In its predictions for 2023, the Ripple leadership team highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends, as Bitcoinist reported. To drive this agenda, Ripple continues to actively work with the private and public sectors.
One country where Ripple is very active is the United Kingdom. On Thursday, January 26, James Wallis, Vice President of Central Bank Engagements and CBDCs at Ripple will deliver the keynote at a webinar addressing the potential use cases and benefits of a digital pound.
Participating in the discussion will be William Lorenz (co-leader of the Digital Pound Foundation’s use case working group), Chris Ostrowski (CEO and co-founder, SODA), Jakub Zmuda (strategy officer, Modulr), Andrew Dare (CTO banking and financial markets director advisory expert, CGI), Claire Conby (managing director at Billon), and David Karney (head of digital assets, Worldline).
The panel is hosted by the Digital Pound Foundation, which Ripple joined in October 2021. The foundation is focused on the development and launch of a digital pound in the United Kingdom.
The announcement at the time stated that Susan Friedman, Head of Policy, would represent the foundation as a board member to strengthen Ripple’s initiative to participate in “ongoing work to engage with central banks worldwide on technical and policy issues related to central bank digital currencies (CBDCs).”
The panel will focus on what benefits CBDCs offer. To this end, during the webinar, “a number of practitioners” who are testing or implementing real-world use cases for a digital pound will speak and discuss with a panel of experts where CBDCs and privately issued stablecoins can really achieve these goals.
The Role Of Ripple And XRP Ledger In CBDCs
The extent to which the XRP ledger or even the XRP token will play a role in a potential digital pound is as yet unknown. However, Wallis revealed in a recent interview with Tony Edward of the ‘Thinking Crypto’ podcast that collaboration with a variety of players is required to achieve a CBDC.
For this, there is the Digital Pound Foundation in the UK, as well as the Digital Euro Association in Europe, and the Digital Dollar Association in the U.S.
Other major markets are doing similar things. So in Europe, there’s a Digital Euro Association which we are also a member of and working with, and also Digital Pound Foundation in the UK. […] It’s really the private sector trying to encourage the public sector to move a bit more quickly.
Brooks Entwistle, SVP and MD at Ripple, revealed in another recent interview that the company does not intend to implement a solution for every central bank in the world, but is taking a targeted approach.
We’ve realized that we’re not going to solve that problem for every single central bank around the world – we are very targeted.
We found great interest in some of the smaller central banks around the world that are looking for a strategy or a partner, looking for a technology, a side blockchain, some ideas how to go about this.
When asked if central banks are interested in the RippleNet or the XRP Ledger, Entwistle disclosed that “[t]hey want to use technologies that will help them and their own citizens. We don’t believe there is one solution for all these central banks,” he said.
Entwistle further explained:
There are places where we can play, maybe with a sidechain to the XRP ledger. We may help with the interoperability across this, but it’s going to be different for every single central bank.
At press time, the XRP price was at $0.4219, seeing a retest of $0.42 which has turned to support for cryptocurrency.
Featured image from Adam Wilson / Unsplash, Chart from TradingView.com
Bitcoin Has Entered Into The Early Bull Phase — Crypto Pundit Avers ⋆ ZyCrypto
Ki Young Ju, the CEO of data analytic firm CryptoQuant is convinced that Bitcoin is on the cusp of a major lift-off as crypto traders continue to switch from a risk-off to risk-on mode.
Earlier yesterday, Young tweeted that Bitcoin had “entered into the early bull phase”, suggesting that the top cryptocurrency by market capitalization could be preparing to push higher. Despite plunging by roughly 77% on the back of macroeconomic headwinds and a wider route in the crypto industry last year, Bitcoin has had a good run so far this year. This month alone, the crypto asset’s value grew over 40%, fully recovering from the FTX-induced sell-off and perching above levels last seen in August.
