Schlagwort: crypto business

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XRP holds potential despite 16% plunge, expert urges caution

  • XRP drops 16% to $1.76 amid broader cryptocurrency market sell-off.
  • Expert Vincent Van Code links XRP’s past spike to US political optimism.
  • Van Code warns of a global financial reset and advises holding XRP positions.

XRP investors are facing a challenging moment as the digital currency has dropped 16% to $1.76 amid widespread selling across cryptocurrency markets.

The decline reflects broader turmoil, with major cryptocurrencies also taking a hit. Bitcoin values have plummeted more than 8% to $76,000.

The sell-off appears to be part of a larger crypto sector trend, leaving investors questioning their next moves.

Vincent Van Code, a well-known software engineer, has weighed in, expressing confidence in XRP despite the sharp price drop.

He attributes the decline to fear-driven market sentiment rather than any fundamental issues with the token itself.

XRP price spike tied to political optimism

Van Code suggests that XRP’s previous price surge, which saw it rise from $0.54 to $3.40, was largely driven by political optimism surrounding the new US administration’s pro-cryptocurrency policies.

This indicates that the token’s value has been heavily influenced by external political factors rather than solely technical advancements or adoption rates.

Despite the recent fall, Van Code maintains that nothing has fundamentally changed about XRP’s prospects.

He links the current market instability to spillover effects from traditional markets, noting reports of the US stock market losing approximately $6.5 trillion in value over two days last week due to global trade tensions.

This broader economic context, he argues, is amplifying the pressure on cryptocurrencies.

Expert warns of economic reset and market shorting

Van Code connects the ongoing volatility to what he describes as a “global financial reset,” suggesting that the US government’s actions are destabilizing multiple economies as part of a transformative process.

He warns that such sweeping changes often require the breakdown of existing structures before rebuilding, urging investors to brace for further turbulence.

Rather than viewing the decline as a reason to panic, Van Code sees it as potentially deliberate, with influential market players profiting by shorting the market ahead of the drop.

He predicts these investors will soon reverse their positions, potentially triggering a “miraculous” market bounce.

Drawing an analogy to swimming near whales in a stormy sea, he emphasizes the need for strategic patience.

Van Code advises XRP investors against closing their positions, asserting that a significant price recovery remains possible once market conditions stabilize.

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Conor McGregor’s $REAL crypto token flops, raising only $392K

  • Token backed by Animoca Brands and KuCoin Labs.
  • Refunds promised to all investors as presale fails.
  • RWG says the project will continue despite setback.

The recent fundraising failure of Conor McGregor’s $REAL token has sparked broader questions about celebrity-backed cryptocurrencies amid declining interest in meme coins and unstable market conditions.

Despite promotion from the MMA star to his 57 million followers and claims of support from Animoca Brands and KuCoin Labs, the project raised only $392,315 in USDC during a 28-hour sealed-bid auction, missing even the minimum $1.008 million target.

With just 668 participants, the developers at Real World Gaming DAO (RWG) have now promised full refunds and confirmed that the presale does not mark the end of the project.

$REAL presale misses $1M goal

The $REAL token presale was set up to sell 60 million tokens, representing 3% of the total 2 billion supply. At a starting bid price of $0.06, the fully diluted valuation was projected at $120 million.

However, with the minimum raise of $1.008 million unmet, the team confirmed the auction had failed and all funds would be returned to participants.

The presale concluded on April 6, attracting only a fraction of expected investor interest. RWG noted that 668 users took part in the auction, raising a total of just over 10% of the broader $3.6 million target.

Celebrity support falls flat

Despite Conor McGregor’s backing, which included posts across X and Instagram to millions of followers, the token failed to gain significant traction.

McGregor had promoted the project as part of RWG’s gaming and entertainment platform, where $REAL was positioned as a utility token tied to his brand.

According to RWG, the token was meant to be integrated into McGregor’s wider business initiatives.

Supporters included notable Web3 names like Animoca Brands and KuCoin Labs.

However, the promotional campaign coincided with a general decline in interest in celebrity-endorsed tokens and meme coins, particularly following recent controversies involving similar launches.

Social media users and crypto analysts also expressed scepticism, contributing to a lack of participation.

Crypto market adds pressure

The $REAL token launched during a turbulent time for the crypto sector.

Last week, Bitcoin prices declined, US equities pulled back, and meme coin enthusiasm faded after several weeks of rapid speculation.

