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Ripple is the next big thing: Don’t get fooled by the current XRP price

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There is no doubt that Ripple’s XRP is a unique cryptocurrency that is taking the shape of a protocol more than that of typical virtual currencies. XRP is the default token for Ripple.

Thanks to its unique nature in comparison to some of the other virtual currencies, Ripple (XRP)has succeeded in generating a lot of attention and interest from traders as well as investors.

In current time, hardly a day passes by without some information or news about Ripple (XRP), and as a member of the fast-growing virtual currency universe, Ripplecontinues to enjoy remarkable growth in fortunes.

The five-year-old business venture, which is led by Brad Garlinghouse, Ripple’s chief executive officer, is on the upward trend with its virtual currency, XRP, rubbing shoulders with the likes of Bitcoinand Ethereum.

It is this time we remember Ripple’s audacity last year when it compared itself to revolutionary companies such as Uber and Airbnb; companies that have managed to transform their respective markets

Why Should One Invest in Ripple (XRP)?

Ripple (XRP) Provides a Service

As one of its main strengths, Ripple (XRP)provides to the market a smooth experience when transferring funds globally using the power of its blockchain technology.

According to Ripple, this attribute allows financial institutions and banks to process their client’s settlements anywhere globally reliably, instantly, and almost free of charge.

Ripple Labs trades its digital token, XRP, through exchanges and institutions. In Q3 of last year alone, Ripplemanaged to trade over 53 million US Dollars’ worth of XRP.

Financial Institutions and Banks Require Virtual Currencies

Going by the technological advancements being witnessed globally, banks and financial institutions require vast amounts of liquidity to operate. This is one of the most pressing challenges banks and financial institutions have to face.

However, leading figures within the virtual currency market indicate that virtual assets such as XRP can be the perfect solution and tool to deliver and solve the liquidity problem. Crypto enthusiasts are already investing their money with the hope that banks will adopt a lot of Ripple  (XRP)in the future to become their reserve currency.

Ripple (XRP) is Unique

In comparison to Bitcoin, for instance, Ripple (XRP) is not generated and does not depend on miners or mining. The mother company already generated roughly more than 99 billion virtual tokens.

Almost 55 billion of this number will be dispersed to users. Potential investors will have who wish to invest in Ripple (XRP)are required to have a digital wallet, the same way as other virtual coins such as Ethereum and Bitcoin.

Ripple (XRP) is Gaining Traction

Ripple (XRP)appears to be adopted and accepted by many financial players and exchanges around the globe. As of my last count, 60 exchanges have listed the digital coin on their platforms paving the way for the cryptocurrency to be adopted by financial institutions. Such companies include the likes of MoneyGram and other major financial players.

It is Profitable (for people with lots of patience)

In recent months, it is true Ripple has suffered negative price volatility, but it is in such situations that investors and traders can make money. Also, going by the number of companies that have adopted the token, it is just a matter of time when Ripple (XRP) goes the moon. To be honest, it is hard to tell when, but as things stand, it sooner or later will. Patience is the key.

READ MORE:

Why Ripple (XRP) can jump 100x in value and become the world currency

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Brazilian Authorities Arrest Suspect Of Running Potential Crypto Money Laundering Scheme

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Brazilian police arrested a man that was apparently running a crypto money laundering scheme in Brazil.

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The information was released by the local news site Gauchazh on April 23. As per the report, law enforcement officials shut down a Bitcoin (BTC) mining farm that operated in a clandestine drug laboratory in Porto Alegre.

Suspect Arrested of Running Crypto Money Laundering Scheme

According to the report, police found mining equipment valued at R$ 250,000, close to $63,000. These devices were switched on and running 24 hours a day mining Bitcoin. The room in which the equipment was found had little ventilation and no other security objects to run the operations.

