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Will Ripple Ever Issue a Stablecoin?

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Source: https://cryptobriefing.com/will-ripple-ever-issue-a-stablecoin/

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BitGo Acquires Trust License From New York Regulators

BitGo has acquired a New York Trust license from the New York State Department of Financial Services.

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According to an announcement made by BitGo, the American digital asset custody and security company has acquired a New York Trust license from the New York State Department of Financial Services. The new charter will enable BitGo to provide custodial services for institutional clients in New York, seeking to make large investments in crypto in compliance with local regulations. 

BitGo Acquiring Trust License

BitGo will provide Know Your Customer KYC and Anti-money Laundering Controls with the new license. The security company will also offer offline cold storage of cryptographic keys in bank-grade vaults. 

Mike Belshe, BitGo CEO clarified that the new trust charter from NYDFS will help the company serve the New York-based world’s premier financial organizations. Belshe added  

“The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity, and stability to the crypto ecosystem.”

He also expressed his delight upon receiving the license stating “We are extremely proud to receive the approval for a trusted charter from NYDFS to serve the world’s premier financial organizations that are based in New York State.” 

According to Belshe, Digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity, and stability.

BitGo Application The New York Trust Charter

BitGo applied for the New York trust charter in August 2020 to start operating as an independent and regulated custodian in the state. 

Founded in 2013, BitGo provides institutional-grade storage of cryptocurrencies as well as handling crypto transactions. Backed by Goldman Sachs as well as industry firms like Digital Currency Group and Galaxy Digital Ventures, BitGo has established two new custodial subsidiaries in Switzerland and Germany.  

Last year, BitGo also made headlines due to their partnership with TRON as they launched Wrapped BTC as a TRC-20 token on the Tron Blockchain.

READ  New York Shutting Down Bitfinex and Tether For Hiding Millions of Losses

#BitGo Application #New York trust charter #Trust license from New York #Wrapped BTC

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Source: https://www.cryptoknowmics.com/news/bitgo-acquires-trust-license-from-new-york-regulators

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Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading

Singapore-headquartered digital asset exchange Bybit will suspend its services to UK citizens following the FCA ban on crypto derivatives trading. 

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The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom. 

  • Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported user base of over one million registered clients. However, the firm will seize offering its services to UK-based customers, according to a recent press release
  • The statement informed that all UK users have to close all of their opened positions and withdraw all account balances by 8 AM UTC, March 31st, 2021. Following that date, UK citizens will be “restricted from accessing or performing any trading activities on Bybit.” 
  • Furthermore, the exchange will immediately restrict all new registrations using UK mobile numbers and/or IP addresses. 
  • Bybit’s decision is a direct consequence of a ban on crypto derivatives trading in the UK instituted by the country’s regulator – the Financial Conduct Authority (FCA). 
  • CryptoPotato reported last year that the watchdog planned to prohibit the sale, marketing, and distribution to all retail customers of crypto derivatives and exchange-traded notes (ETNs).  
  • At the time, the FCA described such products as “ill-suited for retail customers due to the harm they pose.” It also outlined that traders are unable to determine a reliable value because of the extreme volatility in the market and inadequate understanding. 
  • Interestingly, though, even the UK population couldn’t stop the FCA from implementing the ban as a survey compiled by the watchdog suggested that over 97% disagreed with the decision. 
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Source: https://cryptopotato.com/bybit-to-cease-services-for-uk-citizens-following-the-fca-ban-on-crypto-derivatives-trading/

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XRP ledger that supports CBDC coming soon

TL;DR Breakdown Central Banks could leverage Ripple’s XRP ledge interoperability. CBDCs continue to gain worldwide acclamation. Ripple undeterred despite legal battle with U.S. SEC. With the world edging closer to the creation and adoption of central banks digital Currencies (CBDC), the Ripple team have announced that it is on course to introduce an XRP ledger […]

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TL;DR Breakdown

  • Central Banks could leverage Ripple’s XRP ledge interoperability.
  • CBDCs continue to gain worldwide acclamation.
  • Ripple undeterred despite legal battle with U.S. SEC.

With the world edging closer to the creation and adoption of central banks digital Currencies (CBDC), the Ripple team have announced that it is on course to introduce an XRP ledger that will support CBDC. This announcement is coming on the back of an ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC).

Brad Garlinghouse, Ripples’ CEO, had previously stated last year that the interoperability feature of the XRP puts the cryptocurrency at an advantage compared with developing CBDCs. He had said in his statement that the CBDCs wouldn’t be a threat to Ripples’ cross border payment system.

The Development of CBDCs

While several nations’ central banks have been making strides towards CBDCs, it appears that the People’s Bank of China (PBoC) currently leads the way. The PBoC digital Yuan has already entered its trial stages as the central bank continues to distribute it to different Provinces, with the latest being Chengdu.

It has been suggested by many calling for worldwide crypto regulation that the introduction of these currencies will assist in this regulation. Thus, many central banks around the world continue to intensify their efforts towards CBDC actualization.

Ripples’ XRP Ledger and CBDCs

However, Ripple has raised concerns over the interoperability of these developing digital currencies. They have suggested the need for open bridges which would be available to optimize the digital assets as regards cost, speed and scalability.

Open bridges would help release capital and support value transfers between digital currencies of different nations, according to Ripple. As such, the crypto giants have proposed the XRP as ideal for bridging national digital currencies.

It is upon this information that Ripple seek to introduce an XRP ledger fully focused on CBDC, in order to provide national central banks with a controlled, secure and flexible solution that will enable them to effectively issue and manage their digital currencies. 

Source: https://www.cryptopolitan.com/xrp-ledger-that-supports-cbdc-coming-soon/

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