Cryptocurrency
Buyers storm into XRP, gains 10% in 7 days
XRP has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
In recent days investors are now trooping into the fourth most valuable crypto at an alarming rate.
At the time of writing, XRP traded at $0.257563 with a 24-hour trading volume of $1,669,200,118. XRP price is up 9.9% in 7 days. It has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
READ: Banks’ stakeholders express 4 main concerns bothering the sector right now
Although like the other cryptos, XRP has a long way to go to make it back up to its early 2018 highs. What’s interesting in the metric stated above is the increase in buying volume that shows high buying pressures.
The fast-moving crypto has been fighting to stay above $0. 25 in the last few days. It does show that the sellers have built a resistance around that price level.
READ: Ripple Whale transfers 20,000,000 XRP to Binance
What you should know: Ripple owners of XRP is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet).
- XRP is the digital token that has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
- XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil
- Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
Explore Data on the Nairametrics Research Website
Why it seems Ripple has a future
Economic historian, HSBC Holdings Plc, recently explained that cryptos should not just be considered for speculative reasons, as leading crypto assets have shown characteristics of being tangible assets. He said:
“I don’t think that thinking about crypto as speculative investments is really a long-term viable business model. Speculative investments have come and gone throughout history. Tulips came as a speculative investment and they went. [Digital assets] that provide actual tangible services like cross-border payments are the ones that are likely to have legs.”
Cryptocurrency
#EndSARS: Feminist Coalition raise Cryptos worth $126,000
Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.
Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.
Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.
READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days
The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.
READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments
October 21st, 2020. pic.twitter.com/UCPquA4Vbc
— feministcoalition (@feminist_co) October 21, 2020
Why this matters
- The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
- Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
- Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.
READ: #EndSARS: How Nigerian football players have reacted
The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.
Its core focus is on education, financial freedom, and representation in public office.
Explore Data on the Nairametrics Research Website
Cryptocurrency
Tether opens up 300,000,000 USDT
Tether’s Treasury minted a whopping 300 million USDT.
Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.
The latest development is that Tether treasury minted a whopping 300 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.
READ: Large BTC entity transfers over $100 million worth of Crypto
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (299,180,785 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) October 21, 2020
READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion
At the time of this report, Tether traded at $0.999746, with a daily trading volume of $33,341,910,985. USDT price is flat in the last 24 hours. It has a circulating supply of 16 Billion coins and a max supply of 10.2 Billion coins.
To show how fast the third most valuable crypto by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed Tether transaction volume increased by around 20% over the past 30 days, to reach that new cumulative milestone.
READ: 2 TRON whales transfer over 120,000,000 TRX
What you should know
Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
READ: Ripple Whale transfers 20,000,000 XRP to Binance
Backstory
Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.
Cryptocurrency
Paypal to offer Cryptos by early 2021
This offering was made possible through a partnership with Paxos Trust Company
PayPal Holdings, Inc. on Tuesday announced it will be providing its users the opportunity to buy, hold and sell cryptos directly from their PayPal account by early next year.
It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases at its 26 million clients globally.
READ: Chatbot provider, eBanqo, builds value system for customer-facing organisations
In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of ;
- financial inclusion and access,
- efficiency
- speed
- resilience of the payments system
- and the ability for governments to disburse funds to citizens quickly.”
READ: Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.
Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.
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PayPal was also granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), In a statement credited to Linda A. Lacewell, superintendent, NYDFS, she said; “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”
She continued, “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”
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Mayowa Sheriffdeen
October 11, 2020 at 4:44 pm
Good evening sir,my name is Mayowa Sheriffdeen from Oyo State,sir how can I buy tether online without using debit card? Thanks.