Coinspeaker PancakeSwap Integrates Zyfi for Gas-Free Transactions on zkSync Era

PancakeSwap, a le­ading decentralized e­xchange (DEX), has taken a significant step towards mainstre­am adoption by integrating Zyfi on zkSync Era. This innovative move e­liminates the barrier of gas fe­es for users, potentially re­volutionizing the DeFi landscape.

Pre­viously, new DeFi users had to first acquire­ Ether (ETH) before the­y could start trading. Since ETH is used to pay transaction fee­s on the Ethereum ne­twork, this initial requirement ofte­n discourages potential users due­ to its complexity and extra cost.

Now, with PancakeSwap’s inte­gration with Zyfi on zkSync Era, the process is much simpler. Use­rs can enjoy gasless transactions on certain toke­n pairs, with these fee­s being covered by Pancake­Swap, zkSync, or other DeFi protocols. This remove­s the financial barrier associated with gas fe­es. Chef Brownie, Pancake­Swap’s marketing lead, emphasize­s the significance of this integration:

“Gas-free transactions remove a major hurdle for new DeFi users and simplify the trading process. By allowing gas payments with various ERC-20 tokens, we make transactions smoother and more accessible, enhancing user satisfaction and promoting wider adoption.”

Additionally, the benefits extend beyond just eliminating gas fees. PancakeSwap now lets users pay gas fees with over 10 different ERC-20 tokens, so they don’t need to hold ETH just for this purpose. This flexibility simplifies trading and appeals to a broader audience.

PancakeSwap’s User-Friendly Improvements

Decentralized exchanges have traditionally struggled to compete with centralized exchanges (CEXs) in terms of user experience. CEXs often offer a more intuitive interface and easier usability. However, PancakeSwap’s recent improvements aim to bridge this gap.

“Simplifying trading, especially through features like paying gas fees with various ERC-20 tokens, makes DEXs more appealing,” says Chef Brownie. “A user-friendly interface and seamless transactions can attract users from CEXs while also inheriting DEXs’ benefits like self-custody wallets.”

DEX trading volume hit around $3.80 billion in the last 24 hours, according to Dune. However, this is much less than centralized exchanges like Binance, which saw around $17.5 billion. To attract mainstream users, DeFi needs to simplify the user experience.

Chef Brownie acknowledges that UX and user-friendliness are still challenges everyone is trying to overcome. At PancakeSwap, they continually improve the platform’s usability, aiming to make it as intuitive as possible.

Gas Fee Coverage and Rewards

PancakeSwap is de­dicated to enhancing the use­r experience­, going beyond just integrating Zyfi. The platform is planning to add more­ features focused on use­rs, such as enabling payments with a broader varie­ty of ERC-20 tokens, to streamline the­ trading experience­.

Furthermore, the zkSync te­am will cover the first $5,000 in gas fee­s on zkSync Era PancakeSwap for early users. Plus, those­ who use Zyfi’s paymaster on the platform can e­arn gas points, boosting their chances of getting a Zyfi toke­n airdrop with each transaction.

PancakeSwap’s new inte­gration with Zyfi on zkSync Era is a major step for DeFi. By removing gas fe­es and focusing on user expe­rience, PancakeSwap is making De­Fi more accessible and use­r-friendly. This could attract more users and he­lp DeFi go mainstream.

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PancakeSwap Integrates Zyfi for Gas-Free Transactions on zkSync Era

Coinspeaker Plato Partners with Cyber to Redefine Web3 Social Experience

Pioneering Eat2Earn Web3 application Plato and Cyber, a Layer 2 solution for social applications have joined forces to reshape on-chain and social experiences in Web3.

What to Expect from the Partnership

The partnership between Plato and Cyber aims to bridge the gap between on-chain experiences and real-world interactions, all centered around the joy of good food. Both platforms will combine their expertise to make the partnership work. Cyber, with its expertise in social applications, provides the technological backbone for this innovative dining experience.

On the other hand, Plato with its expansive user base will pledge its commitment to nurturing vibrant communities. The hallmark of this partnership is the launch of Plato’s innovative “Cuisine Connoisseur Badges” minted on Cyber’s L2 platform. These badges act as a game-changer in on-chain reputation systems.

Plato users with these badges will be allowed to verify reputations based on their dining experiences, promoting transparency and trust within the Plato community. Users can elevate their dining adventures while showcasing their culinary expertise with five badge levels, each unlocking exclusive perks.

The collaboration between Cyber and Plato bridges the gap between the digital and physical worlds. Cyber’s user-friendly interface, featuring features like seamless transitions and FaceID authentication, is similar to the experiences of Web2.

This eliminates friction for users, making on-chain interactions a natural extension of their real-world dining adventures. Cyber is a customized L2 for social applications, running on EigenLayer infrastructure and Optimism’s Superchain. Among its native features are gas sponsorship and account abstraction.

Moreover, Plato’s cashback system for local restaurants leverages blockchain for secure transactions and rewards. This demonstrates the tangible benefits crypto can offer in everyday life, encouraging wider adoption and supporting local businesses.

Ryan Li, a Cyber co-founder explained:

 “Through the launch of Cuisine Connoisseur Badges, users can earn recognition for their passion for exploring diverse cuisines, enhancing their social experiences while adding value to the Plato ecosystem. We are eager to see how Plato can boost foot traffic to local restaurants, while highlighting the practical uses of web3 in daily life.”

Robert Kao, Co-founder at Plato added:

“We’re building a foundation for an ecosystem where shared data and community collaboration drive exceptional real-life social experiences.”

Plato’s Outstanding Growth

Plato’s impressive growth trajectory further amplifies the excitement in the partnership. Boasting a user base of over 25,000 with 179% Month-over-Month (MoM) user growth, the platform is resonating with foodies.

This engagement is further validated by a remarkable 395% MoM increase in new dining sessions. This partnership with Cyber is anticipated to accelerate this momentum further by enhancing the user experience and offering real-world benefits.

Overall, the partnership between Plato and Cyber is a glimpse into the future of food and Web3. It demonstrates how blockchain technology can revolutionize the way crypto enthusiasts pay and earn. At the same time, it enhances users’ social experiences and empowers collaboration within the food industry.

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Plato Partners with Cyber to Redefine Web3 Social Experience

Coinspeaker MetaMask Unveils Pooled ETH Staking Service, US and UK Customers Exempted

MetaMask, one of the leading Ethereum wallets, has rolled out its highly anticipated pooled staking service. This service will allow users to stake any amount of ETH, regardless of whether they meet the threshold required to become a validator.

The move marks an important step forward in widening participation in Ethereum’s proof-of-stake (PoS) consensus mechanism, which traditionally requires 32 ETH.

Democratizing ETH Staking

According to MetaMask, 99% of ETH holders fall short of the 32 ETH staking threshold. MetaMask’s pooled staking offers an attractive alternative for many users. By contributing any amount of ETH, small-scale users can now earn rewards while strengthening the network’s security.

