money transfers can be carried out “faster, at lower cost and more securely” through these channels.Tranglo CEO Jacky Lee, who stated that they will use ODL in different countries, aims to reach a “ wide audience” through this.The agreement between the parties has not yet been approved by regulators. Ripple has announced that Amir Sarhangi and Brooks Entwistle, one of Ripple’s directors, will join Tranglo’s board if approval is obtained.The price of the XRP, which has risen 4.06% in the past 24 hours, rose to $ 0.57438 at the time of writing.
Archives for March 2021
Bird’s-eye view
My thoughts on the state of the blockchain spaceI was asked to answer several questions for a media feature, but the article was unfortunately shelved, and I didn’t want my responses to go to waste :)I realized while answering these questions, that this was the first time I publicly talked about blockchain really “high-level” — even though it’s something I think about a lot — so I thought it would be a good opportunity to share these “bird’s-eye view” thoughts on my blog (where I tend towards talking more low-level about technical blockchain-related things).So, here are my warm & hot takes on blockchain, as they stand presently.In general, there are many institutional processes in our world that rely on numerous trusted intermediaries & middlemen. It’s truly unfathomable what kinds of cost savings would result by removing all of this friction by relegating these outdated processes to a trustless peer-to-peer network.The financial applications of blockchain are well-exemplified by existing networks like Bitcoin and application ecosystems like DeFi (Decentralized Finance) on the Ethereum network. These use cases are still in their relatively early stages, but show tremendous progress and further potential.Now, beyond financial applications, the most interesting use cases with the most immediate potential, in my opinion, are: insurance, prediction markets, organizational management & coordination, and dispute resolution. Some existing projects addressing these use cases do exist, however they are still very much in their infancy, even compared to DeFi.I’ll give a concrete list:Transparency. All financial transactions are visible on the blockchain. For example: if stocks were issued on the blockchain, you wouldn’t need to guess how much short interest a given stock has (sound familiar?); it would be directly visible to anyone with access to blockchain data (which anyone can do by simply running a node on their computer).Openly auditable financial…
Bitcoin Is A Keynesian Beauty Contest In An Irrational Market
If you are to believe that the cryptocurrency market is a bubble, then it is because of an irrational market that is judging a “Keynesian Beauty Contest.” According to investor PlanB, you can separate the players in the crypto space based on their level of thinking. Some play it by ear and base their investment decisions on the market trends (e.g., TA). Others don’t know what they are doing and just FOMO in. Then there are the really rational thinkers who bring smart money to the game. In all this, it appears that the higher an investor’s level of thinking, the better off they are. They have less chances of getting REKT compared to the zero-level thinkers. For the most part, it seems that people think based on what is popular at the time rather than what is the most rational (e.g. follow the leader).What makes them so irrational?It is the hype cycle where everybody hears something, and they want and then jump the bandwagon. That was the narrative of 2017 when BTC (Bitcoin) was reaching an ATH close to $20K. Then 2018 came, and the support dropped as weak hands exited and FUD set in, eventually leading to a very large correction. BTC fell by 65% during the month from January to February 2018. It seems to be a cycle that has now been an observed pattern. Just when BTC was reaching a new ATH, it would correct and fall back down to a lower level of support. Then it suddenly surges after a bearish cycle.A bad decision would be to put money in something, whether stock or cryptocurrency because the prices are surging. By impulse, those who don’t bother to think about what is really happening just get in because they expect the prices to continue going higher…
ADA Staking – How To Make Passive Income With Cardano
Staking with cryptocurrencies like Cardano (ADA) is booming. In this post, we will show you how you can make passive profits with ADA.Cardano was invented in 2015. The project of Ethereum co-inventor Charles Hoskinson aims to fundamentally change the way in which cryptocurrencies work. In contrast to Bitcoin, Cardano does not use a proof-of-work (PoW) consensus mechanism but a so-called proof-of-stake (PoS) consensus mechanism — but what is that anyway?Cardano does not require miners to secure and validate transactions. Instead, participants in the ADA Coins network are stuck. These coins are then periodically selected at random to validate transactions. For this, those who operate Cardano Staking receive a reward.One can think of ADA staking like a lottery. In this lottery, every single ADA is like a lottery ticket. Since an algorithm randomly selects who is allowed to validate transactions on the Cardano blockchain, the participants with the most staked ADAs have a higher chance of being selected. For this reason, ADAs are staked in so-called staking pools. In these pools, several ADA stakers team up and pool their coins in order to maximize their profits.Staking is booming in the crypto space.There are several ways in which you can stake your ADA.In order to operate Cardano Staking yourself, you need your own wallet. For example, the Yoroi browser wallet from Emurgo, which can be downloaded as a browser add-on from yoroi-wallet.com. At the moment, the browsers Chrome, Edge, Firefox, Android, and iOS are supported.After you have successfully installed the wallet, an add-on appears in the browser. If you click on this and accept the terms of use, you get to the following screen:Once here, you can choose between the wallet options “Simple” and “Advanced.”After you have successfully deposited your ADA into the Yoroi Wallet, all you have to do is delegate…
