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Crypto Exchange Uphold to Support Spark Token Airdrop for XRP Holders

Popular cryptocurrency exchange Uphold has announced it will support the Spark token airdrop for XRP holders “after fervent public commentary.” According to the exchange, those who hold XRP on the exchange on December 12, 2020 – the date of the network’s snapshot for the token distribution – will receive Spark tokens on a 1:! Bases […]

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Popular cryptocurrency exchange Uphold has announced it will support the Spark token airdrop for XRP holders “after fervent public commentary.”

According to the exchange, those who hold XRP on the exchange on December 12, 2020 – the date of the network’s snapshot for the token distribution – will receive Spark tokens on a 1:! Bases according to the amount of XRP they hold.

The airdrop will see Ripple partner Flare distribute a total of 45 billion Spark tokens to XRP holders, with the exception of Ripple itself and some of the startup’s former employees. Shortly after the airdrop was announced, over 5,000 XRP holders set up XRPL accounts, which will be used to claim their airdropped tokens.

The tokens are set to be distributed to XRP investors who self custody, and to those who have their funds on a cryptocurrency exchange or wallet supporting the airdrop. While most major exchanges have not yet made announcements on it, Uphold has announced support.

According to Flare, demand for the Spark token airdrop from the XRP community appears to be considerable. A FAQ page reads:

We’ve been amazed at the amount of interest in Flare over the past few days! Since announcing the process for preparing your XRPL account to receive Spark on Friday, there has been over 295 million XRP contained in XRPL accounts that have set their accounts to receive the Spark token.

So far, other exchanges supporting the airdrop are AnchorUSD and Bitrue. Flare, it’s worth noting, uses smart contracts from Ethereum, and as such Flare addresses are “Ethereum style addresses that use the same key derivation scheme.” These aren’t, however, on the Ethereum blockchain.

Featured image via Pixabay.

Source: https://www.cryptoglobe.com/latest/2020/09/crypto-exchange-uphold-to-support-spark-token-airdrop-for-xrp-holders/

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Wall Street Bets ‘Chairman’ Tweet Sends Dogecoin (DOGE) Soaring 85% in Hours

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The price for the popular meme coin, Dogecoin (DOGE), went flying today. The cryptocurrency skyrocketed by almost 90% in just a couple of hours after the ‘Chairman’ of the now popular Wall Street Bets group tweeted about it.

  • About a couple of hours ago, the ‘Chairman’ of the popular Wall Street Bets group asked whether or not DOGE has ever been trading at $1.
  •  After the Tweet went live, DOGE’s price went for the skies. The cryptocurrency soared by about 85% in a matter of hours and reached an intraday high at around $0.0145. The price has since corrected, but it appears that there’s still momentum in the market.
  • The reason for this excitement is what recently happened with the stock price of GameStop.
  • The Wall Street Bets group on Reddit saw more than 2 million people joining it with the common cause of buying GME stock against the trades of Wall Street hedge funds, who have been shorting it.
  • Not long after that, the price soared by up to 600%, causing mayhem on Wall Street and even getting one large hedge fund out of its position for what was reported as a massive loss.
  • The entire ordeal even saw the CEO of NASDAQ say that they would potentially halt trading in case of increased social media chatter.

“When we evaluate how we would manage through a situation where you see a significant run-up with a stock that is not based on news or fundamentals, we have technology that evaluates social media chatter, and if we see a significant rise in the chatter on social media channels and we also match that up against unusual trading activity – we will potentially halt that stock.”

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Source: https://cryptopotato.com/wall-street-bets-chairman-tweet-sends-dogecoin-doge-soaring-85-in-hours/

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Reddit Doubles-Down on Blockchain: Partners With The Ethereum Foundation

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The giant social media platform Reddit has doubled-down on its blockchain and cryptocurrency involvement with a new partnership with the Ethereum Foundation. As a result, Reddit plans to utilize the Ethereum network to create larger-scale applications like the Community Points introduced last year.