As investor sentiment turned more risk-averse, new launches—especially those with meme or celebrity ties—struggled to attract attention.

The timing may have played a crucial role in the poor presale outcome, as the crypto market has seen considerable volatility across multiple asset classes.

The RWG team has not yet shared whether a future presale or adjusted strategy is in the works.

Refunds issued, but project remains active

In the wake of the underwhelming raise, RWG issued a public statement confirming that the project is not being abandoned.

Although all participants will receive full refunds, developers suggested that new plans will be announced soon.

The DAO said the failure to meet the fundraising goal was a temporary setback.

While $REAL’s roadmap remains unclear, the team maintains that the project’s ambitions are ongoing.

No revised launch schedule or alternative fundraising strategy has been disclosed at the time of writing.

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Kraken secures Restricted Dealer registration in Canada

  • Kraken secures Restricted Dealer registration in Canada.
  • Cynthia Del Pozo has been named General Manager for North America.
  • Kraken’s Canadian operations have doubled over the past two years, exceeding $2B CAD in assets.

Kraken has secured a Restricted Dealer registration in Canada, marking a significant milestone in its commitment to providing Canadian crypto investors with a secure and regulated trading environment.

This achievement follows a rigorous pre-registration undertaking process with Canadian authorities, which enhanced the company’s governance, security, and compliance protocols to meet the highest industry standards.

Kraken now under the oversight of the Ontario Securities Commission

The new registration places Kraken under the oversight of the Ontario Securities Commission, ensuring that its innovative crypto products are offered within a framework designed to protect consumers and uphold investor confidence.

This regulatory achievement comes at a time when Canada is emerging as a global leader in cryptocurrency adoption, with the country having pioneered initiatives such as the first public Bitcoin ATM in Vancouver and the launch of spot Bitcoin and Ethereum ETFs.

Recent surveys indicate that around 30% of Canadian investors and institutional players have exposure to cryptocurrencies, and a growing number of Canadians view digital assets as a critical component of the financial future.

Also, over the past two years, Kraken’s Canadian operations have witnessed substantial growth. The company has doubled its team size and monthly transacting users while surpassing CAD 2 billion in client assets under custody.

In addition, Kraken now offers free Interac e-Transfer deposits, making crypto investing more accessible and affordable for Canadian clients by reducing transaction costs and eliminating foreign exchange fees.

Cynthia Del Pozo appointed new General Manager for North America

In tandem with the registration in Canada, Kraken has appointed Cynthia Del Pozo as the new General Manager for North America.

With nearly 15 years of experience in corporate development, operations, and fintech consulting, Del Pozo is expected to drive the company’s expansion across Canada. Her appointment signals Kraken’s intent to further strengthen its regulatory, political, and commercial relationships in the region, while continuing to scale its market presence.

Notably, Kraken’s success in obtaining a Restricted Dealer registration not only reaffirms its commitment to regulatory compliance but also positions the exchange at the forefront of Canada’s crypto market evolution.

With a robust regulatory foundation, a new leader at the helm, and a suite of innovative products tailored for local investors, Kraken is well-prepared to capitalize on the expanding opportunities in the digital finance sector.

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Galaxy Digital secures FCA approval to offer derivatives trading in the UK

  • Galaxy Digital says it received approval to offer derivatives trading from the UK’s Financial Conduct Authority.
  • The company will also expand its asset management and investment banking services in the country.
  • Obtaining FCA authorisation is a pivotal achievement for the Galaxy group.

Galaxy Digital Holdings Ltd., a digital asset and blockchain firm, has secured a significant regulatory milestone with approval from the UK’s Financial Conduct Authority (FCA).

The company announced in a press release on April 2, 2025, that its UK subsidiary, Galaxy Digital UK Ltd., had secured a license that allows Galaxy to offer derivatives trading from its London office.

FCA approval for Galaxy’s London-based subsidiary is the latest regulatory milestone for the New York-headquartered financial services firm.

The license adds to its compliance amid global expansion, Galaxy said in the announcement.

Key milestone for Galaxy Digital

Other than derivatives trading capabilities, the license allows Galaxy to expand its investment banking and asset management operations in the country.

The license also gives Galaxy Digital UK the green light to bring its investment banking solution to its customers in the UK via its arm, Galaxy Asset Management.

