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Canary Capital Files SEC Registration for XRP ETF
According to the SEC filing from Canary Capital Group, the Canary XRP ETF will be an exchange-traded product (ETP) with shares that track the value of XRP, the digital asset built on the XRP Ledger. The primary goal of the trust is to offer exposure to XRP’s value while managing operational costs and liabilities. The fund will use the CME CF Ripple-Dollar Reference Rate – New York Variant, which aggregates data from major XRP trading venues, to establish its pricing benchmark.
Fox Business reporter Eleanor Terrett shared the news that Canary has filed an S-1 form with the SEC for the proposed XRP ETF. Terrett also revealed that Canary is a fresh player in the crypto investment space, launched by Steven Mcclurg, the founder of Valkyrie Funds. “We’re seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum – specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP,” a spokesperson for Canary told Fox Business.
The filing emphasizes that the Canary XRP ETF won’t operate like a standard mutual fund or registered investment company, meaning it won’t fall under the rules of the Investment Company Act of 1940. Additionally, Canary Capital Group LLC, the fund’s sponsor, won’t be serving as an investment adviser under the Investment Advisers Act of 1940. Instead, the trust will act as a digital asset trust, allowing shares to be created and redeemed in baskets, which ensures liquidity through authorized financial participants—without direct involvement in XRP trading or custody. Read More
21Shares Calls on EU for Regulatory Clarity To ‘Unlock Crypto Opportunities’ in ETPs
Crypto exchange-traded product (ETP) giant 21Shares is announcing that it’s pushing European authorities for a more complete regulatory framework.
According to a new announcement from 21Shares, the firm is asking the European Securities and Markets Authority (ESMA) to set aside a regulatory framework for crypto assets in Undertakings for Collective Investment in Transferable Securities (UCITS) funds.
21Shares says Europe currently suffers from legal inconsistency between member states, resulting in the allowance of certain UCITS to hold crypto while others have been barred.
The company also argues that a lack of consistency results in investor protection gaps. 21Shares recommends that EMSA establishes clear guidelines to apply across all EU entities.
According to the firm, this would put EU markets in line with Hong Kong and US markets, which have already approved several crypto exchange-traded funds (ETFs). Read More
TON Blockchain Reaches 100M Users Amid Ecosystem Growth
The rise of Telegram-based tap-to-earn games largely fueled TON’s latest surge in active users.
The Open Network (TON), a layer-1 blockchain linked to the social platform Telegram, has attained a new milestone in its history.
According to data from a CryptoQuant analyst, the L1 blockchain reached 100 million unique wallet addresses with non-zero balances. This marks a 95% surge in active users since the start of the year, which was “only” 4.3 million.
TON’s surge in active users stems from its ties with Telegram. Although the social messaging platform initially created the TON blockchain under the name Telegram Open Network, plans to integrate it into its ecosystem fell through, forcing the abandonment of the blockchain project. A new team of developers picked up from where it left off.
Telegram revived its interest in TON in September 2023, launching its crypto wallet on the L1 blockchain. Fast-forward to this year, and various tap-to-earn gaming projects began emerging on Telegram. The catch was that players would perform specific tasks to earn tokens claimable via the TON mainnet.
One of the first clicker games to debut on the L1 network was Notcoin, which attracted millions of users. Other projects, such as Dogs and Hamster Kombat, soon emerged, capturing the attention of millions of people. More Telegram-based games have flooded the social app, welcoming more users to join their ecosystems.
CryptoQuant analyst stressed that Telegram’s ties with TON have helped onboard millions of users into the crypto industry. Read More
Cardano hosts first legally enforceable contract in Argentina
The milestone moment comes 10 months after the country legalized crypto for payments in commercial contracts last December.
Cardano has hosted the first legally enforceable contract on its network signed in Argentina and under the jurisdiction of its courts.
The contract is a loan agreement between Cardano ambassadors Mauro Andreoli and Lucas Macchia for 10,000 Cardano tokens—worth $3,380—payable in four months at a 10% interest rate.
It’s the first time an Argentine court can enforce full payment in ADA from a Cardano contract, Andreoli explained in an Oct. 8 X post.
“We did it, we have just signed the first legally and judicially enforceable contract on the Cardano network, in full compliance with the laws of the Argentine Republic.”