According to Young, whereas the asset’s price could pull back following the recent pump, there is a higher chance that it will continue to rise as various metrics turn positive. Highlighting the MVRV ratio, a profit and loss indicator that measures if the bitcoin price is undervalued or overvalued, the pundit noted that most investors were still underwater, reducing the incentive to sell.
Typically, when MVRV is above 3.7 (red area), bitcoin is said to be overvalued (market tops), and when it is below 1 (green area), bitcoin is said to be undervalued (market bottom). Recently the MVRV indicator moved above 1 (1.07), signalling the beginning of a bull cycle.
In Young’s words;
“No one would want to sell here at a significant loss. If someone sells a lot, it’s highly likely forced & unwanted selling due to bankruptcy, government-seized coins, etc.”
On Wednesday, Young also stated that there was a likelihood that wealthy investors would purchase struggling US-based Bitcoin (BTC) mining companies and their crypto holdings at a discount this year, preventing further miner capitulation. According to him, such acquisitions would significantly remove systematic risks associated with the mining sector, igniting a bullish storm for BTC and other cryptocurrencies.
“BTC miner capitulation might play out differently this time. Less likely, but it could be bullish if someone(s) acquires US-based Bitcoin mining companies and their crypto holdings at a significant discount this year,” he said.
Notably, the total supply of BTC in loss hit a 9-month-low this week, the lowest since April 2022, when Bitcoin was trading in the $40,000 range. Cryptoquant noted that “every time the supply in loss reaches values above 50%, capitulations occur, and price bottoms can be identified along Bitcoin’s history.” Currently, 32% of Bitcoin’s total supply is in loss after dropping from about 55% a month ago.
At press time, Bitcoin was trading at $23,049, up 0.14% in the past 24 hours, according to data from CoinMarketCap.
FTX Attorneys To Drag SBF’s Parents And Brother In Questioning About Their Personal Wealth
The tragedy of FTX appears to be becoming more personal, as the bankrupt exchange’s legal counsels are now seeking to drag the founder’s family members and grill them about how they established their affluence.
In a court filing, FTX attorneys requested that Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, testify under oath and produce financial papers regarding their personal fortune as part of the company’s effort to reclaim funds that may be used to repay creditors.
Gabriel, the brother of former FTX CEO Bankman-Fried, will also be questioned in court over any financial benefits he may have gotten from the company.
SBF, although being collaborative to the point of spending the rest of his life in prison, has neglected to provide federal prosecutors with all the necessary information regarding the diverted money, resulting in the current situation.
Lawyers Seek Answer From SBF Family If They Received Money From FTX
In light of claims that FTX shifted billions of dollars in investor cash to prop up his Alameda Research trading unit, federal authorities have accused him with fraud. SBF entered a not-guilty plea.
According to reports, other FTX executives may be subject to the same inquiry in an attempt to locate assets associated with the bankrupt cryptocurrency exchange.
Sources also have it that Bankman-Fried’s mother provided tax advice and recruitment assistance to FTX personnel.
FTX former CEO, Sam Bankman-Fried. Image: CNA.
Reportedly, his father served as a tax counsel to employees of the company and provided recommendations for the appointment of the company’s legal team.
Supposedly, Gabriel established a lobbying group and housed its operations in a mansion worth several million dollars not far from the U.S. Capitol.
It has been stated that his mother and brother are not helping with the investigation that is currently taking place into FTX.
Reuters reported in November that Bankman-Fried’s parents were signatories on a $16.4 million residence in the Bahamas, which was designated in property records as a “holiday home.”
FTX Owes Thousands Of Creditors Money
SBF faces eight criminal counts, including violations of campaign finance regulations and wire fraud. Since his extradition from the Bahamas to the United States, he has been under house arrest at his parents’ home. His trial is scheduled to commence in October.
After the collapse of the once-powerful cryptocurrency exchange in November, newly released bankruptcy records revealed thousands of creditors to whom FTX owes funds.
Wall Street stalwarts like JPMorgan and Goldman Sachs were included on the 116-page list of creditors, which also included firms, charities, people, and other institutions.
