Ripple Labs legal director has suggested that US-based banks might consider XRP for payments.
Stu Alderoty, the legal director of Ripple Labs, has apparently claimed that US-based banks could turn to XRP for cross-border transactions. This, after a recent court ruling.
According to a CNBC report on July 17, Alderoty expressed confidence that American banks and financial institutions could start exploring the use of XRP for cross-border payments.
Ripple and XRP: A Change in the Legal Landscape
The recent court decision in Ripple’s case against the SEC has led JPMorgan analysts to conclude that cryptocurrency exchange Coinbase could benefit from this ruling.
According to JPMorgan analysts, the partial decision in the Ripple case was favorable to Coinbase. This determination could have a positive impact on the 13 actively traded tokens on Coinbase, which the SEC has deemed to be securities.
Analysts commented that “The ruling appears on the surface to be a win for Coinbase in its recent lawsuit by the SEC. We see Coinbase in the best position to benefit from the improved confidence and regulatory clarity given Coinbase’s market-leading position and respected reputation in the industry.”
The ruling is favorable for Coinbase since it may be applied to the 13 tokens actively traded on Coinbase, which the SEC alleged are securities in its lawsuit against the company last month, according to JPMorgan analysts.
r/CryptoCurrency Moons Price Soars After Hints of Possible Kraken Listing
The native token of r/CryptoCurrency users on Reddit, known as Moons, saw a sharp rise on Monday. This, after representatives of the Kraken cryptocurrency exchange hinted at the possibility of listing the token on their platform.
r/Cryptocurrency MOONs tweeted the following on July 17:
“Interesting changes to Reddit TOS. Clear separation between Virtual Goods (web2) and Verified Virtual Goods (web3). Virtual Goods: Coins and Awards to be canceled soon. Verified Virtual Goods: Collectible Avatars, Community Points.”
According to data provided by CoinGecko, the price of the token doubled during the day, registering an impressive increase of 50% and reaching $0.21 in the last 24 hours.
Moons are awarded to r/CryptoCurrency users based on their activity on the subreddit; in addition, they can be used for tipping among members of the community.
Binance Cuts Employee Benefits Amid Company Reassessment
Binance has made the decision to cut certain benefits for its employees as part of its efforts to reassess the company. According to a July 17 report published in The Wall Street Journal, Binance has stopped offering reimbursements to its employees for certain expenses. Including the use of mobile phones, gym and working from home.
The company cited the “current market environment and regulatory climate” as reasons for this profit cut. Noting that there has been a “drop in profits.” These changes suggest that additional cost-cutting measures by Binance may be necessary.
Dfinity Foundation Launches $5 Million Grant Program to Boost Artificial Intelligence
The Dfinity Foundation, a nonprofit foundation, has launched a new $5 million grant program aimed at advancing artificial intelligence applications in the realm of Blockchain technology and smart contracts. The program, launched today, will fund the development of decentralized artificial intelligence, also known as “DeAI.”
By Audy Castaneda