Bitcoin 

Coinbase Invests Over $1 Million into DeFi Sites

One of the major reasons behind the rapid development of the cryptocurrency space is the presence of crypto exchanges, and Coinbase is one of the most influential exchanges in the world. On Wednesday, the company further strengthened its bets in the decentralized finance (DeFi) applications space by announcing a fresh round of investments. Major Investment Coinbase announced that it has decided to invest a total of $1.1 million in two separate projects through its USDC Bootstrap Fund. This is a major development for the DeFi space and for the crypto…

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Ethereum 

MoneyGram Receives $11 Million Cash Injection from Ripple

MoneyGram (NASDAQ:MGI) has received over US$11 million in the last six months from Ripple in what was described as “Ripple market development fees.” A partnership between the money remittance company and the crypto services firm was first announced back in June when Ripple agreed to provide MoneyGram with US$50 million in order to support its payments product, On-Demand Liquidity, or xRapid, as it is sometimes referred to as. The US$11.3 million sent MoneyGram’s way over the last months is broken up into two quarters, US$2.4 million in Q3 and an…

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Blockchain 

Ripple Criticized for Unlocking XRP Worth $230 Million from Escrow

There is a possibility of traders experiencing a sell-off in XRP after Ripple unlocked another 1 billion XRP, worth around $230 million from its escrow wallet. Ripple Draws Criticism for Unlocking of 1 Billion XRP Ripple’s move has become a common trend that occurs at the beginning of each month, and it has drawn growing criticism every time it happens. There have been questions regarding the amount of XRP the startup has been selling and why is it needing over $200 million each month. Ripple owns over 50% of the…

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Ethereum 

Whale Transfers 31.30 Million Ripple (XRP) to Bitstamp

Over the past year or so, the fintech firm Ripple has come under fire from the XRP community for selling large amounts of the cryptocurrency token. The company holds the highest number of XRP tokens, meaning significant sales at regular intervals have affected the price of the cryptocurrency considerably. In a new development, it has emerged that more than 31 million XRP tokens were sent from an unknown wallet to the Bitsamp exchange. The transaction was announced by a reliable Twitter account named Whale Alert, which tracks big transactions in…

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Blockchain 

FCoin Closes Down, Reveals $130 Million Bitcoin Shortfall

The growth in the crypto space over the past half a decade or so has been primarily fueled by the emergence of crypto exchanges like FCoin, among others. While that may be true, it should also be kept in mind that many such exchanges have floundered due to a variety of reasons, and such a thing has happened with the above-mentioned exchange. Big Blow In a new development, it emerged that the exchange has paused withdrawal and trading due to a significant shortfall in crypto assets. It is a problem…

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Ethereum 

Gemini Launches Crypto Insurance Company with $200 Million Coverage

New York-based crypto-asset exchange Gemini has announced an increase in insurance coverage of its custody platform. The cryptocurrency exchange has increased its custody limit to $200 million. This is the largest cold storage insurance limit for any exchange globally. Gemini Launches Insurance Company This move indicates that Gemini Custody expects the demand for its services to increase. Considering the new coverage and the exchange’s reservation for accredited investors, it seems to now want to target large crypto holders in the future. The company is positioning itself to serve high-end crypto…

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Bitcoin 

Ripple Releases XRP Worth $225 Million From Escrow

Ripple has found itself in the eye of the storm at different points this year for selling a large amount of XRP at regular intervals. The San Francisco-based company is the biggest holder of XRP, the third-largest cryptocurrency in the world by market cap, and hence its actions have a bearing on the price of the token. How Will the Market React? In a new development, it has emerged that the fintech company has released another 1 billion XRP tokens, which are worth $225 million. Despite enjoying such a large…

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Bitcoin 

UPbit Loses $49 Million Worth of Crypto in Major Hack

UPbit, a South Korean-based crypto exchange, has lost 342,000 worth of ether (ETH), accounting for approximately $49 million USD, in a hack earlier today. UPbit Says Investors Assets Are Safe The exchange has suspended its deposit and withdrawal service after confirming in a statement that the assets had been stolen from the Upbeat Ethereum hot wallet to a previously unknown wallet address. UPbit has said that it will cover the losses but added that it may take at least two weeks before the exchange’s services are fully functional again. Any…

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Bitcoin 

Ripple Finalizes $50 Million Investment in MoneyGram

Blockchain service provider Ripple Labs has finalized its $50 million investment in MoneyGram International (NASDAQ:MGI). The money transfer company received the final $20 million from the San Francisco-based firm as part of the commitment made in June 2019. Ripple Completes Investment in MoneyGram In June, the blockchain provider committed $30 million as part of the investment, and now it has completed the transaction. In the latest transaction, Ripple acquired MoneyGram’s newly issued stock at $4.10 per share, which is much higher than MoneyGram’s current market valuation. With the investment concluded,…

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Blockchain 

Canaan Targets $100 Million Through US IPO

One of the most significant developments of the past few months in the crypto sphere has been the potential initial public offering of Bitcoin miner maker Canaan. The company is the second-biggest company in the category, and its IPO is all set to be one of the biggest events in the crypto space this year. In a new development, the company stated that it wishes to raise as much as $100 million from its IPO in the United States. The statement is a bullish one and goes to show that…

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