The service is backed by Consensys Staking. Consensys boasts an impressive track record, with over 33,000 Ethereum validators and more than 1 million ETH staked, showcasing its reliability and credibility.

MetaMask’s entry into the staking market positions it as a strong competitor, challenging established players like Lido and Coinbase. Together, these providers control nearly half of the 33 million ETH staked on the Ethereum network. Experts have cited network centralization risks arising from the huge stake of ETH these two companies hold.

MetaMask’s staking service bears the potential to shift staked ETH distribution. With MetaMask’s established user base, it could attract a significant market share, helping to redistribute ETH concentration away from Coinbase and Lido. In effect, this will contribute to reducing the risk of network centralization.

Navigating Regulatory Challenges

During its initial phase, MetaMask’s pooled staking service will cater to a limited user base, with plans for wider accessibility in the future. Notably, individuals from the United States and the United Kingdom are currently unable to utilize this service.

In the United States, regulatory scrutiny surrounding staking services has intensified in recent times, resulting in penalties for some service providers. For instance, the Securities and Exchange Commission (SEC) levied a $30 million fine against Kraken in 2023, alleging its staking service violated securities regulations. Similarly, Coinbase’s staking service has been accused of non-compliance with securities laws.

Meanwhile, the regulatory outlook in the UK remains uncertain. Earlier this year, Economic Secretary to the Treasury Bim Afolami expressed intentions to clarify staking and stablecoin regulations within six months. However, definitive progress is yet to materialize.

Amidst the regulatory challenges, there is optimism for the future. Both the US and UK have shown signs of embracing digital assets. The US SEC’s recently approved Bitcoin ETFs. There are also ongoing discussions for regulatory clarity, indicating a growing acceptance of digital assets in the US market.

Similarly, the UK’s commitment to clarifying staking and stablecoin regulations reflects a proactive approach towards supporting innovation in the digital asset space.

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MetaMask Unveils Pooled ETH Staking Service, US and UK Customers Exempted

Coinspeaker Ripple Closes Standard Custody Acquisition Deal and Appoints Jack McDonald as Senior Vice President of Stablecoins

Ripple Labs, a leading Web3 company focused on revolutionizing the global payment industry through blockchain technology, has announced the closure of a strategic acquisition of Standard Custody & Trust Company. According to the announcement, the successful closure of the Standard Customer acquisition gives the payment blockchain company direct access to its regulatory licenses portfolio.

Moreover, Standard Custody is regulated by the New York Department of Financial Services. As a result, Ripple can further strengthen its enterprise infrastructure solution to enable mass adoption of blockchain technology and digital assets. The deal to acquire Standard Custody was announced earlier this year but has since been undergoing the necessary regulatory approvals.

The company announced the successful acquisition of Standard Custody is in line with its bid to launch a US dollar-backed stablecoin later this year. Consequently, Ripple has appointed Jack McDonald as the Senior Vice President of its stablecoins sector in addition to leading the Standard Custody project.

“With over three decades of experience working with investment banks, asset managers, financial services, and, more recently, fintech and digital assets, Jack brings a wealth of knowledge and expertise to help lead the stablecoin team and bring Ripple’s stablecoin to market,” Ripple noted.

The acquisition of Standard Custody by Ripple marks the second major milestone in the same category after finalizing a $200 million deal to add Metaco to its portfolio. Metaco, a Swiss-based provider of digital asset custody and tokenization technology, has helped Ripple attract more institutional investors to its portfolio in the recent past.

Market Impact on Ripple Products

The closing of the acquisition deal of Standard Custody is a clear testament that Ripple is confident in its payment products despite the legal hurdles in the United States. Already, Ripple has won several fights against the United States Securities and Exchange Commission (SEC) including last year’s summary judgment.

Ultimately, Ripple is expected to further grow in the crypto bull market due to its popularity and potential to win the ongoing lawsuit.

Moreover, Ripple has made strategic moves to ensure mass adoption of XRP and its other digital products. Earlier this year, the company announced the launch of an XRPL-native DEX and a stablecoin meant to be launched later this year.

In its global bid, Ripple has announced expanded its XRPL Fund to enable blockchain innovation in Japan and South Korea.

XRP Price Action

Ripple-backed XRP price has been caught in between the ongoing SEC lawsuit and major XRPL developments in the last few years. As a result, XRP price has continued to consolidate in a macro triangular wedge, which is fast approaching its apex.

From a technical standpoint, XRP price against the US dollar is on the cusp of a major bullish uproar after consolidating for the past six years.

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Ripple Closes Standard Custody Acquisition Deal and Appoints Jack McDonald as Senior Vice President of Stablecoins

Coinspeaker DeFi Technologies Joins Core Blockchain as Validator

DeFi Technologies Inc, a leading financial technology firm bridging traditional financial markets with the crypto economy, has announced the launch of its Core Chain validator node. This move allows the company to serve as an independent validator for the network.

The company said that joining other validators on the Core Chain is part of its new DeFi Infrastructure business line. The unit is on a mission to support the decentralized finance (DeFi) ecosystem and enhance its infrastructure.

Latest Validator

Core Chain is an advanced, Bitcoin-powered, EVM-compatible blockchain. The protocol integrates Bitcoin miners and BTC stakers into its security model, offering rewards in return. Validators play a crucial role in Core Chain’s Satoshi Plus consensus mechanism, validating transactions and producing blocks on the network.

As the latest validator on Core blockchain, DeFi Technologies will help improve the network’s security and efficiency. The company will be responsible for validating transactions and safeguarding the blockchain from cybercriminals.

This effort is expected to yield rewards for the company, as securing transactions on the network will result in compensation.

In addition to running the validator node, DeFi Technologies will participate in consensus, voting on proposals and future updates to support the network’s growth and development.

Commencing on the latest development, DeFi Technologies CEO Olivier Roussy Newton said that deploying the validators mode on the blockchain is part of the company’s commitment to the DeFi sector.

“We are excited to take this significant step forward with the launch of our Core Chain validator node. This initiative not only enhances our commitment to the decentralized finance ecosystem but also strengthens our strategic partnership with Core Foundation,” said Newton.

DeFi Technologies to Stake Over $100M BTC on Core

The company has also chosen to stake 1,498 Bitcoin (BTC), worth approximately $100.6 million at the current price of $67,159.

According to an official press release, this initiative continues the company’s partnership with Core Foundation, announced on May 15, 2024.

At the time, the company disclosed that the collaboration would be focused on developing innovative Bitcoin Exchange Traded Products (ETPs). These products are designed to utilize Core Chain’s unique blockchain features, offering new yield opportunities through BTC staking.