Know everything about Elon Musk’s crypto market build-up strategies
The producer started tolerating bitcoin (BTC) as an installment for its vehicles this week, following through on a guarantee made toward the beginning of February by its wicked CEO, Elon Musk. Underscoring his confidence in the cash, Musk pronounced on Wednesday that Tesla would keep instead of convert any bitcoin it acquires from vehicle deals.The improvements give more proof of how the club-like gyrations of computerized coins are saturating the standard. Prominent defenders of Bitcoin like Musk say it’s triumphant, more extensive acknowledgment in the local money area. Controllers, in the meantime, are venturing up alerts of unpredictability that could clear financial backers out.Numerous financial backers see computerized coins as a tricky area. That was accentuated in the U.S., where the 24-year-old originator of two New York-based digital money mutual funds with more than $100 million in ventures confessed Thursday to protections extortion.The most considerable cryptographic money is up 15% this week, while Ether has risen 26%. Bitcoin was at about $37,400.Typically, the uncommon trader that acknowledges crypto as an installment for merchandise or administrations will trade it immediately for U.S. dollars or another fiat cash. That is reasonable, given the value instability and the low probability that a trader’s providers would take enchantment web cash. However, the Tesla boss said his organization is HODLing.For the unenlightened, HODLing is bitcoin slang for declining to sell BTC, either to take benefits in a positively trending market or to cut misfortunes in a bear market. In light of a discussion banner’s tipsy incorrect spelling of “hold,” the word extensively means a steely assurance even with dread, vulnerability, and uncertainty. A HODLer is somebody who, to acquire from Rudyard Kipling, “can keep your head when about you/Are losing theirs and pinning it on you.”Musk unmistakably is one. In any event, the limited sense…
Default by Archegos Capital Management causes Chaos on Wall Street
Archegos is a Greek word that means one who leads the way. Archegos Capital Management is a family office run by Bill Hwang that invests in stocks in markets like the US, China, Korea, and Japan. Hwang who was formerly working for Tiger Asia Management created the Archegos family office in 2013. It had $200 million at the time when it was founded; compared to $10 billion under management in 2020.Tiger Asia has previously pleaded guilty to insider trading of Chinese bank stock. Hwang and his firm in 2012 paid $44 million to settle Securities and Exchange Commission trading charges.On 26 March 2021, Archegos defaulted on margin calls from several global investment banks including Credit Suisse and Nomura Holdings. It liquidated its stake in billions of dollars worth of various stocks which was the main cause for a 27% plunge in the share price of ViacomCBS.On Friday last week, the selling pressure in select US media stocks and Chinese Internet ADRs was due to the forced liquidation of positions by Archegos Capital. ViacomCBS and Discovery closed down more than 27% with Viacom down more than 50% for the week and Discovery down by 45%. For the week Baidu was down more than 18%, Tencent 33%, and Vishop more than 31%.This Forced liquidation of stocks was one of the biggest hedge-fund debacles since Long Term Capital Management in 1998.Credit Suisse and Nomura on Monday said that they could take big hits from their exposure to the hedge fund. This has led traders and investors wondering as to what would happen next. Investors are looking with some concern at the prospect of further large sales hitting financial markets. Some analysts expected the selling to blow over but others were worried that it could have a much wider impact.Morgan Stanley and Goldman Sachs…
Bitcoin bulls returned after two days of sell-offs, Ether continues to move in tandem with Bitcoin
Friday’s record $6 billion expiries in the bitcoin choices market went to be a nonevent as costs for the most considerable cryptographic money climbed consistently, with nary a brief look at the dreaded drive to the “maximum agony” place of $44,000.The shortfall of activity brought a proportion of help for bitcoin bulls, with costs pulsate up 4.8% on the day to about $53,800, permitting the 12-year-old computerized resource to recover its misfortunes from the two or three days.With March concluding, one investigator said bitcoin ought to get “a decent tailwind” as mutual funds rebalance quarterly reports or oversee hazards. “Twain Bitcoin and the S&P 500 have arrived at new record-breaking highs consistently since December,” said Sean Rooney, head of the exploration at Valkyrie Funds.Such upward energy could be restricted. A broadly followed specialized pointer, the month-to-month relative strength list (RSI), is flagging bitcoin is close to an overbought limit level. “The RSI perusing on the month-to-month diagram is exchanging at amazingly raised levels,” Joel Kruger, cryptographic money planner at LMAX Digital, told CoinDesk. It “urges the market should see a restrained potential gain for the present, with peril for alteration and combination.”Ether (ETH) was up on Friday, exchanging around $1,665.85 and clamber 3.68% in 24 hours as of 20:00 UTC. As ether’s value keeps on moving couple with bitcoin, market gab was fixated on Uniswap’s variant 3, revealed recently. Uniswap, the primary decentralized trade (DEX) on Ethereum, reported another overhaul that will be dispatched on May 5. Uniswap v3, as indicated by the firm behind the stage, will present a fundamental change called “concentrated liquidity.”While the new element should give liquidity suppliers (LPs) more command over the value ranges in which they offer capital, there has been an analysis that the progressions may make it simpler for retail liquidity suppliers…
What is Reef Finance? What makes REEF a unique DeFi project?