Crypto total market cap at $996 billion on the daily chart | Chart: TradingView.com
Meanwhile, FTX has opposed to a request from the U.S. Department of Justice for an independent inquiry into the company’s collapse, claiming that it is already conducting a comprehensive review that includes family members of SBF.
FTT, the native token of the FTX cryptocurrency exchange, had risen by 185% over the last 30 days.
At the time of writing, the altcoin was trading for $1,940, a decrease of approximately 22% from its previous price of $2,4.00.
-Featured image: Novel Suspects
Kraken Appoints CJ Rinaldi as Chief Compliance Officer
New CCO brings three decades of financial services experience
SAN FRANCISCO – Jan. 24, 2023 – Kraken, one of the world’s largest and most-trusted crypto platforms, today announced the appointment of CJ Rinaldi as Chief Compliance Officer. CJ’s decades of experience, both in traditional and decentralized finance, will further strengthen Kraken’s compliance program amid a fast-evolving regulatory landscape.
“To accelerate the adoption of cryptocurrencies around the world, Kraken must continue to navigate an increasingly complex regulatory landscape,” said Kraken’s incoming CEO David Ripley. “CJ’s impressive international career in both the private and public sectors positions us for continued success in meeting global compliance needs.”
CJ was previously Chief Compliance Officer at Blockchain.com, where he was tasked with building out global compliance frameworks and mitigating compliance risk for the firm. Prior to that, CJ had several roles at Deutsche Bank, including Chief Compliance Officer for its swap dealer and US broker dealer. He also served as Head of Business Line Anti-Financial Crimes Compliance supporting its investment bank, where he led a global team tasked with mitigating financial crime risk, implementing procedures and controls through effective and efficient operational solutions.
“Kraken’s commitment to security and transparency while building world class products and services makes it the gold standard in an industry that’s shaping the future of finance. It is trusted players like Kraken that will help ensure the crypto ecosystem operates within all regulatory frameworks” says Rinaldi. “I am excited to grow Kraken’s data-driven approach to compliance, ensuring the protection of both the company and its clients.”
Prior to Deutsche Bank, CJ worked at UBS Investment Bank in multiple roles, including as Global Head of Client Infrastructure. He also served as Senior Counsel in the Enforcement Division of the U.S. Securities and Exchange Commission.
For more information, please visit kraken.com or reach out to [email protected].
Kraken is one of the world’s longest-standing digital asset platforms. Globally, Kraken clients trade more than 200 digital assets and 8 different national currencies, including GBP, EUR, USD, CAD, JPY, CHF, AUD and AED.
Kraken was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. In 2022, it launched a custodial NFT marketplace. Kraken is trusted by over 9 million traders and institutions around the world and offers professional, round-the-clock online support. Kraken was the first company to have ever conducted a Proof of Reserves audit and has since committed to undergoing Proof of Reserves on a regular basis.
Kraken is backed by investors including Tribe Capital, SkyBridge, Hummingbird Ventures, Blockchain Capital, Digital Currency Group, among others.
Kraken markets can be monitored and traded through the Kraken iOS and Android apps, and through the Cryptowatch iOS, Android and Desktop apps.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. For more information, please see our Terms of Service.
- Crypto News1 year ago
Kryll (KRL), LCX (LCX) SUKU (SUKU) and OriginTrail (TRAC) are launching on Coinbase Pro
- Blockchain1 year ago
DeSo Announces $50 Million In Funding for Developers
- Blockchain1 year ago
DeSo | Decentralized Social Media Network
- Bitcoin1 year ago
Simple Analogy Explains How Bitcoin Works
- Blockchain1 year ago
DeSo : Decentralizing Social Media Apps
- Crypto News1 year ago
Unpacking The DESOlaters with William Laurent
- Crypto News1 year ago
Multichain Metazens Emerged In The Metaverse
- Blockchain1 year ago
How to Get Free DeSo Crypto