Thanks to the unique nature of Core Chain’s Satoshi Plus consensus, Bitcoin staking is non-custodial. This means that BTC holders can earn additional cash by staking their bitcoins on the network without giving up custody.

DeFi Technologies CEO said that staking the 1, 498 BTC on the chain will help advance the company’s mission to bridge the world of traditional finance with innovative blockchain technology, specifically leveraging Bitcoin’s potential.

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DeFi Technologies Joins Core Blockchain as Validator

Coinspeaker Digital Yuan Criminals Cashed Out: Gang Sentenced for Money Laundering Scheme

A criminal gang in China used the anonymity of transactions involving China’s digital yuan, also known as e-CNY, to launder money. The Yuecheng District People’s Procuratorate has recently prosecuted some cybercriminals, leading to their prison sentences.

Digital Yuan, which was launched to make financial transactions in China much more convenient, has also opened up new opportunities for cybercrime. The adoption has created a new path for cybercriminals to exploit and conduct malicious acts, owing to the anonymity it provides.

The arrested gang members, Yuan, Zhang, and Kou, were able to cash out more than 200,000 yuan in Shaoxing by targeting merchants who accepted e-CNY payments, enticing them with promises of fees if they agreed to withdraw cash from their digital wallets.

The scheming process could be traced back to 2023, when Yuan, the gang leader, came across a part-time job advertisement. He contacted the job owner, who then offered him a commission of 0.8% if he was able to get a merchant with digital RMB (e-CNY). Yuan was able to get a merchant willing to participate and successfully receive the commission.

As the gang leader grew in the job, he continued to entice merchants with digital RMB by engaging them in shopping and casual conversation. Once the merchant agreed to change the fund into physical cash, he would first convert a portion of his fund as a deposit into digital currency and then transfer it to the upstream supplier, who then provided a fraudulent fund.

After that, he would send the digital RMB payment code to the supplier. Once the illegal fund entered the seller’s digital RMB account, they would deduct a handling fee ranging from 1% to 1.5% before withdrawing the related amount of cash.

Greed Fuels Expansion

Yuan became more greedy in the illicit business, and to secure more funds, he recruited his girlfriend, Zang, and his friend Zou, offering them 50 yuan commission for every 10,000 yuan cashed out. He admitted:

“I didn’t expect the money to come so quickly. It’s still too slow for me to work alone.”

To evade being caught, the gang used encrypted chat apps to contact their upstream suppliers; however, in September 2023, Yuan and his gang members went to the streets of Shaoxing seeking merchants who agreed to receive digital RMB. A few days after their publicity for merchants, security operatives caught them after discovering an unusual flow of funds within the area. This abnormal activity led to the arrest of Yuan and his fellow criminal friends.

Yuan admitted that he was guilty and that he had returned all the stolen money he had acquired. The Yuecheng court sentenced Yuan to one year and four months in prison, while Zhang and Kou received seven months each. All three also paid fines for concealing criminal proceeds.

The prosecutors reminded merchants to remain vigilant about suspicious transaction requests and protect their digital RMB accounts from being abused. The public was also cautioned about disclosing personal information that could enable e-CNY crimes.

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Digital Yuan Criminals Cashed Out: Gang Sentenced for Money Laundering Scheme

Coinspeaker Tether to Invest More Than $1B in Deals Over Next Year

Tether Holdings Ltd, the issuer of the USDT stablecoin and a leading player in the crypto industry, is gearing up for a substantial investment spree. According to CEO Paolo Ardoino, Tether Investments is poised to inject more than $1 billion into various deals over the next 12 months.

With a team of 15, the investment arm is not limiting itself to a single sector. Ardoino stated that the company evaluates hundreds of pitches monthly, primarily from startups. Their focus spans across alternative financial infrastructure for emerging markets, artificial intelligence (AI), and biotechnology. These are areas where Tether has already invested around $2 billion over the past two years.

Tether’s Financial Strength

Tether’s USDT stablecoin tracks the US dollar and boasts a market capitalization of around $112.4 billion. In a high interest-rate environment, Tether has strategically invested most of its reserves in US Treasury bills and other securities, reaping substantial profits. The company ensures 100% reserve backing for USDT, with an additional 6% cushion taken from profits to facilitate smooth redemptions.

Tether’s profitability has been noteworthy, with a reported profit of $4.5 billion in the first quarter, as per the data from third-party attestations rather than full financial audits. Tether plans to channel a portion of its profits into various deals with the aim of expanding its distribution network and investing in infrastructure in emerging markets.

A notable example is Tether’s recent $18.75 million investment in XREX Group, a regulated blockchain-enabled financial institution. This investment aims to drive innovation and support USDT-based cross-border payments in these markets.

Moreover, a significant part of Tether’s investment strategy involves AI. The company has already invested more than $1 billion into the sector, such as by supporting data center operator Northern Data Group. Ardoino told Bloomberg:

“We can offer AI computing to all the companies we have invested in. It’s all about investing in technology that helps with disintermediation with traditional finance. Less reliance on the big tech companies like Google, Amazon, and Microsoft.”

Despite past regulatory challenges, including settlements with the New York Attorney General and the Commodity Futures Trading Commission in 2021, Tether has managed to maintain the USDT’s value pegged to the dollar. The elevated interest-rate environment has significantly contributed to Tether’s profitability in recent years.

This cautious approach contrasts sharply with the fate of TerraUSD (UST), another stablecoin that collapsed in May 2022. TerraUSD’s failure was attributed to its inability to maintain its pegged value, leading to a crisis of confidence and a bank run-like phenomenon.

“You can imagine that the news that Tether is making good money went around the world. We get tens or hundreds of deals per month that are on the table, and we only end up doing a very small percentage of that,” Ardoino stated.

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Tether to Invest More Than $1B in Deals Over Next Year

Coinspeaker Charles Hoskinson: Cardano Ready for Voltaire Upgrade This Month

In his latest post on the X platform on Monday, June 10, Cardano CEO Charles Hoskinson stated that the Cardano network would soon move into the final phase of its multi-year program aimed at becoming a truly decentralized network. As a result, the Voltaire upgrade would be ready by the end of this month, he added.

The first step will involve upgrading the validating node software operated by the system’s stake pool operators, or SPOs, to its latest version. Later on, the Cardano blockchain will evolve into a backward-incompatible version, basically a hardfork, thereby entering into a new era of Voltaire. Currently, the Cardano network is in the Basho era.

According to the project’s roadmap, upon completion of the transition, the Cardano development firm IOHK will no longer directly manage the seven-year-old blockchain. Instead, full control and operation will be entrusted to community members. Hoskinson said:

“It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.”

The first part of the Voltaire era will see the implementation of CIP 1694 which will allow the ADA native token holders to vote on topics and features benefitting the Cardano ecosystem. The second step will allow the introduction of more novel features including proxy participation and treasury withdrawal. This will allow us to propose and fund projects within the Cardano ecosystem.