Reddit Doubles-Down On Blockchain

CryptoPotato reported last year that the San Francisco, US-headquartered platform launched Community Points as tokens built on the Ethereum blockchain. Users from two subreddits, namely r/CryptoCurrency and r/FortNiteBR, were able to receive the ERC-20 coins and spend them on various services, such as membership purchases or voting on polls.

Reddit asserted that the points will be a measure of reputation and contribution within each of the communities. Earlier, a platform administrator going by the handle u/jarins reaffirmed the relationship between Reddit and the blockchain space with a fresh partnership with the Ethereum Foundation.

“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

Furthermore, the post explained that the Ethereum choice was rather apparent as Reddit was looking into exploring an open-source and publicly available scaling technology.

An Increasing Commitment To Blockchain

The post highlighted that the most recent initiative with Ethereum is a step to increase the platform’s “commitment to blockchain,” which should help bring “the value and independence of blockchain technology to millions of Redditors.”

Consequently, Reddit has established a designated Crypto Team and is looking for “engineers who want to build the decentralized Internet.”

Aya Miyaguchi, the executive director at the Ethereum Foundation, also commented on the new partnership. She noted that the team behind the second-largest cryptocurrency by market cap continues to “be impressed with Reddit’s vision, and by how it maintains its culture and philosophies, which were key in forming this relationship.”

Additionally, representatives of both parties plan to host an online session to answer users’ questions.

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Source: https://cryptopotato.com/reddit-doubles-down-on-blockchain-partners-with-the-ethereum-foundation/

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Central banks must play ‘pivotal role’ in digital money, says BIS exec

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With central bank digital currencies — or CBDCs — on the agenda in many countries, the general manager of the Bank for International Settlements has weighed in on the role of the mainstream financial establishment in the emerging digital currency landscape.

Speaking at the Hoover Institution policy seminar on Jan. 27, Agustín Carstens argued for central banks to be front and center in issuing and controlling digital money:

“If digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system. Such a system must not fail and cannot tolerate any serious mistakes.”

For Carstens, central banks and the existing financial architecture is better suited to ensuring trust and stability for digital currencies than a purely decentralized governance network. The BIS general manager doubled down on this line of argument, calling Bitcoin (BTC) a speculative asset and not money.

“Investors must be cognizant that Bitcoin may well break down altoget62168her. Scarcity and cryptography alone do not suffice to guarantee exchange,” Carstens added in reference to Bitcoin’s value proposition as money.

The BIS chief also described private stablecoin projects like Facebook’s Diem as being more credible than Bitcoin. Despite this assertion, Carstens argued against private stablecoins:

“Overall, private stablecoins cannot serve as the basis for a sound monetary system. There may yet be meaningful specific use cases for stablecoins. But to remain credible, they need to be heavily regulated and supervised. They need to build on the foundations and trust provided by existing central banks, and thus to be part of the existing financial system.”

Back in December 2019, Carstens expressed fears that central banks could lose their relevance amid the emergence of private cryptos. Indeed, several stakeholders in the global financial system have advocated strict regulations for stablecoins.

On the subject of CBDCs, the BIS general manager downplayed claims that sovereign digital currencies like China’s e-yuan could significantly challenge U.S. dollar hegemony. On the domestic front, Carstens declared that national CBDCs be put to a variety of uses such as monetary policy transmission and interest rate management.

As part of the address, Carstens expressed the belief that CBDCs should run complementary to the existing cash system. According to Carstens, completely replacing all bank accounts and cash with digital currencies is both undesirable and unrealistic.

As previously reported by Cointelegraph, a recent BIS survey showed that 86% of major central banks are actively exploring CBDCs. Earlier in January, reports also emerged that the BIS Innovation Hub planned to embark on several CBDC-related trials in 2021.

Source: https://cointelegraph.com/news/central-banks-must-play-pivotal-role-in-digital-money-says-bis-exec

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