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Ripple Has Been In Talks With Central Banks For Quite A While: Senior RippleNet Executive

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Ripple Has Been In Talks With Central Banks For Quite A While: Senior RippleNet Executive

Asheesh Birla, the general manager at RippleNet, recently revealed that Ripple, the San Francisco-based distributed ledger startup, has been talking with central banks for a while now.

Ripple Wants In On CBDCs

While some in the crypto community have shunned XRP as a banker’s cryptocurrency that deviates from Satoshi Nakamoto’s original vision, Ripple is determined to overtake Swift to become the dominant banking infrastructure provider.

Earlier in March, Ripple announced that it was testing a private version of the XRP Ledger that would provide a platform for the issuance of central bank digital currencies (CBDCs).

Ripple’s avid supporters believe that mass adoption of Ripple and XRP by the world’s biggest banks is inevitable and that the value of the token will eventually reflect this. By using XRP, banks can eliminate third parties when sending cross-border payments. Without middlemen’s involvement, costs are incredibly slashed. Moreover, XRP can handle tens of thousands of transactions per second, meaning recipients can get their money within seconds.

Ripple has notably been busy striking deals with payment companies and banks to get its technology off the ground. RippleNet, for instance, has gained traction among many banks that heap praises on the technology. Additionally, speaking to Thinking Crypto, Birla posited that Ripple has been holding talks with central banks “for a long time”. 

According to Birla, XRP’s transaction speed makes it “a natural fit” for CBDCs, adding:

“I think you are going to see more and more central banks around the world realize some of these benefits. Again, it’s not gonna happen overnight. We wanna build and gain momentum.”

Besides CBDCs, the RippleNet exec noted that Ripple is also discussing with banks about other technologies.

Most countries across the globe are considering digitizing their national currencies, with the Bahamas’ Sand Dollar being the first to roll out and China’s digital yuan believed to be nearing launch. But will Ripple and XRP form the basis of most of these state-backed digital currencies? That much the future holds.

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Source: https://zycrypto.com/ripple-has-been-in-talks-with-central-banks-for-quite-a-while-senior-ripplenet-executive/

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COTI Charted New ATH Following a Partnership With Cardano’s Stablecoin Hub

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COTI, an enterprise-grade fintech platform that empowers organizations to build their payment solutions, recently announced that it will be partnering with Cardano’s stablecoin hub, Ardana.

The collaboration will introduce stablecoin crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide.

Speaking in a statement, COTI’s CEO, Shahaf Bar-Geffen, said,

“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”

Stablecoin Payments on AdaPay

The partnership will see Ardana introduce stablecoin payments to AdaPay, a gateway solution for payments developed by the Cardano Foundation and Coti.

This will ensure that users of AdaPay will now be able to make purchases with their stablecoins wherever the product is accepted.


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Additionally, merchants and consumers worldwide can now trade directly using stablecoins. They are touted to be a more stable form of digital currency as opposed to the more popular and highly volatile cryptocurrencies.

Ardana’s founder, Ryan Matovu, added, “Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain to financing actual farming off-chain.”

COTI Price Jumps 50%

Just a few hours after COTI made the announcement, it received a lot of attention from crypto users, and its coin’s price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60.

Although COTI has retraced and is now trading at $0.51 following another wide-market crash induced by fresh China FUD, it has still retained a 24-hour increase of 25%, according to live data from CoinMarketCap.

Cardano Invests in COTI

In April, Cardano made its first investment in COTI through its new venture fund, dubbed cFund, in an effort to strengthen its relationship with the enterprise-grade platform.

As reported at the time, by investing in COTI, Cardano doubled down on its support for the protocol as the two parties have been working together since 2019.

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Source: https://cryptopotato.com/coti-charted-new-ath-following-a-partnership-with-cardanos-stablecoin-hub/

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Global Risk and China FUD Result in a Bitcoin Rollercoaster: The Weekly Crypto Recap

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There are no boring days in crypto, and this week, like a lot of others, has managed to definitively prove it. The past seven days have been an absolute rollercoaster in the cryptocurrency market, so let’s start with Bitcoin.

BTC’s price was sitting comfortably at around $47,500 last Friday and started improving slowly throughout the weekend. On Saturday, we saw an attempt at $49K, which was unfortunately rejected. On Sunday, the price retraced a bit, but nothing spelled major signs of trouble.

