An oversubscribed funding round has netted the Mintable nonfungible token (NFT) minting platform and marketplace a cool $13 million.
The Series A funding round for the Singapore-based startup included some big name participants including Ripple, mobile and blockchain gaming developer Animoca Brands, and Metapurse, the world’s largest NFT investment fund.
Ripple put out an announcement stating that Mintable plans to integrate the firm’s own blockchain, XRP Ledger (XRPL) which it says is already carbon neutrale and is “ideally suited to deliver a seamless experience for NFTs”.
“Its environmentally friendly attributes will allow billions of NFTs to be minted, bought and transferred on the XRPL in a sustainable way.”
The platform, which was launched in 2018, has minted more than 700,000 items over the past year enabling the establishment of a growing catalog of unique items, such as digital art, music, collectibles, and gaming items.
Mintable has sold and auctioned works by various Grammy-Award winning artists and high-profile artists, celebrities, and sports professionals and implemented a unique gas-free minting feature that allows users to create their NFTs without being burdened by high network fees.
In an announcement on July 1, Mintable stated that it will use the funds to focus on scaling its operations and boosting its growth and user acquisition initiatives.
General Manager of RippleX at Ripple, Monica Long, stated it had invested in Mintable due to a shared vision for cost-efficient and sustainable NFTs:
“Accelerating the growth of this creator economy starts with an infrastructure that removes the barriers to entry — such as high gas fees and environmental costs of creating NFTs — faced by many today.”
In late April, NFL Jacksonville Jaguars quarterback Trevor Lawrence sold a NFT collection on the platform for over $400,000. In March, a NFT representing a 50% share in a St Louis home was put up for auction on the Mintable platform.
Ripple Forecast and XRP/USD Analysis October 22, 2021
XRP/USD are trading at 1.1195 and continue to move within the correction and bearish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $52,000,913,021. Moving averages indicate a short-term bullish trend for Ripple. Prices are again pushing the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 1.1305 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.8655.
Ripple Forecast and XRP/USD Analysis October 22, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 1.2805. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 1.5005. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.9705.
Ripple Forecast and XRP/USD Analysis October 22, 2021 implies an attempt to test the resistance level near the 1.1305 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.8655. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.2805 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.5005.
Ripple CEO Claims Ether Surpassed XRP Because of SEC
Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse
During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:
Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.
Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.
In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.
Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.
Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:
If laws are so clear, then let’s just say the answer to these questions.
He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.
The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:
We are growing a lot more outside the United States.
China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.
Here’s how Ripple is expanding its footprint in Asia Pacific
Ripple is partnering with another company in Singapore to expand its services for cross-border payments in the Asia Pacific. The new partnership is aimed at expanding RippleNet’s footprint in the region by offering the fundamental infrastructures for cross-border payments for banks.
Ripple had a plan to acquire a 40% stake in Tranglo company, and the new partnership follows that intention. The first country to receive the results of the new partnership in the Philippines, and new corridors will be launched after that.
Providing the Structure for Cross-Border Payments
There are many opportunities in the Asia Pacific area for companies that are solving payment challenges. Cross-border payments are among the essential needs of banks and citizens in that region because many of the people work abroad and help their companies by sending money from other countries.
Ripple is among the most active blockchain companies that have a considerable focus on this area. The RippleNet solution has helped many big banks launch corridors for cross-border payments, and the new partnership with the Tranglo company is aimed to expand these services.
Tranglo will launch its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines in six months as the first result of the partnership with Ripple. More corridors will be introduced in the coming months. The Philippines is a very good target region for this partnership because this country is the third-largest remittance-receiving country in Asia.
Tranglo is among the best companies in East Asia, helping cross-border payments for citizens. It has supported existing RippleNet corridors in the Asia Pacific before. Companies like BKK Forex, DeeMoney, and Siam Commercial Bank use Tranglo services. These new connections help the company process more currencies in the region.
Ripple execs believe the Singapore company can help them very well in expanding footprints in the Asia Pacific region. Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:
“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”
New partners using the RippleNet solution for payments means more customers for Ripple. It always has been a great goal for the company, and it seems to be working based on numerous partnerships. All of these incidents can help the XRP coin, too, by increasing the demand.