Monat: August 2023

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Rocket Pool soars after Coinbase’s purchase of RPL tokens

  • Rocket Pool price soared nearly 10% after Coinbase Ventures’s purchase of RPL tokens.
  • The Coinbase venture arm announced the strategic investment on Thursday.
  • RPL rose to highs of $29.25, with over $15 million traded in 24 hours as volume spiked 75%

Rocket Pool (RPL) price soared nearly 10% on Thursday to trade at intraday highs of $29.25 on the crypto exchange Coinbase. The token’s 24-hour trading volume rose 75% to over $15 million.

The price of the decentralised Ethereum staking protocol was around $28.45 at the time of writing, still up roughly 7% after a slight drawdown following broader crypto reaction to the US inflation data release.

Why did Rocket Pool price go up today?

Rocket Pool is a liquid staking protocol on Ethereum that has increasingly become popular across the ecosystem. Its website shows the protocol has over 779,800 ETH staked and more than 3,110 node operators. According to data from DeFiLlama, only Lido and Coinbase have more TVL than Rocket Pool among liquid staking platforms.

The native RPL tokens are used for incentivizing ecosystem users and for governance purposes. The RPL price surge today came after a major announcement related to the token.

On Thursday, Coinbase Ventures – the investment arm of US-based crypto exchange Coinbase, announced it had made a strategic investment in Rocket Pool. This was done via a purchase of RPL from the Rocket Pool team, Coinbase Ventures wrote on X (formerly Twitter).

The investment follows the Coinbase unit’s move to join Rocket Pool’s Oracle DAO and the unveiling of Base, the crypto exchange’s layer-2 platform. Highlighting the collaboration with Rocket Pool, the Coinbase team said the investment is part of the push to scale Ethereum’s infrastructure and bring the next billion users to the ecosystem.

“We know the Rocket Pool team shares this belief and we’re delighted to support them via active participation in their Oracle DAO and using ETH from our corporate balance sheet to operate several hundred nodes on the Rocket Pool network,” they wrote on X.

The post Rocket Pool soars after Coinbase’s purchase of RPL tokens appeared first on CoinJournal.

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Gemini lists XRP, opens token deposits

  • At press time XRP token was trading at $0.6294, down 3.97% in 24 hours.
  • Only XRP deposits were possible at the time of writing.
  • The exchange has promised to open XRP trading soon.

Gemini, a cryptocurrency exchange, has announced that it will support the XRP Ledger (XRP) blockchain, adding it to a growing list of supported networks. The exchange has opened token deposits with trading expected to start soon be possible.

The news has however done little to stop the bearish trend that has seen the XRP token price drop by over 6% in the past seven days.

Why Gemini listing is a great plus for XRP

The XRP token was delisted by all cryptocurrency exchanges when the United States Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple Labs for what it stated as selling a security without the required registration. However, exchanges have been lining up to relist XRP after Ripple won the case.

Gemini is known for having strict listing requirements, and many cryptocurrencies have struggled to meet them. Therefore, this news is encouraging for the XRP community after the recently won battle against the US SEC although there are speculations that the case could be appealed.

With Ripple (XRP) now available on Gemini Exchange, it is poised to reach a wider audience of investors and traders leading to increased liquidity and trading volume for the cryptocurrency. Besides its widespread acceptance across the crypto space, Ripple has also been working extremely hard to gain acceptance in the traditional financial world.

The post Gemini lists XRP, opens token deposits appeared first on CoinJournal.

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Binance Labs commits to a $5M investment in Curve DAO tokens

  • Binance Labs is offering support to Curve after the recent hack.
  • The investment is part of recent OTC deals done by Curve founder with notable figures in the crypto space.
  • Curve Finance is later expected to deploy to the Binance-backed BNB Chain.

The venture capital and incubator division of the cryptocurrency exchange Binance, Binance Labs, has agreed to invest $5 million in Curve DAO (CRV) tokens.

The collaboration, which will also see Curve Finance deploy to the Binance-backed BNB Chain, was announced by Yi He, co-founder of Binance and head of Binance Labs.

The investment seems to be a part of recent over-the-counter (OTC) transactions that Curve founder Michael Egorov conducted with prominent individuals in the cryptocurrency industry. Among them, Justin Sun, the founder of Tron, purchased 5 million CRV tokens for $2 million, while Huobi co-founder Jun Du purchased 10 million.

Binance support to Curve DAO after the hack

Yi He has stated that Binance Labs pledges its full support to Curve through investment and a strategic partnership in light of the recent developments that have had an impact on the protocol. The Binance co-founder went ahead to state that they see this collaboration as a beginning and are eager to continue working together to advance the development of the DeFi ecosystem.

According to on-chain data gathered by Spotonchain on Dune Analytics, Michael Egorov has sold more than 156 million CRV tokens so far for a total of $46.4 million. According to DeBank, the transactions appear to be strategically intended to lessen the potential liquidation risks that Egorov may face across numerous decentralised finance platforms as a result of a $50 million stablecoin loan he had taken earlier.

The post Binance Labs commits to a $5M investment in Curve DAO tokens appeared first on CoinJournal.