Cardano Recent Updates

Last week, the Lace team released Version 1.12, bringing significant enhancements and a notable addition: a fiat on-ramp facilitated by Banxa, a third-party service provider. Users are now able to select fiat currencies to fund their wallets through this service.

Moreover, the Plutus team unveiled version 1.29.0.0 of the Plutus libraries. This marks the inaugural Conway-ready Plutus release, featuring the incorporation of CIP-69 and CIP-117, alongside various other enhancements and additions.

Cardano’s native cryptocurrency ADA has been a poor performer among other altcoins slipping to the 10th rank. The ADA price is currently trading 3.58% down at $0.42 with a market cap of $15.3 billion.

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Charles Hoskinson: Cardano Ready for Voltaire Upgrade This Month

Coinspeaker Bitcoin Slips Below $68K amid Thin Bid Liquidity, Analysts Warn of Further Decline

Bitcoin (BTC) price is facing re­newed downward pressure­, dipping below $68,000 during the June 11th Asia trading se­ssion. Analysts are warning of further losses, with some­ fearing a potential drop to $60,000.

Photo: TradingView

This bearish se­ntiment stems from a 3.88% decline­ that pushed Bitcoin to lows around $66,800 in the last 24 hours, according to TradingView­. The key support leve­l of $69,000 failed to hold, and thin order book liquidity exace­rbated the downward move.

Marke­t analysts are particularly concerned by the­ lack of strong buying pressure, often re­ferred to as “bid liquidity.” Keith Alan, co-founde­r of Material Indicators, highlighted the we­ak buying pressure in a rece­nt YouTube update:

“Sure we have some laddered bid support in here, but not a heavy, heavy concentration of it – and really, it’s not even heavy down to $60,000 if I can be completely honest.”

$69K Support Fails amid Bearish Signals

Further technical analysis by Material Indicators suggests a bearish outlook. With the latest price drop, Bitcoin has decisively rejected both the $69,000 support level and the 21-day moving average, a crucial indicator of short-term trends.

Photo: Material Indicators

“Support at the 21-Day Moving Average and the R/S Flip at $69k have both been invalidated,” the analysis stated. “This move isn’t over. In fact I expect these killer whale games to continue up to and through JPow’s comments on Wednesday and economic reports on Thursday.”

This wee­k, Bitcoin and the broader crypto market may e­xperience volatility due­ to upcoming US economic data release­s. Key events to watch include­ the Consumer Price Inde­x (CPI), the Producer Price Inde­x (PPI), the Federal Re­serve’s intere­st rate decision, and Jerome­ Powell’s press confere­nce.

Popular trader Skew share­d his view on the correlation be­tween these­ events. He note­d that CPI and PPI have been at the­ higher end of their range­, while the FOMC has led to local lows. Ske­w mentioned that the coming days would be­ interesting.

Will Bulls Defend $65,000?

While the­ possibility of a drop to $60,000 exists, some analysts remain cautiously optimistic. Cre­dible Crypto, another prominent trade­r, suggests that large-volume trade­rs’ actions may prevent a stee­per decline. He­ points to the presence­ of “spot absorption” on dips, indicating buying interest eve­n at lower price points.

He also note­d the swift removal of sell orde­rs (resistance) at $72,000 once the­ price started to reve­rse. This suggests that some whale­s might be strategically manipulating the marke­t.

Credible Crypto belie­ves there’s a de­cent chance we might hit range­ lows of $62K-65K and then reverse­. While there’s no guarante­e, we should know soon based on price­ action in the next 24 hours.

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Bitcoin Slips Below $68K amid Thin Bid Liquidity, Analysts Warn of Further Decline

Coinspeaker CryptoQuant CEO: Bitcoin Velocity Faces Stagnation

Despite a massive appeal and approval of spot Bitcoin exchange-traded funds, the blockchain network’s transaction rate harks back to what it was during its early stages. CryptoQuant CEO Ki Young Ju noted that the BTC velocity has stagnated, echoing the levels of 13 years ago.

In a post on social media platform X, Ju suggested that Bitcoin’s role has evolved more into that of “digital gold” rather than a medium for everyday transactions. This shift is significant, indicating that while Bitcoin has been adopted by many, its use as a daily transaction currency hasn’t met the initial high expectations.

According to the CryptoQuant executive, institutions and individuals are increasingly treating Bitcoin as a store of value, holding onto it rather than spending it frequently.

“Despite Satoshi’s vision of “P2P Electronic Cash”, Bitcoin is primarily used as “Digital Gold”, with institutions holding it without frequent transactions,” Ju said.

Bitcoin velocity is a way to see how often BTC is used in transactions. It measures how frequently BTC moves between wallets over a set period. The data revealed that Bitcoin’s transaction velocity today mirrors that of 2011. Despite several spikes in transaction activity over the years, the current levels suggest a long-term trend of stagnation. It is clear that the digital asset has limited practical use as an everyday currency.

Bitcoin Is Not Suitable for Payments

Nick Tomaino, who once worked at Coinbase, also asserted that Bitcoin is not good for payments via a post on X. During Coinbase’s early days, it was that BTC would revolutionize the payment landscape, noted Tomaino while adding:

“We onboarded some big merchants like Overstock to accept BTC, which was good for credibility, but it became clear quickly there wasn’t a long-term business case for bitcoin payments.”

Zach Rynes, a liaison for the Chainlink community, highlighted the technical difficulties that Bitcoin faces as a payment method. He said that BTC lacks the programmability that platforms like Ethereum offer.

Rynes noted that the Bitcoin baselayer “simply isn’t capable of this [payments] from a technical perspective, maybe one day, but today it is not.” The Lightning Network, which boasts quicker transactions, has shown potential but comes with its own set of challenges, particularly regarding liquidity and scalability. These issues further complicate the use of BTC for everyday transactions, said Rynes.

Rynes’ analysis underscores the complexities involved in using Bitcoin as a payment method. It also highlights the need for practical solutions that address merchant requirements while upholding the principles of decentralization.

On the other hand, BTC enthusiasts stated their case, adding that one of the reasons why BTC is not used by people is because the Internal Revenue Service “deems every spend transaction a taxable event”. Rynes noted that his discussion and analysis were based on the fact that BTC is not good as a payment method and not why cryptocurrencies aren’t popular payment gateways.

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CryptoQuant CEO: Bitcoin Velocity Faces Stagnation

Coinspeaker Binance Backs Zircuit to Provide AI-Powered Security for Ethereum

Binance is placing a huge bet on the future of Ethereum by investing in Zircuit, an innovative Layer 2 network developer. The investment was announced by the crypto exchange giant, as further proof of its commitment to security, a strong point for Zircuit, which uses artificial intelligence (AI) to safeguard transactions before they even hit the blockchain.

