In this week of your weekly crypto news highlights:
- 📈 XRP rejoins the Coinbase roster post-legal tussle, promising renewed hope for Ripple.
- 🔐 MultiversX brings on-chain two-factor authentication, revolutionizing blockchain security.
- 🏦 Lens Protocol innovates decentralized social media via Open Actions and ERC-6551 integration.
In the bustling universe of cryptocurrency, where innovative technology often interfaces with complex regulation, a week can feel like a lifetime. Over the past week, the landscape has seen developments ranging from legal battles to technological advancements, including the relisting of Ripple’s XRP on Coinbase, the launch of an on-chain two-factor authentication system by MultiversX, the sudden operational halt of Multichain, and Cathie Wood’s ARK Invest selling off a significant portion of Coinbase shares.
Coinbase Resumes XRP Trading
The first significant event was the relisting of XRP by Coinbase, one of the world’s most prominent cryptocurrency exchanges. The listing came after a tumultuous period for Ripple, the company behind XRP, due to a legal tussle with the United States Securities and Exchange Commission (SEC). The SEC had accused Ripple of selling unregistered securities through XRP tokens.
After several twists and turns in the case, a New York Judge ruled partially in favor of both sides, not entirely determining whether XRP was an unregistered security, but providing some level of legal clarity around the issue. This court ruling seems to have given Coinbase the confidence to relist XRP, sparking optimism for Ripple and its supporters. Following the ruling and the relisting announcement, XRP’s price witnessed a significant uptick. Other exchanges, like Gemini, are also considering the possibility of relisting XRP.
Ripple’s Chief Legal Officer, Stu Alderoty, shared his optimism that the ruling would pave the way for U.S. banks to return to using Ripple’s On-Demand Liquidity (ODL) product. The ODL uses XRP as a bridge between fiat currencies for cross-border payments. This could potentially be a significant milestone for Ripple, reinstating its position in the U.S. market, and could indicate a positive shift in the perception of XRP and other similar cryptocurrencies.
MultiversX Innovates with On-Chain 2FA
Meanwhile, in the realm of technological advancements, MultiversX, previously known as Elrond, introduced an innovative on-chain two-factor authentication (2FA) solution. Called “Guardians,” this solution adds a second layer of security to wallets in the MultiversX ecosystem, providing an additional barrier to scams and thefts.
This development could be a game-changer in the world of blockchain, where security is paramount. The innovation reflects a thoughtful approach to addressing a prevalent issue in the crypto space. If successful, it might inspire other blockchain-based projects to integrate similar security measures, contributing significantly to the overall security and trust in the crypto world.
Multichain’s Operations Halted Amid Legal Trouble
On the flip side, the week was not as rosy for Multichain, a blockchain-based platform that had to abruptly cease operations due to the arrest of its CEO, Zhaojun. The circumstances surrounding the incident, involving suspicious fund transfers, have left many stakeholders in uncertainty. This development underscores the potential legal risks and challenges associated with operating in the cryptocurrency space, where regulatory oversight is increasingly scrutinizing industry practices. The situation also serves as a stark reminder for investors about the volatility and potential downside risks in the world of crypto investments.
Lens Protocol Enhances Decentralized Social Media Offering
Lens Protocol, a decentralized social media project, introduced an upgraded version of its platform. The update comes with a new feature called ‘Open Actions,’ which enables users to execute external smart contract actions directly from Lens content posts. It also integrates the ERC-6551 token standard, allowing NFT ownership to be associated with other assets and interact with applications. This development is a testament to the continuing maturation of decentralized social media platforms and the growing integration of NFTs in various applications.
ARK Cashes in on Coinbase’s Rally
On the investment side, Cathie Wood’s ARK Invest decided to cash in on Coinbase’s recent rally by selling off a substantial portion of their holdings in the company. ARK sold $50.5 million worth of Coinbase shares, capitalizing on a surge in the stock’s price. Despite this, ARK remains one of the most significant shareholders in Coinbase, reflecting its ongoing belief in the potential of the company and the cryptocurrency exchange sector as a whole.
Navigating the Waves of Crypto’s Evolution
As we delve deeper into the dynamics of the crypto market, one can’t help but marvel at the amalgamation of numerous forces at play. The return of XRP to Coinbase indicates the powerful role that legal clarity and regulatory decisions play in the industry’s growth trajectory. It’s a classic example of how a single legal event can significantly influence a cryptocurrency’s status, availability, and market price.
The situation involving Multichain offers a sobering perspective. It reminds us of the potential vulnerabilities and regulatory hurdles that cryptocurrency businesses can face, and the ripple effects such instances can have on stakeholders.
The innovative security measure introduced by MultiversX showcases how technological advancements continue to enhance and secure the user experience in the crypto space. It is a welcome development that seeks to provide users with an added layer of security and could set a precedent for other crypto projects.
Lens Protocol’s upgraded version with ‘Open Actions’ and the integration of the ERC-6551 token standard signifies the industry’s drive towards making decentralized social media more versatile and user-friendly. It also exhibits the potential applications and integrations of NFTs in the growing decentralized world.
Lastly, the actions of ARK Invest underline the role of strategic investment decisions in this fast-paced and often unpredictable crypto market. The move to sell off a portion of Coinbase shares demonstrates how investment firms navigate this evolving landscape, seizing opportunities to capitalize on market trends.
Conclusion
This week saw an exciting blend of advancements and incidents within the crypto space. From XRP’s Coinbase relisting reflecting the impact of legal clarity, MultiversX’s security innovation demonstrating technological evolution, to Lens Protocol’s upgrade emphasizing the growing potential of decentralized social media and NFTs, the dynamic crypto landscape continues to evolve and surprise.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. It is based on sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Investing involves risks, including the potential loss of principal. Past performance is not indicative of future results. Investors should carefully consider their own circumstances and risk tolerance before making investment decisions. The views expressed herein are those of YouHodler as of the date of this report and are subject to change without notice.
