It’s that time of the week again where we take a look back at the biggest news stories from the worlds of forex, fintech, and crypto in our best of the week segment.
Ripple to Support Central Banks through a Private Version of XRP Ledger
Ripple announced this week that the company is testing a private version of the XRP Ledger to support central banks in the issuance of central bank digital currencies (CBDCs). The company mentioned that the CBDC Private Ledger is built for payments.
According to the official announcement, the CBDC Private Ledger is based on the same blockchain that powers the XRP Ledger.
Read more on the Ripple XRP Private Ledger here.
Ripple Is Growing in Asia, Says Brad Garlinghouse
Staying with Ripple, during an interview with Reuters, Ripple CEO Brad Garlinghouse said that Ripple’s business is growing in Asia and specifically in Japan due to regulatory clarity in the Asian markets. He added that the activity of XRP liquidity has grown significantly outside the United States during the last few months.
Garlinghouse said that despite the lawsuit, the company has not experienced any fallout in its Asia Pacific business.
Read more on the Garlinghouse interview here.
PayPal Bids $500 Million to Acquire Crypto Startup Curv: Report
Payments giant PayPal is considering acquiring startup Curv, which offers secure storage for cryptocurrencies, for hundreds of millions of dollars.
Multiple anonymous sources have confirmed to various media outlets about the possibility of the acquisition deal. However, neither PayPal nor Curv officially made any confirmation.
Sources are divided on the amount which PayPal is offering the crypto startup. While one is outlining that the deal could be closed for anywhere between $200 million and $300 million, another is expecting the offer to be as high as $500 million.
Read more on the PayPal Curv Purchase here.
FD7 Ventures Sold Bitcoin Holdings to Buy $380M Worth of Cardano
Dubai-based crypto investment fund FD7 Ventures said it has completed the purchase of $380 million worth of Cardano (ADA) tokens using the funds it collected from selling its Bitcoin holdings.
The news comes shortly after the firm launched a micro-fund that will focus on investments in projects building out on Cardano (ADA) and Polkadot (DOT). Additionally, the investment fund opened a new office in Bengaluru, a city widely regarded to be the IT hub of India.
Read more on the FD7 Ventures Cardano purchase here.
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Bitcoin Whale Moves 7,073 BTC to Unknown Wallet
Bitcoin whales are on the move again as an anonymous user transferred 7,073 BTC to an unknown wallet on 27 February. The move came after Bitcoin crashed from $58,000 to as low as $44,000 in the last few days.
According to the blockchain tracker and crypto analytics platform, Whale Alert, the total value of the transaction stood at around $337 million. The latest transfer was recorded on blockchair.com and the user paid a total of 0.00011920 BTC ($5.65) in transaction fees.
Read more on the Bitcoin Whale movements here.
Argo Blockchain CEO Starts Receiving Salary in Bitcoin
London-listed Argo Blockchain (LON: ARB), a crypto mining company, announced that its Chief Executive Officer, Peter Wall, will receive his salary in Bitcoin from March 1, 2021.
According to Wednesday’s filing with the London Stock Exchange (LSE), the mining company has made a provision for any of its employees to opt-in for receiving their salaries in Bitcoin.
Read more on the CEO Bitcoin salary here.
AxiCorp Settles Australian Financial Services License Issue with ASIC
AxiCorp, a multi-regulated financial broker, announced this week that the Australian Securities and Investments Commission (ASIC) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) on 15 February 2021.
Axi said that both parties have agreed on license conditions to ensure and maintain a strong compliance culture in the broker.
Read more on the AxiCorp ASIC settlement here.
iFX EXPO Live Event Announced for Dubai
After a long lull in live events, there is exciting news from Ultimate Fintech. The brand will host its popular iFX EXPO in Dubai this year.
The eagerly anticipated iFX EXPO will take place at the exclusive 5-star Grand Hyatt Hotel, Dubai from 19-20 May 2021 and is set to connect high-level executives in financial services and fintech from around the world.
This will be a live event giving attendees the chance to get back to face-to-face networking in a well-organised and COVID-secure environment.
Read more on the iFX Dubai Expo here.