In a solid, if unspectacular week for news, let’s take a look back at the top stories from the forex, fintech and crypto spheres in our best of the week segment.
AvaTrade Eyes London IPO at £700 Million Valuation
Topping the forex news this week were reports of AvaTrade, the Dublin-based forex brokerage, eyeing a London IPO.
Reports suggested the listing at London stock market might see the online trading platform valued between £500 million and £700 million.
AvaTrade has picked JP Morgan and Jefferies to lead preparations for its floating, which could come within months.
Read more on the AvaTrade IPO here.
Cryptocurrency Exchange Coinbase Sees Massive Bitcoin Outflows
As Finance Magnates reported on Wednesday, Coinbase, one of the largest cryptocurrency exchanges in the world, saw massive Bitcoin outflows.
Nearly $1 billion worth of BTC has left the digital exchange in just 24 hours. Almost 14,600 Bitcoins left Coinbase in a single day.
BTC’s supply at leading digital exchanges reached its lowest level in more than 2 years.
Read more on the Bitcoin Outflows here.
Ripple’s XRP Relist Campaign Gathers Steam on Twitter
The week kicked off with a social media campaign to get XRP relisted at exchanges.
The hashtag ‘RelistXRP’ began trending on Twitter in many countries as thousands of accounts dedicated mostly or entirely to XRP continued to flood the social platform for the second consecutive day.
XRP enthusiasts’ latest campaign comes as a discovery hearing in the SEC ongoing lawsuit against Ripple produced ‘surprise bombshells’ in favor of the blockchain firm.
There is now a new hope among XRP fans that crypto platforms could lift their ban on XRP trading, even before a final ruling from the court.
Read more on the XRP Relist Campaign here.
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XRP Is a Bridge Currency for CBDCs, Ripple’s Whitepaper Says
XRP is a neutral bridge currency for CBDCs, according to the latest whitepaper released by Ripple. The company has released a whitepaper on the future of central bank digital currencies (CBDCs).
Dubbed ‘The Future of CBDCs‘, the report highlighted the growing need for an effective way for governments around the world to pay benefits or stimulus money directly to citizens, especially the unbanked. Ripple also mentioned the importance of neutral bridge currencies like XRP for CBDCs.
Read more on the Ripple Whitepaper here.
FINRA Slaps $275K Fine on Citadel Securities for Reporting Violations
The Financial Industry Regulatory Authority (FINRA) has fined market-making and execution services provider, Citadel Securities $275,000 for lapses in regulatory reporting. The self-regulatory body additionally issued a censure order against the company.
The official order issued on Thursday detailed that Citadel Securities had multiple issues while reporting Treasury transactions with the Trade Reporting and Compliance Engine (TRACE) from July 2017 through October 2019.
Read more on the FINRA Citadel Securities fine here.
Cryptocurrency Theta Beats Chainlink, Enters Top 10
As Finance Magnates reported on Tuesday, Theta, the cryptocurrency of blockchain project Theta Network, has jumped above Chainlink in terms of market cap.
The digital asset is now the 10th largest cryptocurrency in the world with a market cap of more than $11 billion.
Theta started this year with a price level of $1.9 billion. The cryptocurrency registered a jump of more than 500% in the last 12 weeks and was valued on Tuesday at $11.2 billion.
Read more on Theta here.
Tesla’s Bitcoin Announcement Turns Negative for Cryptocurrency Market
Within 24 hours of Elon Musk announcing that Tesla products are available for purchase through Bitcoin, the world’s largest cryptocurrency lost nearly 5% of its value.
The total market cap of Bitcoin dropped below $1 trillion for the first time in seven days. Ethereum dipped below $1,600 for the first time in nearly two weeks.
Read more on the Tesla announcement and bitcoin drop here.