The man claims that he owns the equipment to mine virtual currencies and that he entered the market in order to mine digital assets. At the same time, he said that he is not involved in illicit organizations dealing with drugs. The individual was also accused of stealing electricity to mine virtual currencies. Bitcoin mining requires large amounts of electricityand, depending on its price, it could be profitable or not to perform mining activities.

Adriano Nonnemacher, a police officer, commented:

“The flat is well-hidden. We are going to investigate further. Everything points to a Bitcoin mining operation. They could be exchanging the money and use it to fuel drug trafficking. Here is also a possibility that they are using the funds derived from drug trafficking to buy Bitcoin.”

At the same time, police officers decided to seize the mining equipment that could have entered the country in an illegal way from China.

Bitcoin has been several times linked to illegal activities around the world and in many different situations. However, there are some reports that show that most Bitcoin transactions are not related to illicit and criminal activities.

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New York State Sees First Conviction for Crypto Money Laundering

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A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering.

The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet.

Between 2013 and 2018, the two men sold steroids and other drugs including Viagra across the U.S. via their website “NextDayGear” and on the dark web. They sold over 10,000 packages and accepted payments in cryptocurrency and fiat currency via Western Union, which they then laundered.

Customers usually paid in bitcoin, the Attorney’s Office said, with the defendants laundering the proceeds via one or more “intermediary” cryptocurrency wallets to obfuscate the source of the funds. The bitcoin was then converted to U.S. dollars using a cryptocurrency exchange platform before the cash was deposited into their bank accounts.

Western Union payments, on the other hand, were laundered through the use of false identities or international wire transfers from receivers outside of the U.S..

The duo has now pleaded guilty and faces a jail term of 2.5–7.5 years, with sentencing expected to take place on July 12.

Manhattan District Attorney, Cyrus R. Vance, Jr., said:

“These defendants raked in crypto and cash worth millions on their full-service website that sold prescription-free counterfeit steroids and other controlled substances to customers in all 50 states.”

“Online drug sellers who do business in New York should take note: whether you’re operating in plain sight or in hidden corners of the dark web, my Office has the skills and resources to follow the money, shut down your business, and hold you accountable,” Vance warned.

Just last week, the same DA’s office also indicted three individuals for dealing in drugs and laundering $2.3 million in cryptocurrency by using preloaded debit cards and withdrawing cash at ATMs in Manhattan and New Jersey.

 

source:coindesk

 

 

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Galaxy Digital CTO Out at Novogratz-Led Crypto Fund

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Mike McMahon, chief technology officer at crypto merchant bank Galaxy Digital, has left the firm, CoinDesk has learned.

“I have already left Galaxy Digital and looking for my next opportunity,” he told CoinDesk Wednesday, declining to provide further details.

Galaxy didn’t respond to CoinDesk’s request for comment by press time, but it’s actively looking for McMahon’s replacement, according to a new job posting on LinkedIn.

The CTO should, among other things, “build, coach and provide hands-on leadership to the technology team” an “build a strong partnership with the business to ensure technology is supporting revenue-generating, client-facing business initiatives.”

McMahon joined Galaxy a year ago following a career at traditional financial institutions and mainstream companies, including Bank of New York-Mellon, Morgan Stanley and Goldman Sachs, according to his LinkedIn profile.

He also spent more than two years at ENSO Financial Analytics, a fintech company owned by Chicago futures exchange operator CME Group.

Galaxy Digital, founded by former hedge fund manager Michael Novogratz, is one of the most active investors in crypto startups. In recent months, it backed staking startup Bison Trails and crypto analytics firm CipherTrace.

In January, Galaxy announced it had raised $250 million to “offer loans in U.S. dollars to struggling crypto firms.” Before that, Novogratz signaled his own confidence in the enterprise despite the bear market when he bought 2.7 percent of Galaxy’s shares, increasing his total stake to about 79.3 percent.

Although based in New York, Galaxy Digital is listed on the Toronto Stock Exchange’s TSX Venture Exchange, where it went public via a reverse merger with a pharmaceutical company.

 

source:coindesk

 

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