Reef Bonds, an innovative initiative of Decentralized Finance, is recently launched by Reef Finance. One kind of asset can be staked for a specific period, and tokens of the different projects can be farmed.DeFi projects are gaining popularity day by day. Still, they usually lack interoperability, i.e., users have to interact with different applications to make full use of Decentralized Finance, which is often frustrating. Here comes the Reef Finance project, which aims to provide an interface to allow users to interact with DeFi applications in one place.Reef Finance attempts to create a platform where various Decentralized applications are combined to make it easier for the users to access the DeFi ecosystem. Users can now buy, trade, borrow and loan different assets in one place. Retail investors can now access the DeFi without the technical barriers, which in turn aid the decision-making process.The current market price of REEF is $0.0439, with an increase of nearly 4.89% in 24-hours. The project was started in the second half of 2020. Denko Mancheski founded it to remove the barriers to the entry of all the retail investors in the DeFi market. Mancheski wanted to overcome the complexities associated with the use of order books. What makes Reef unique is that it is focused on newcomers and current DeFi users facing difficulties in maintaining the investment strategies. It also aims to tackle the high gas fees which are seen on the Ethereum platform.Reef’s unique attributes include that the users can easily enter and exit with a single click into their chosen positions. The Reef supports Decentralized protocols on Plasma, Moonbeam, ethereum, Binance Smart Chain, and Avalanche. It makes its users able to access various platforms without the need for multiple accounts, which are difficult to keep track of.Talking about the current scenario of the…
Here are the topmost high potential Upcoming Projects to lookout in the crypto world
As the blockchain economy keeps developing, new activities are arising and attempting to shape the space positively. With the complete market capitalization of all cryptographic forms of money as of late outperforming $1.5 trillion, there is a ton of place inside the business to develop.One model is the decentralized account (DeFi) development, which arose into the standard eye in 2020 and was designed to more than $50 billion in market cap. This new run has demonstrated that the market will remunerate creative and utilitarian blockchain innovation projects, guaranteeing disturbance.The crypto fever is giving no indications of easing back down. After an efficacious and successful start to the year for Bitcoin and Ethereum, altcoins, for example, Litecoin, Stellar, and Cardano have been revitalized behind. Many theorized that the BTC air pocket would blast toward the start of this current year, sending harmful waves across the altcoin market and setting off a mass auction like 2017. However, the specific inverse occurred.Many individuals feel like they’re late to the Bitcoin game and appropriately direct their concentration toward altcoins. Fortunately, the proceeded with interest in cryptographic money has prompted some energizing options in contrast to BTC. Yet, with so numerous accessible, attempting to recognize the altcoin projects that show the most guarantee can be attractive — except if you realize what to search for.DAFI ProtocolDAFI Protocol enables web3 and DeFi conventions with the capacity to remunerate their initial adopters and dedicated clients in the manner that they are intended to be. Upon incorporation with DAFI, traditions will have the ability to disseminate engineered renditions of their token as remunerations to their initial adopters in a genuinely versatile way because of on-network request connection.RadixRadix is an advancement layer 1 stage that is focusing on the flourishing DeFi market. As the excellent Initiative originator, Radix was…
Case Study: NFTs will make the art market more accessible to all
In May 2007, Beeple set out to create a new work of art online every day. He hasn’t missed a day since, creating a new digital picture every day for 5,000 days straight, eventually making up EVERYDAYS: THE FIRST 5000 DAYS.The art market’s fascination with non-fungible tokens, or NFTs, has reached a fever pitch. In March 2021, a piece of NFT (non-fungible token) artwork sold for US$69+ million at Christie’s. The work, EVERYDAYS: THE FIRST 5000 DAYS, is a collage of purely digital artwork created over 5,000 days by the digital artist Beeple. You can’t hang it on your wall. It is simply a bunch of pixels.This sale marked many significant shifts in the art industry. It was the first major auction of a wholly digital work of art with a unique NFT. It was the first auction to accept cryptocurrency as a standard form of payment. The sale positions Beeple amongst the top three most valuable living artists, behind Jeff Koons and David Hockney.So how did this happen, and what are the wider ramifications for the creator economy and art market in general?Quickie introduction for the unaware, NFTs, or non-fungible token, are one-of-a-kind digital assets on a blockchain that can be bought and sold but have no tangible form of their own. Whereas Bitcoin or any standard banknote is fungible, trade one for another, and you’ll have exactly the same thing, each NFT can represent an individual digital object, so they are not interchangeable. They are one of one.Traditionally, singularity is what adds to a work of art’s value, whereas digital assets can be quickly and easily duplicated. But NFTs “tokenise” artwork, creating a digital certificate of ownership. Blockchain has long been touted as the potential future of traceability, from baby formula to votes. As seen with cryptocurrencies, like…