Then came Monday. Throughout that day, the price of Bitcoin started plummeting, and the trend continued throughout the next few days, as it reached a low of around $40,000 on Wednesday. The bulls stepped in and started the recovery process, bringing Bitcoin’s price up to about $45,000 today. But then China happened.

An announcement of more negative regulatory efforts sent BTC back to the lows of $40K as the entire market lost billions in a matter of hours. At the time of this writing, the cryptocurrency recovered to about $42K.

This was the faith of almost all altcoins as well. Looking across the board, most of them are charting notable weekly losses. Ethereum is down about 19%, Cardano is down 7%, BNB is down 18%, XRP – 15%, Solana – 10%, and so forth.

It’s interesting to see how the market is reacting to news that shouldn’t have such an impact. China has clamped down on cryptocurrencies multiple times in the past, and almost every time it does – the price goes down. Meanwhile, other important developments fail to make such a sharp difference.

For example, Twitter announced this week that users can now send tips over the social media using BTC – a huge use case for the cryptocurrency, which didn’t have a serious reflection on the market.

In any case, it’s very exciting to see how the next few days will shape up. Today’s dip was significant, but it’s worth noting that the long-term on-chain data remains firmly positive, potentially turning this into a buy-the-dip opportunity.

Market Data

Market Capitalization: $1,894T | 24Volume: $131B | BTC Dominance: 42.2%

BTC: $42,459 (-11.1%) | ETH: $2,927 (-19%) | ADA: $2.25 (-7%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin Dipped to $40K Amid Global Stocks Pullback. Bitcoin, as well as the entire cryptocurrency industry, pulled back amid the tumble of global stocks. This was seemingly a consequence of the Evergrande debt crisis going on in China. It causes uncertainty throughout the entire financial market.

Bought The Dip: El Salvador Purchased Another 150 BTC as Bitcoin Dipped to $45K. The first country to formally recognize Bitcoin as legal tender, El Salvador, bought this week’s dip, adding 150 new bitcoins to its stash. This happened as the price pulled back from over $48,000 to $45,000 towards the beginning of the week.

Crypto Trading Now Official in Dubai Following Regulators’ Agreement. The Dubai World Trade Center Authority (DWTCA) announced this week that it has struck a partnership with the United Arab Emirates Securities and Commodities Authority, making cryptocurrency issuance, trading, and regulation completely legal within the DWTCA freezone.

Buying Spree: Third-Largest Whale Buys $170M Worth of BTC in Two Weeks. The third-largest Bitcoin wallet took full advantage of the adverse price actions this week. The entity added over 700 BTC to its collection as the price was decreasing. Now, its total holdings stand at around 112,202 BTC.

Trading and Mining Crackdown in China Escalates: Bitcoin Plunges $3K. Yet another wave of regulatory efforts aimed at furthering the cryptocurrency crackdown came from China this week. The country, once again, reiterated that digital assets are illegal, while also adding that financial organizations and payment companies are banned from facilitating cryptocurrency trading.

PayPal Announces New App That Includes Crypto Services. The leading online payment processor, PayPal, announced a new application that allows for multiple financial services previously foreign to the platform. This also includes certain cryptocurrency capabilities, hence furthering the company’s foray into the world of digital assets.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Avalanche – click here for the full price analysis and overview.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/global-risk-and-china-fud-result-in-a-bitcoin-rollercoaster-the-weekly-crypto-recap/

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China’s Crypto Crackdown is an Opportunity for the US, Says Senator Pat Toomey

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Following today’s events, Senator Pat Toomey says that the ongoing cryptocurrency crackdown in China is a considerable opportunity for the United States.

  • Earlier today, reports revealed further regulatory pressure on cryptocurrencies in China. This time, the country seems to target mining and trading.
  • Although not many of it was new, the announcement triggered a market-wide pullback, sending Bitcoin down to slightly above $40K.
  • Senator Pat Toomey, representing the state of Pennsylvania, said that this might be a big opportunity for the US.

China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage of China.

  • The politician also said that Beijing is “so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades.”
  • Senator Toomey argued that economic liberty is the cornerstone of growth and a higher standard of living for everybody.
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Source: https://cryptopotato.com/chinas-crypto-crackdown-is-an-opportunity-for-the-us-says-senator-pat-toomey/

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