fourth-largest crypto, with lawsuits piling up against Ripple.
As at press time, Litecoin traded at $157.38 with a daily trading volume of about $10 billion. Litecoin is up 0.38% in the last 24 hours. It is now the fourth biggest crypto by market value, standing at $10.425 billion.
READ: XRP in deep crisis, drops 21%
On the other hand, falling crypto asset, XRP at press time traded at $0.226762 with a daily trading volume of $5.4 billion. XRP is down 4.37% for the day, with a market value of $10.3 billion.
READ: KuCoin recovers 84% of Cryptos stolen by hackers
Leading crypto exchanges including, OKCoin, Coinbase, Bittrex, Bitstamp, OSL, CrossTower, and Beaxy are now staying far from XRP, thereby dampening market liquidity in the XRP market as those crypto exchanges listed above recently announced they would suspend trading for XRP, while others will delist XRP entirely.
READ: Ethereum defying law of gravity surges past $1,050
Also compounding hard on Ripple are reports revealing that Tetragon, one of the lead investors in a $200 million Series C funding round for Ripple some years ago, has recently filed a complaint against the firm in court to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon.
READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy
What you should know: Litecoin is a P2P crypto that allows instant, near-zero cost fee to anyone around the globe. It is open-source in principle, as its global payment network is fully decentralized without any central authority.
Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.
The Office of the Comptroller of the Currency (OCC) has provided conditional approval to Anchorage Digital Bank.
The Office of the Comptroller of the Currency (OCC) has provided conditional approval to Anchorage Digital Bank National Association, the first federally chartered digital asset bank in history.
This development was revealed by the federally chartered crypto bank via its Twitter handle.
It tweeted, “Crypto deserves a bank, and we are immensely proud of being approved as the one to set the standard.”
Read the full announcement 👇👇https://t.co/0bvQHtCbCj
— Anchorage (@Anchorage) January 13, 2021
Having such a license places Anchorage Digital Bank firmly on the same regulatory footing as other American national banks in the country.
That said, the Crypto bank will be apple to offer unique services such as sub-custody services within reach for any traditional financial bank that wishes to offer customers access to Crypto assets.
Such a banking charter is the first seen in modern history, as the new Crypto bank continued that saying the banking charter will hinge upon unique requirements:
“As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations.”
Ripple announced via a Job listing site it was looking to hire three central bank technical partner managers.
Ripple, a leading crypto fintech company, is going forward to bring the XRP Ledger to central banks.
Recently, Ripple announced via a job listing site that it was looking to hire three central bank technical partner managers – one for each of its offices in London, San Francisco, and New York.
Whoever fills those highly ranked positions will be mandated to design and deploy central bank digital currency (CBDC) projects.
READ: This is how Cryptocurrency works
Ripple also acknowledged that leading US banks could issue stablecoins on the XRP Ledger:
READ: Ripple’s XRP on a grand slam win, gains 20%
Recall that a powerful financial regulator, through the Comptroller of the Currency (OCC), clarified details on American national banks’ and federal savings associations’ authority in taking part in using stablecoins to conduct payment activities and other bank-permissible functions.
What you should know: Stablecoins are cryptocurrencies created to minimize the price swings that occur in a crypto asset. They are usually pegged to fiat currencies and often exchange-traded commodities.
READ: Crypto owners robbed of 1,150,000 XRP
Stablecoins give owners a sense of security as users can store their assets whenever there is high volatility in the crypto-verse or other financial markets.
In terms of Bitcoin’s level of interest, Nigeria has been adjudged the highest performing nation worldwide.
Nigeria, Africa’s largest economy and home to over 200 million people, has the highest interest in Bitcoin globally.
According to a recent report released by Google, Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google.
READ: Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025 – Goggle/IFC
READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune
READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%
READ: Ethereum Miners earn a staggering $1 million in 1 hour
Unsurprisingly, a significant number of young Nigerians have started utilizing cryptos, in a bid to avoid the numerous challenges faced with the traditional money transfer services, such as high costs and slow speed, amongst others.
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase – a crypto analytic firm, gave key insights on how some Nigerians use cryptocurrency for wealth preservation.
READ: World Bank set to invest over $5 billion in drylands across 11 African countries
“Nigerians use bitcoin not just as a store of value but also as an investment. Its accessibility enables anyone to send and receive bitcoin from any part of the world, unlike getting US dollars for international transactions.
“It is worthy to note that bitcoin is still a volatile asset. The upside of this is that one can make a significant amount of profit in a short time frame,” said Ojieh.
READ: Why intelligent investors are secretly buying Bitcoin
Then, it becomes unsurprising to see leading crypto brands like Binance, FTX, Paxful, Crypto.com, printing their labels in Nigeria, as it is apparently one of the fastest-growing crypto markets in the ever-changing world.
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