Binance Partners Zircuit to Build a Safer Ethereum

Unlike most Ethereum Layer 2 solutions like ZKsync and Scroll, Zircuit stands out in the way it operates. It implements “sequencer-level security” that is powered by AI.  In simpler terms, when transactions are submitted on Zircuit, an AI system immediately gets to work. The system analyzes such transactions to identify potential hacks or exploits before including them in blocks. This proactive approach aims to block malicious activity from ever reaching the mainnet, ultimately creating a more secure environment for developers and users alike.

According to Martin Derka, co-founder of Zircuit and a former executive at blockchain security firm Quantstamp, Zircuit checks for the possible effects of each transaction before including them in blocks. His part statement reads:

“Transactions deemed to be hacks are quarantined, preventing them from causing harm.”

Building Momentum for Mainnet Launch

Founded in 2022, Zircuit is currently undergoing testing on its testnet, which launched in November 2023. Its mainnet launch is slated for this summer. However, the project has already garnered sizable traction.

Zircuit currently boasts over $3.5 billion in staked assets. It also has a “Build to Earn” program that has attracted more than 1,100 applications. Besides, prominent DeFi projects like Ethena, Renzo, and Ether.fi are also listed as their launch partners.

This pre-launch momentum is further fueled by Zircuit’s staking program, which collects liquidity in anticipation of the mainnet launch. Users can deposit and withdraw assets through a Layer 1 smart contract, and upon mainnet launch, they can opt to withdraw their funds or transfer them to the Zircuit network.

With a team of roughly 30 currently focused on engineering, Zircuit is actively seeking to expand its talent pool. The project is particularly focused on recruiting applied cryptographers with Rust programming skills.

Binance’s investment in Zircuit signifies growing confidence in the potential of AI-powered security solutions for scaling Ethereum. As Zircuit prepares for its mainnet launch, fingers are crossed for what happens next. That is enthusiasts anticipate how its innovative approach can deliver a safer and more efficient future for decentralized applications.

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Binance Backs Zircuit to Provide AI-Powered Security for Ethereum

Coinspeaker zkSync to Airdrop 17.5% of ZK Token Supply Next Week, 695K Wallets Are Eligible

zkSync has announced a major airdrop for next week, with 695,232 wallets eligible to receive the new ZK token. This significant event is part of zkSync’s strategy to decentralize governance and empower its community. The airdrop will start next week and is set to run until January 3 next year.

Empowering zkSync’s Community with ZK Tokens

The ZK token will enable holders to vote on protocol upgrades and cover network fees, marking a huge stride towards decentralization.

In a blog post published on ZK Nation, zkSync broke down the details of their token distribution. About 67% of the total supply is allocated to the community. 17.5% will be distributed through a one-time airdrop. The remainder will be distributed over time to support various ecosystem initiatives.

The allocation strategy includes 17.2% for investors and 16.1% for the Matter Labs team. This allocation will be vested for one year and gradually unlocked over the next three years.

zkSync’s Airdrop Eligibility Criteria

zkSync has outlined specific eligibility criteria to determine users who qualify for the airdrop. Wallets must have interacted with the zkSync Era or zkSync Lite networks before the March 24 snapshot date to be considered eligible.

There are two main groups eligible to receive the ZK token: users who engaged in transactions on ZKsync and met specific activity requirements, and users who contributed to the ecosystem through development, advocacy, or education efforts.

The airdrop will also incorporate multipliers linked to actions that indicate genuine human interaction. These activities include owning zkSync-native NFTs and ERC20 tokens, utilizing smart contract wallets, and engaging in past airdrops within Ethereum communities.

To ensure fairness, each address is limited to a maximum allocation of 100,000 ZK tokens, while the minimum allocation is set at 450 ZK tokens. This method aims to prevent large allocations to few users while fairly rewarding active community members.

The community allocation will not be vested, meaning users will be able to trade their tokens as soon as ZK is listed for trading. At the time of writing, ZK is trading at around $0.35 on pre-market perpetual exchange Aevo. Analysts estimate a potential market capitalization of over $10 billion.

ZK Airdrop More than Symbolic

Most recent protocol airdrops have faced backlash from the community for their distribution strategy. zkSync aims to take a different approach. The Ethereum Layer 2 has allocated more tokens to the community than to the Matter Labs team and investors, signifying a meaningful step towards community empowerment.

Many cryptocurrency enthusiasts on social media platforms like Twitter have applauded this move, despite many users missing out on the airdrop. As the eagerly anticipated “Mother of All Airdrops” draws near, community members are buzzing with excitement and anticipation.

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zkSync to Airdrop 17.5% of ZK Token Supply Next Week, 695K Wallets Are Eligible

Coinspeaker Litecoin (LTC) Price Signals Further Consolidation amid Increased On-chain Activity

Litecoin (LTC), a veteran altcoin forked from the Bitcoin (BTC) chain to support mainstream payments, has grown over the years into a major digital asset. The mid-cap altcoin, with a fully diluted valuation (FDV) of about $6.6 billion and a daily average traded volume of around $481 million, takes pride in more than 9 million holders.

However, the proof-of-work (PoW) secured blockchain, with a net hash rate of about 1.02 PH/s, has significantly been criticized for lack of innovative development to match the Web3 space. Furthermore, the Litecoin network does not support smart contracts and eb3 development similar to Ethereum (ETH), Solana (SOL), Tron (TRX), and Toncoin (TON), among many others.

The Litecoin network has largely leveraged the speculative aspect of digital assets, thus being regarded as the silver of the cryptocurrency industry. However, a recent research by Forbes analysts suggested that the Litecoin network is among the good-for-nothing blockchains with unproven and little utility other than speculative crypto trading.

Litecoin Believers Remain Unshaken

Litecoin’s global community has remained unshaken throughout the past years, despite the altcoin’s value getting trapped in a multi-year consolidation against the US dollar. Already, the Litecoin network has undertaken two halving events, which have reduced its overall market supply from miners but have continued to consolidate in a macro triangular pattern.

However, the fact that the LTC price has been approaching the apex of the triangular pattern has attracted more cryptocurrency speculators.

Moreover, the Litecoin network boasts of deep liquidity with fast transaction finality compared to other blockchains.

Consequently, on-chain data conducted by market intelligence platform Santiment shows that Litecoin’s activities have been on the rise in the recent past. Specifically, the Litecoin network has averaged around 704k unique addresses in the past week, after averaging around 345k unique addresses throughout May.

⚡️ Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ

— Santiment (@santimentfeed) June 11, 2024

Remarkably, the Litecoin network has outshined Bitcoin (BTC) and Ethereum (ETH) in active addresses, an indicator more investors are interacting with the altcoin.

Litecoin (LTC) Price Expectations

Amid the ongoing crypto volatility, Litecoin (LTC) price has dropped about 5 percent to trade around $79.16 on Tuesday. Litecoin price has been signaling an inevitable upswing in the near term, after accumulating significant bullish sentiment since the 2017/2018 bull cycle. According to a popular crypto analyst alias Crypto Tony on the X platform, LTC price against the US dollar is on the cusp of a major bull run akin to Silver in the metal industry.