Andreoli and Macchia also signed an accompanying legal document underpinning key details of the loan, including the blockchain and wallet used and the transaction ID. Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
Stablecoin Use Booms in Argentina as Inflation Skyrockets: Report
Argentina still suffers from hyperinflation and citizens in the country are using stablecoins as a result, according to a new report.
Crypto adoption is growing in Argentina, with a correlation between stablecoin use and the devaluation of the country’s currency, according to a new report.
Research released Wednesday by blockchain data firm Chainalysis showed that Argentina’s stablecoin use is among the highest in the region, with the South American country’s share of stablecoin transaction volume at 61.8% of all crypto transactions—higher than Brazil’s 59.8%. Only Colombia landed higher at 66%.
The reason for Argentina’s surging use of such assets, according to Chainalysis, is that people in the country—which has one of the highest rates of inflation in the world—are using stablecoins to get exposure to U.S. dollars.
“[Argentines’] interest in stablecoins highlights the role of crypto in unstable markets and how citizens are able to take better control of their financial futures by embracing cryptocurrency, regardless of official monetary policy,” the report said. Read More
Trump crypto project proposes Aave link in governance proposal
The Trump-backed crypto platform, World Liberty Financial, looks to run as an instance on the DeFi protocol Aave.
The Trump crypto project, World Liberty Financial, submitted a governance proposal to Aave, confirming plans to build on the decentralized finance (DeFi) platform.
In the Oct. 9 proposal, World Liberty Financial said it wants to launch its service as an Aave v3 instance on the Ethereum mainnet, with the protocol acting as the back end to the platform.
It floated giving AaveDAO, a group of Aave tokenholders overseeing the protocol, 20% of the fees it generates and 7% of the supply of the platform’s governance token, WLFI.
The project, backed by former United States President Donald Trump, said running as an Aave instance would boost liquidity for the stablecoins, Ether and Wrapped Bitcoin it plans to host while expanding Aave’s user base.
The proposal revealed that World Liberty Financial would—at least initially—allow deposits in Ether and WBTC, along with the stablecoins USD Coin and Tether. Read More
Blockchain fixes misuse of biometric data — Privado ID founder
Because biometric data cannot be replaced, storing the data requires the highest levels of security, Evin McMullen told Cointelegraph.
Biometric data collected by the tech industry introduces multiple risk vectors to end-users and imposes massive costs on tech companies.
Evin McMullen, co-founder of Privado ID — a decentralized identity project that uses zero-knowledge cryptography — recently explained to Cointelegraph how decentralized blockchains mitigate these risks.
McMullen began by pointing out that biometric data isn’t just processed or stored through traditional Big Tech companies like Google, Apple, or Microsoft. Instead, the data often passes through a complex supply chain of service providers that opine on the validity of certain pieces of data, which exposes user data to multiple third parties. The Privado ID co-founder stated:
"Data should be shared on a need-to-know basis, meaning that whenever possible, we can collect biometrics using our mobile phones, we can keep that data on the device itself so it never gets shared away from the device, never gets connected to the internet, and instead, create a zero-knowledge proof." Read More
Stripe Follows Through on Crypto Payment Support in USDC Following Six-Year Hiatus
Stripe’s reintroduction to crypto comes after a decision to end support for Bitcoin in 2018, where it cited market volatility concerns.
On Wednesday, global payments giant Stripe fulfilled its April commitment to reinstate crypto support, marking six years since it first discontinued Bitcoin payments on its platform.
The San Francisco-based firm has introduced a new payment option that allows businesses to accept USD Coin (USDC) from customers in more than 150 countries, Jeff Weinstein, Stripe’s product lead, announced on Twitter (X).
“Crypto on Stripe is officially back!” he tweeted. “We're rolling this out to hundreds of thousands of US businesses today.”
Support for additional countries is expected to be rolled out in the near future. Decrypt has reached out to clarify that point.
In April, Weinstein announced that Stripe would initially support payments using USDC across Ethereum, Solana, and Polygon networks.
Stripe follows the lead of rival PayPal in offering crypto rails to support transactions after it expanded its services in 2021. PayPal began allowing customers to make purchases at millions of merchants worldwide using its “Checkout With Crypto” feature.
Following that approach, Stripe aims to simplify crypto transactions by automatically converting stablecoin payments into fiat currency and settling them via a merchant's Stripe account. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
