Blockchain
Flexa Announces Migration of Flexacoin to AMP
Flexa, the world’s fastest and most secure payments network for cryptocurrencies, has announced the launch of its new token and staking platform called AMP. Designed in collaboration with the blockchain software technology ConsenSys, AMP is part of its efforts to decentralize payments securely and efficiently. Today we are announcing the most fundamental upgrade to Flexa-powered …


Flexa, the world’s fastest and most secure payments network for cryptocurrencies, has announced the launch of its new token and staking platform called AMP. Designed in collaboration with the blockchain software technology ConsenSys, AMP is part of its efforts to decentralize payments securely and efficiently.
Today we are announcing the most fundamental upgrade to Flexa-powered payments since the launch of the Flexa network itself—a new collateral token designed in partnership with @ConsenSys: https://t.co/4IoXit4MF0
— Flexa (@FlexaHQ) September 8, 2020
Features of AMP
AMP is an open-source digital collateral token that facilitates fast and secure multi-asset transactions on Flexa’s payments network. Flexa claims it to be ERC20-compliant and equipped with the latest Ethereum technologies, such as operators and partitions.
After introducing AMP, the subsequent challenge for Flexa was to enable it to take over FXC. The only way for AMP to do that was to achieving exchange liquidity. So, Flexa partnered with the cryptocurrency exchange Gemini that will help AMP maintain exchange liquidity relative to other assets.
We are excited to announce upcoming support for the trading and custody of $AMP. Amp is a digital collateral #token for @FlexaHQ, a payment system that allows you to spend certain #crypto supported on the Gemini exchange with select retailers!
More here: https://t.co/2jRJPJydP0
— Gemini (@Gemini) September 8, 2020
Fate of Flexacoin
Flexacoin (FXC) is another digital collateral token from Flexa that facilitates secure, transparent, and instant cryptocurrency payments. With the launch of AMP, Flexa has also announced to discontinue the support for using FXC as a digital collateral token for cryptocurrency payments on September 30, 2020. Till then, AMP and FXC can be used as combined collateral by Flexa Capacity for cryptocurrency payments on Flexa’s payments network. Flexa Capacity is a decentralized application (dApp) and collateralization smart contract developed by Flexa.
Migrating from FXC to AMP
Despite its similarity with FXC in many ways, AMP has improved functionality as collateral. Because the newer collateral management interfaces do not support FXC, users need to migrate their digital collateral tokens from Flexa Capacity to AMP.
The process of migrating from FXC to AMP is relatively simple and involves a few steps:
- Connecting digital wallet to the Flexa Capacity
- Authorizing the Flexa Capacity to migrate FXC to AMP
Significantly, users will be able to receive network rewards both during and after the migration. Distribution of rewards during migration will be based on combined FXC and AMP balance, while after migration, it will depend on AMP balances alone.
Flexa aims to revolutionize payments by creating a decentralized finance ecosystem. With its innovative blockchain solutions and services, Flexa is committed to enhancing the capabilities of AMP as collateral for payments at any decentralized platform.
Source: https://www.cryptonewsz.com/flexa-announces-migration-of-flexacoin-to-amp/
Blockchain
Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.
The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.
“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.
Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.
This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.
In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.
The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
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Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/
Blockchain
Crypto fund KR1 makes investment in blockchain data protocol LazyLedger


KR1, a crypto & blockchain asset investment company, had announced that it has invested a total of USD $75,000 into Strange Loop Labs AG, doing business as LazyLedger Labs.
The investment company took part in LazyLedger’s seed funding round alongside Cosmos’ Interchain Foundation, Binance, Dokia Capital, Maven 11, and other investors.
LazyLedger is a pluggable consensus and data availability layer to enable anyone to quickly deploy a decentralized blockchain; without the overhead of bootstrapping a new consensus network.
“LazyLedger is a great project and an opportunity to bring better data availability to blockchains; which reduces bloat and increases performance. We believe that LazyLedger is going to play a big role in the next generation of scalable blockchain architectures.”
– Keld van Schreven, Managing Director and Co-Founder of KR1
LazyLedger’s founding team are highly respected decentralized systems engineers and researchers; who were part of the founding team of Chainspace, a blockchain project acquired by Facebook, as well as contributors to Ethereum 2.0 and Cosmos’ Tendermint.
“I’m excited about KR1 supporting LazyLedger as they have been around from day one and the experience they bring is invaluable as one of the oldest funds in the crypto space.”
– Mustafa Al-Bassam, Co-Founder of LazyLedger
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Source: https://www.cryptoninjas.net/2021/03/04/crypto-fund-kr1-makes-investment-in-blockchain-data-protocol-lazyledger/
Blockchain
DeFi yield optimization protocol ETHA Lend closes $1.6M funding round


ETHA Lend, a yield optimizer protocol for DeFi, today announced it has closed a $1.6 million initial funding round from lead investors Digital Finance Group (DFG), AU21 Capital, and Privcode Capital.
Other investors include: Vector Capital, Chain Capital, PNYX Venture, Lancer Capital, Oasis Capital, TRG Capital, Candaq Capital, Dealean Capital, Inclusion Capital, Origin Capital, ZB Capital, YBB Foundation, AC Capital, Hotbit.
Designed to provide automated yield allocation across Ethereum and Polkadot DeFi ecosystems; ETHA Lend will be governed by ETHA token holders. The protocol’s algorithm is constructed to understand the precise circumstances of a liquidity provider and supply events; protecting users from high transaction costs, market limitations, and asset volatility.
“We are excited to have some of the most reputable names in the crypto investment and DeFi funding market on board. Our protocol hosts unique integrations of the DeFi space that shall let users dabble with yield farming with unseen simplicity, cross-chain independence, and progressive yield optimization opportunities. You can look forward to a time when the sector shall be free of the haunting tribalism and intimidations both for new and expert users.”
– Chester Bella, Founder of ETHA LEND
The close of this funding round will enable ETHA Lend to accelerate development towards its mainnet launch, currently scheduled for Q2 2021. ETHA Lend’s smart contracts are being inspected by Certik; one of the most highly reputed blockchain security auditors.
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Source: https://www.cryptoninjas.net/2021/03/04/defi-yield-optimization-protocol-etha-lend-closes-1-6m-funding-round/
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