$LTC / $USD – Update

Another couple of years of consolidation then .. C'mon #Litecoin, prove you are the silver to #Bitcoin pic.twitter.com/vFgsC27bSr

— Crypto Tony (@CryptoTony__) June 10, 2024

From a technical standpoint, LTC price has been forming an ascending triangle since establishing the 2022 bear market lows of about $47. Additionally, LTC price has been retesting the bullish breakout of a falling logarithmic trend, thus signaling an imminent rally ahead.

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Litecoin (LTC) Price Signals Further Consolidation amid Increased On-chain Activity

Coinspeaker Crypto.com Secures Regulatory License in Ireland

Crypto.com, a leading digital assets trading platform, has received regulatory approval to operate legally in the Republic of Ireland. In an official announcement on Tuesday, the company said it has been certified by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).

The company, which boasts over 100 million users globally, can now provide its full range of products in Ireland, including crypto-to-fiat exchanges and custody services in compliance with local regulatory policies.

Crypto.com Subjected to Thorough Review

Crypto.com was subjected to stringent scrutiny before receiving the final nod from the Central Bank to explore the market. The bank reviewed the company’s compliance measures, particularly its capabilities in anti-money laundering (AML) and combating the financing of terrorism (CFT).

Eric Anziani, the President and COO of the company, sees the latest expansion to Ireland as a testament to Crypto.com’s commitment to compliance requirements across its key markets.

“This approval from the Central Bank of Ireland is the latest testament to our commitment to compliance and responsible innovation. We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product suite,” he said.

The firm has now joined the growing list of crypto exchanges expanding to Ireland. Companies like Coinbase and Kraken obtained the same VASP licenses from the Central Bank of Ireland in 2023.

Coinbase even chose Ireland as its European headquarters, highlighting the country’s growing importance in the crypto space.

Expanding Global Footprint

Since its launch in 2016, Crypto.com has been expanding its global presence. Beyond its recent approval in Ireland, the company has secured regulatory licenses in several other countries, demonstrating its dedication to meeting stringent regulatory standards.

In Singapore, the company has received a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services and an e-money issuance license from the Monetary Authority of Singapore.

In France, it operates as a regulated Digital Asset Service Provider (DASP) under the Autorité des marchés financiers (AMF).

The exchange is also fully regulated in Dubai under the Dubai Virtual Assets Regulatory Authority (VARA) and was authorized as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) in the United Kingdom in December 2023.

Additionally, Crypto.com is registered under the Electronic Financial Transaction Act in South Korea, further solidifying its regulatory compliance across key markets.

Commitment to Compliance

The company’s expansion into Ireland and other markets underscores its commitment to compliance and security. By adhering to local regulations and obtaining necessary approvals, the company aims to provide a safe and reliable platform for its users worldwide.

Crypto.com, which prides itself as an industry leader in regulatory compliance, security, and privacy, currently offers a suite of product offerings that align with market demands in various jurisdictions.

Users from across the world where Visa is accepted for payments can buy different cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) on the platform using their cards.

The firm also has a dedicated crypto wallet that allows customers access to the world of decentralized finance (DeFi). Through this wallet offering, users can store all their assets in one place.

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Crypto.com Secures Regulatory License in Ireland

Coinspeaker XRP Gains 100K New Holders In June: Impact on Price Outlook?

The first ten days of June witnessed a remarkable surge in the number of XRP holders, with an impressive 100,000 new investors joining the ecosystem. The sudden influx of new holders signifies a notable rise in interest and adoption of XRP, but the price of the token is yet to reflect this.

Price Volatility amidst Growing Demand

Despite the influx of new investors, the price of XRP has shown signs of stability rather than that of a significant bullish breakout. The cryptocurrency’s price has been hovering within a relatively narrow range, typically an average of between $0.48 and $0.52.

Market analysts are closely monitoring various metrics to gauge the potential impact of the growing holder base on XRP’s price dynamics. One key metric under scrutiny is the Mean Dollar Invested Age (MDIA).

MDIA  is a crucial metric used to assess the average duration that holders maintain their holdings. A rising MDIA suggests that long-term holders are refraining from selling their assets, demonstrating confidence in the cryptocurrency’s prospects.

On June 1st, XRP’s 90-day MDIA stood at 1812, indicating a preference among holders to hold onto their assets. However, as of the latest data available, the MDIA figures have approached 2000. This upward trend signifies a growing tendency towards long-term holding behavior among investors. Should this trend continue, it could potentially drive XRP’s price upwards. with a projected target of $0.55 becoming plausible.

Another metric that analysts have been monitoring is the circulation rate, which measures the number of tokens exchanged within a specific time frame. A high circulation rate implies increased selling pressure, potentially leading to price declines, while a lower rate suggests a calmer selling environment.

As of the latest update, XRP’s one-day circulation has decreased to 228.53 million tokens. This decrease indicates a reduction in selling pressure, contributing to a more stable price environment for XRP. A subsequent increase could signal renewed selling activity and impact XRP’s price dynamics.

Ripple’s Growing Global Partnerships

Ripple, the company behind XRP, continues to advance its partnerships with global financial institutions. One of its latest partnerships, the launch of the XRPL Japan and Korea Fund, aims to accelerate Ripple’s penetration into the Asia-Pacific market, one of the most populous regions in the world.

Ripple has already partnered with other major banks in India, Canada, the UK, Brazil, etc. Despite long-standing regulatory hurdles with the US Securities and Exchange Commission (SEC), Ripple remains one of the leading players in offering blockchain-based solutions to TradFi institutions around the world.

These strategic moves not only strengthen Ripple’s position in the blockchain industry but also have the potential to positively impact XRP’s price outlook.

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XRP Gains 100K New Holders In June: Impact on Price Outlook?

Coinspeaker EU Innovation Hub Slams Privacy Coins and Crypto Mixers

The EU Innovation Hub for Internal Security recently published its first report on encryption explaining how privacy coins and crypto mixers have been complicating matters of regulatory development.

Data encryption has proved to be essential in maintaining a balance between individual privacy and security. However, the way these crypto-mixing protocols function, they can face strong resistance to legislative acceptance in the EU.

The recent report by the EU Innovation Hub stresses the “dual-use” nature of cryptographic technologies. The report highlighted that the inherent reliance of cryptocurrencies and nonfungible tokens (NFTs) on public-private cryptography for storage, mining, and transfers can be exploited by bad actors to evade law enforcement. Specifically, it pointed out that certain protocols and privacy coins can “obscure” blockchain visibility.