Commenting on the regulatory milestone, Galaxy Digital chief executive officer for Europe and global head of sales Leon Marshall said:

“Obtaining FCA authorisation is a pivotal achievement for the Galaxy group, as it allows us to deliver innovative trading solutions to institutional clients while maintaining the highest regulatory standards.”

Marshall added that with London now a financial hub, the FCA nod gives the company a new platform to not only expand its footprint but also deliver on its mission to bridge traditional finance and the decentralised finance ecosystem.

According to the Galaxy exec, the UK’s increasingly positive regulatory environment allows for the adoption of crypto products and supports innovation and growth.

“With a strong focus on attracting innovation capital, the UK government has fostered an environment conducive to the growth of transformative technologies like digital assets. This clarity is drawing top talent, investment, and innovation to the region, bolstered by the nation’s deep talent pool, world-class academic institutions, and entrepreneurial spirit,” he noted.

UK footprint

Galaxy Digital is listed on the Toronto Stock Exchange and has a regulatory footprint across North America, Europe, and Asia.

The FCA license is its latest landmark compliance effort, largely coinciding with recent UK moves to strengthen its status as a leading destination for crypto innovation.

In January this year, crypto trading firm and market maker GSR revealed it had secured FCA’s nod to offer crypto trading in the UK.

Like Galaxy, GSR received the approval via its UK subsidiary, GSR Markets UK Limited.

These approvals add to FCA nods for top crypto exchanges and platforms, including eToro, Coinbase, and Kraken.

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Coinbase moves to revive lawsuit against FDIC

  • Coinbase is seeking FDIC docs on crypto ‘pause letters’.
  • The lawsuit has resumed after the FDIC’s transparency fell short.
  • History Associates has also filed a motion to lift a stay in its own FOIA case against the FDIC.

Coinbase, a leading US-based cryptocurrency exchange, has filed a motion in the D.C. District Court to revive its Freedom of Information Act (FOIA) lawsuit against the Federal Deposit Insurance Corporation (FDIC).

The exchange alleges that the FDIC has been withholding critical documents related to its communications with banks about cryptocurrency activities.

Specifically, Coinbase is seeking records tied to the so-called “pause letters,” which reportedly instructed banks to halt crypto-related services, a move the company views as part of a broader effort to stifle the industry.

Why is Coinbase reviving the lawsuit?

This legal action marks the resumption of a case that was initially paused in February 2025 following the appointment of Travis Hill as acting FDIC chairman by President Trump.

Hill had pledged to enhance the agency’s transparency beyond FOIA requirements, raising hopes that Coinbase might obtain the information it sought without further litigation.

The pause reflected an optimistic moment, suggesting a potential shift in the FDIC’s approach under new leadership.

However, Coinbase’s Chief Legal Officer, Paul Grewal, recently expressed to journalist Eleanor Terrett that while cooperation has improved, it remains insufficient, prompting the company to push forward with the lawsuit.

Also, the FDIC’s recent policy shift adds context to Coinbase’s persistence. The FDIC had announced that banks no longer need prior approval to engage in legally permitted cryptocurrency activities, provided they manage associated risks effectively.

However, FDIC reversed the policy, departing from the previous administration’s cautious stance and signaling a more crypto-friendly environment.

However, Coinbase argues that this change does not negate the need for transparency about past actions, particularly what it calls “Operation Chokepoint 2.0”—an alleged coordinated effort by regulators to restrict the crypto sector’s access to banking services.

History Associates has also filed a motion against the FDIC

Coinbase’s lawsuit echoes a parallel legal effort by History Associates Incorporated, which also filed a motion on March 31, 2025, to lift a stay in its own FOIA case against the FDIC.

History Associates claims the FDIC has failed to cooperate in an informal information-sharing process ordered by the court, refusing to provide details about its FOIA practices, such as document preservation and search methods.

Both lawsuits highlight growing frustration with the FDIC’s opacity, despite its promises of openness under Hill’s leadership.

Notably, the stakes are high for Coinbase, as the documents it seeks could reveal the extent of regulatory pressure on banks to limit crypto dealings.

Previous FOIA requests have uncovered letters from the FDIC advising banks to pause such activities, fueling suspicions of a deliberate campaign against the industry.

With the FDIC expected to respond to Coinbase’s motion within two weeks, the outcome could set a precedent for how federal agencies handle transparency in the rapidly evolving crypto landscape.

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