The EU Innovation Hub identified cryptocurrencies such as Monero (XMR), Zcash (ZEC), Grin (GRIN), and Dash (DASH), along with layer 2 initiatives, zero-knowledge proofs, crypto mixing services, and non-compliant crypto exchanges as tools that facilitate the laundering of funds by bad actors.

“Mixers and privacy coins have been complicating tracing for years, but Mimblewimble and zero-knowledge proofs are relatively new developments that can also obscure the visibility of cryptocurrency addresses, balances and transactions,” the report noted.

Unlocking Hidden Trails

In order to deter traceability, crypto hackers and scammers have been siphoning off stolen funds using services like Tornado Cash. Despite this, the law enforcement agencies can track such transactions.

“All of these developments can still be investigated by law enforcement authorities, when access to the private keys of the suspect are gained,” reported the EU Innovation Hub. The Hub has created the report with other members of the Internal Security members including Eurojust, Europol, the European Commission’s Directorate-General for Migration and Home Affairs, the European Council’s Counter-Terrorism Coordinator, the European Commission’s Joint Research Center, etc.

Earlier this year in May, Alexey Pertsev, the founder of the popular cryptocurrency mixing protocol Tornado Cash, was found guilty of charges of money laundering.  The sentencing took place even though Tornado Cash is a noncustodial crypto mixing protocol, meaning it never holds or controls the funds processed through it.

Amid Pertsev’s legal battle with law enforcement, a cross-chain bridge exploiter recently used Tornado Cash to funnel $47.7 million in stolen funds.

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EU Innovation Hub Slams Privacy Coins and Crypto Mixers

Coinspeaker Robert Kiyosaki: ‘Bitcoin Is the Easiest Way to Become a Millionaire’

The Author of “Rich Dad Poor Dad” Robert Kiyosaki believes that investing in Bitcoin (BTC) is the easiest way for one to become a millionaire. The diehard Bitcoin advocate analyzed the “hardwork” involved in running a business as an entrepreneur. He highlighted the fact that a person would need to be really smart, dedicated, and lucky to become a millionaire in this case.

However, he claimed to circumvent this “hardwork”, one just has to adopt saving in Bitcoin. For this reason, the author admitted to loving the firstborn cryptocurrency.

BITCOIN is the easiest way to become a millionaire. Making millions as an entrepreneur is hard. I know. You have to be really smart, dedicated, and lucky to become a millionaire starting your own business. I save Bitcoin because Bitcoin does the hardworkfor me. That is why I…

— Robert Kiyosaki (@theRealKiyosaki) June 11, 2024

Robert Kiyosaki Picks Bitcoin Over Traditional Assets

Quite a number of Kiyosaki’s X followers agree with his stance on the flagship cryptocurrency. An X user mentioned that one feature of Bitcoin that is generally overlooked is its decentralized and secured nature.

“Its transaction ledger is immutable, meaning it cannot be altered or tampered with,” the X user added.

Game of Trades, a data-driven investment research entity, also outlined Bitcoin’s long-term potential. It pointed out that Bitcoin has remained an undervalued asset, particularly in times of increasing currency debasement.

Noteworthy, Kiyosaki’s post highlights the potential of cryptocurrencies over several traditional investments like gold and silver.

He once condemned the conventional model of earning money from regular jobs, citing that the value of money earned this way was designed to be stolen through taxes and inflation. In his defense, Kiyosaki lauded cash flow assets like rental properties, oil, and food production as a better way to earn “tax-free money.”

Bitcoin Against United States Inflation and Economic Challenges

Aside from the potential to turn HODLers into millionaires, the renowned author perceives BTC as a hedge against inflation and the economic crisis in the United States.

Kiyosaki reckons that the US market collapse could be so big that it may deteriorate into a war, leaving Bitcoin as the only way for people to protect themselves from the accompanying economic challenges. He casted blame on President Biden, Treasury Secretary Janet Yellen, and Fed Chairman Jerome Powell, calling them the three stooges.

Robert Kiyosaki is very optimistic on Bitcoin’s potential as a financial instrument. At the time of this writing, Bitcoin was trading at $67,348.40 with a 3% decrease within the last 24 hours. However, the businessman sees the possibility of its price reaching $100,000 by the end of June. More daring, a few weeks after his $100,000 prediction, Kiyosaki forecasted that Bitcoin could hit $300,000 per coin by the end of 2024.

“BITCOIN  on fire. The biggest mistake you can make is to procrastinate. Important to start, even if only for $500. Next stop is $300,000 per BTC in 2024,” the financial expert said in one of his rants on X.

Bitcoin is also touted as an alternative to the impending collapse of the United States dollar. Kiyosaki cited the threat emerging from BRICS nations who are reportedly working on an alternative currency for cross-border settlements.

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Robert Kiyosaki: ‘Bitcoin Is the Easiest Way to Become a Millionaire’

Coinspeaker Haruko Taps Stacks to Bring Crypto Services to Institutional Investors

Institutional digital asset provider Haruko is about to elevate the burgeoning Bitcoin (BTC) Layer 2 (L2) ecosystem with a new development. As shared in a press release with Coinspeaker, the digital asset technology solutions provider has announced its intention to integrate Stacks, the leading Bitcoin L2 solution.

Haruko Leverages Stacks Blockchain Security and Stability

For context, Stacks is a Bitcoin L2 that facilitates the use of BTC as a secure base layer for smart contracts and Decentralized Applications (DApps). It is designed to unlock the $1 trillion domicile in dormant capital that exist in several Bitcoin wallets. In the last twelve months, the L2 solution has registered a massive volume of DApps and protocol launches on its platform.

Haruko’s move is designed to offer institutional investors easy access to Bitcoin and some Decentralized Finance (DeFi) products. Markedly, these products will be tradable on the Stacks L2, taking advantage of its scalability. Once activated, institutional investors including hedge funds can seamlessly invest in, track, and manage their investments in Stacks (STX) alongside other digital assets. They could even generate reports for their holdings.

Ultimately, the focus of this integration between Haruko and Stacks is to help investors manage their exposure to Stacks while leveraging BTC as a programmable asset. As part of the perks, these institutional investors from Haruko are bound to gain transparency and control over their assets, mitigating the huge risks usually associated with delving into such investments.

Stacks blockchain security and stability will also be available to investors while they conduct seamless consolidation of transactions, smart contracts, and Non-fungible tokens (NFTs). This is in addition to flexibility and efficiency in managing digital asset portfolios.

“By integrating with institutional-grade platforms like Haruko, Stacks becomes more accessible to key players which in turn supports global activation of the Bitcoin economy,” says Mitchell Cuevas, Executive Director at the Stacks Foundation.

Institutional Investors Pursue Crypto Investment Opportunities

The Stacks-Haruko alliance is the latest push towards the integration of traditional finance and DeFi, a move that is fast becoming a trend.

It is worth acknowledging that the launch of spot Bitcoin ETFs contributed significantly to bringing this sentiment to fruition. With some of the most reputable investment asset management firms like BlackRock Inc (NYSE: BLK) actively participating in the growing sector, more institutional investors have shown interest in cryptocurrencies over the last few months.

Also, the Bitcoin ETF sector has effectively maintained a sterling position with the amount of inflows it has registered in only five months. Little wonder that other traditional companies are seeking approaches to provide their customers with more crypto-related investments or approaches.

Last month, NYSE parent’s crypto platform Bakkt Holdings Inc (NYSE: BKKT) took a proactive­ stance to create the­ BakktX, a new type of Ele­ctronic Communication Network (ECN) designed specifically for institutional crypto trading.

There is still expectation for spot Ethereum ETF trading after the recent approval for the proposed rule change by the United States Securities and Exchange Commission (SEC). Like spot Bitcoin ETFs, Ethereum ETFs are expected to gain institutional investors’ attention in no time.

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Haruko Taps Stacks to Bring Crypto Services to Institutional Investors

Coinspeaker Ripple Launches XRPL Fund to Drive Blockchain Innovation in Japan, South Korea

Ripple, a promine­nt blockchain firm, has announced a major fund to boost blockchain innovation in Japan and South Korea. This new initiative­, called the XRPL Japan and Korea Fund, highlights Ripple­’s dedication to growing its influence in the­ Asia-Pacific region.

Ripple’s cryptocurrency XRP ope­rates on the XRP Ledge­r, a public blockchain tailored for corporate use. The­ new fund will support various projects, such as corporate partne­rships, developer grants, startup inve­stments, and community developme­nt.

This strategic effort is part of Ripple’s large­r plan to allocate 1 billion XRP to foster financial, technical, and busine­ss growth for blockchain developers, a commitme­nt first made in March 2022. Emi Yoshikawa, Ripple’s vice pre­sident of strategic initiatives, stre­ssed the importance of this move­. She said:

 “The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation.” 

This initiative comes at a crucial time as Ripple aims to counter the “hostile regulatory environment” in the United States, a concern noted by Ripple CEO Brad Garlinghouse.

Ripple’s Asia-Pacific Market Growth

The Asia-Pacific region is one of Ripple’s fastest-growing markets, and the company is focused on speeding up the adoption of its crypto-payment services there. Ripple’s partnerships, like the one with Tokyo-based HashKey DX to offer XRPL-powered supply chain finance solutions, show its commitment to innovation and growth in this area.

In 2016, Ripple and Japanese financial giant SBI Holdings formed a joint venture called SBI Ripple Asia. This partnership continues to promote the use of Ripple’s payment solutions. The XRP Ledger is also playing a key role by issuing official NFTs for the World Expo 2025 in Osaka, Japan, highlighting Ripple’s strong presence in the region’s blockchain scene.

In October, Ripple reached a major milestone by getting a full license to operate in Singapore. This achievement strengthens its position as a leading player in the Asia-Pacific market. Ripple established its Asia-Pacific headquarters in Singapore in 2017, further anchoring its presence in the region.

Ripple’s Global Expansion Efforts

Ripple’s strate­gic initiatives go beyond Japan and Korea. In April, Ripple­ announced its plan to launch a US dollar stablecoin, expe­cted to be impleme­nted within the year. This de­velopment aims to further inte­grate Ripple’s solutions into the global financial syste­m, making transactions more seamless and e­fficient.

Despite le­gal challenges in the US, Ripple­ has made significant progress. In October, the­ US Securities and Exchange Commission (SEC) droppe­d its claims against Ripple executive­s Brad Garlinghouse and Chris Larsen, which were­ part of a larger lawsuit alleging the unlawful sale­ of XRP tokens. This legal relie­f allows Ripple to focus more on its global expansion and innovation strate­gies.

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Ripple Launches XRPL Fund to Drive Blockchain Innovation in Japan, South Korea

Coinspeaker Metaplanet’s Bitcoin Bet Boosts Stock by 10%

Japanese firm Metaplanet has continued to follow in the footsteps of the legendary MicroStrategy by acquiring Bitcoin, albeit aggressively. While its latest acquisition is the third in less than two months, it has begun seeing the same results as MicroStrategy after seeing an impressive stock surge almost immediately.

This aggressive Bitcoin strategy appears to be resonating with investors, pushing Metaplanet’s share price up by double digits.

Strategic Bitcoin Play by Metaplanet

On June 11th, Metaplanet, often dubbed “Asia’s MicroStrategy”, announced its latest Bitcoin acquisition. It paid around $1.59 million for 23.25 Bitcoin (BTC), bringing its total holdings to 141.07 Bitcoin. The latest investment means that Metaplanet has now pumped no less than $9.6 million into the prized asset.

Metaplanet’s BTC stack is at an average price of $65,365 per Bitcoin. So, going by current prices of $68,313, the firm already sits at a 4.5% gaining position regarding its investments thus far.

Meanwhile, investors have reacted positively to the news of the latest acquisition, sending Metaplanet’s stock price up 10.8% to $0.59. While the price has since settled around $0.57 on the Tokyo Stock Exchange, this early surge highlights the market’s confidence in Metaplanet’s Bitcoin strategy.

Notably, this isn’t Metaplanet’s first foray into the crypto world. Since unveiling its Bitcoin investment plan in April 2024, the company’s stock has surged nearly fivefold. Its first purchase of 97.85 Bitcoin in April was followed by a second acquisition of 19.87 Bitcoin in May. According to data from Bitcoin Treasuries, Metaplanet is the 30th largest corporate Bitcoin holder globally.

Company Aims to Further Expand Bitcoin Reserve

For what it’s worth, it appears that Metaplanet might be taking a cue from the playbook of MicroStrategy, the current leader in corporate Bitcoin ownership. At least, so does its aggressive strategy suggest. Moreover, Metaplanet has expressed plans to use “a wide range of capital market instruments” to further expand its Bitcoin reserves. The company aims to employ this strategy to stay above the concerning economic situation of Japan. That is especially true considering the overwhelming national debt and the Japanese Yen, which weakens day in and day out.

Metaplanet notes that the severity of Japan’s debt burden is reflected in the fact that the nation’s 261% debt-to-GDP ratio is the highest amongst developed countries. Furthermore, it also highlights how the Yen has depreciated by almost 35% against the US dollar since January 2021. Whereas Bitcoin has seen a remarkable 200% growth against the Yen in the past year. So, one might understand why Metaplanet will be keen to keep acquiring Bitcoin for now.

Although Metaplanet’s Bitcoin holdings are currently gaining attention, they remain a far distance from MicroStrategy’s massive 214,400 Bitcoin.

Currently, Metaplanet is only available on the Tokyo Stock Exchange, limiting access for US investors. However, the company is reportedly working towards expanding their reach.

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Metaplanet’s Bitcoin Bet Boosts Stock by 10%