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Ripple and Archax Introduce First-Ever Tokenized Money Market Fund on the XRP Ledger
Ripple said that it will allocate $5 million into tokens on abrdn’s Lux fund as part of a larger allocation to RWAs on the XRPL from various asset managers.
According to the official press release, Ripple plans to tap the growing potential of tokenized finance, as highlighted by McKinsey’s data, which estimates over $1 billion in assets under management for tokenized money market funds and projects the total value of tokenized assets to reach $16 trillion by 2030.
As part of the latest collaboration, Ripple has allocated $5 million to tokens linked to the abrdn Lux fund. This allocation forms part of the company’s broader strategy to invest in RWA projects using the XRPL and to encourage institutional adoption of blockchain technology.
Commenting on the development, Markus Infanger, Senior Vice President, RippleX said,
“The arrival of abrdn’s money market fund on XRPL demonstrates how real-world assets are being tokenized to enhance operational efficiencies, while further reinforcing the XRPL as one of the leading blockchains for real-world asset tokenization.”
Ripple and Archax expanded their collaboration in June, aiming to bring hundreds of millions of dollars in tokenized RWAs onto the XRPL. The main objective behind leveraging the blockchain is to achieve cost reductions and operational improvements within capital markets. Read More
Institutions won't embrace Web3 without privacy options — Web3 exec
Paradoxically, one of crypto's biggest selling points keeps institutions from embracing Web3 and distributed ledger technologies.
Institutions are hesitant to adopt Web3 technologies due to the highly transparent nature of public, permissionless, blockchains. Avidan Abitbol, the project director for the Data Ownership Protocol (DOP) privacy solution, told Cointelegraph. He added that selective disclosure through zero-knowledge technology solves this problem.
Abitol said that transparency creates the risk of theft for institutions, heightens targeting from scammers, and puts these institutions at a disadvantage during business negotiations. The project director told Cointelegraph:
"Institutions want to hide payments, workflow, daily work, who they pay, and when. If you have Bitcoin or Ethereum balances, those things are very relevant to other people."
Additionally, transparency can create market risks due to traders using the holdings or transactions of large institutions as an indicator to pump or dump a particular asset, Abitol said. Read More
Hong Kong proposes tax breaks to attract crypto hedge funds, investors
Hong Kong’s move to exempt crypto gains from taxes targets hedge funds and family offices in a bid to boost its competitiveness.
Hong Kong has proposed exempting cryptocurrency gains from taxes for hedge funds, private equity and family investment vehicles to strengthen its position as a leading crypto financial hub.
The proposal, currently open for a six-week consultation, also includes exemptions for investments in private credit, overseas property and carbon credits, according to a report by the Financial Times.
The initiative aims to help Hong Kong compete with regional rivals like Singapore, which provides similar tax incentives, and Switzerland, which is known for its wealth management expertise.
If implemented, the tax exemption may enhance Hong Kong’s digital economy as the city seeks to attract more global liquidity. Read More
Uniswap sees record monthly volume on L2 as DeFi demand flows back
Uniswap has hit record monthly volume across Ethereum L2s and one analyst said it’s an early sign of Ethereum ecosystem outperformance.
Uniswap smashed its record for monthly volume across Ethereum layer 2s as decentralized finance (DeFi) buffs flooded back into the ecosystem.
According to data from Dune Analytics, Uniswap generated a record $38 billion in volume across major Ethereum layer-2 networks, including Base, Arbitrum, Polygon, Optimism and several others.
The November record surpassed its previous highest month, set in March, by $4 billion.
Henrik Andersson, the chief investment officer at Apollo Crypto, told Cointelegraph that volumes for Uniswap on Ethereum layer 2s could be traced back to an increased demand for assets and stablecoins in the broader DeFi ecosystem.
“[This is] in line with the DeFi renaissance and the recent increase in ETH/BTC. Onchain yields are also rising,” Andersson said.
Andersson added that this recent uptick could be the start of a period of long-awaited outperformance for the Ethereum ecosystem. Read More
Exploring The IndoEx Cryptocurrency Exchange The First Trading Platform To List The Markethive Token - Hivecoin
The IndoEx exchange aims to cater to a broad spectrum of investors, including newcomers, seasoned traders, and institutional investors, rather than focusing on a specific target audience like most crypto trading platforms. The platform's primary objective is to offer a robust and efficient infrastructure that enables seamless and rapid transactions of crypto assets.
As the IndoEx trading platform is the first crypto exchange to list Hivecoin, this article delves deeper into the platform, exploring it further to bring awareness to the Markethive community. Since its establishment in 2019, IndoEx has gained prominence in the alternative cryptocurrency trading sector due to its reasonable commissions, secure wallets, high trading volume, and fast transactions.
The trading platform, with offices in the United Kingdom and Estonia, provides close to 300 trading pairs, can be used in 150 different countries, and supports a range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Ripple (XRP), as well as notable alternative coins like DASH, Chainlink (LINK), and Solana (SOL). Furthermore, it accommodates less mainstream coins and tokens like NEO, Cardano (ADA), and EOS, amounting to 180 cryptocurrencies. Users can exchange these coins for traditional currency or trade them with one another.
The platform provides users exclusive access to newly launched tokens through airdrops, giving them a head start in discovering and acquiring new tokens with the potential for long-term growth. Beyond trading, users can also benefit from receiving free tokens that may significantly impact the global market. Furthermore, the platform hosts trading contests and an initial coin offering (ICO) launchpad, offering crypto enthusiasts a comprehensive suite of features. Read More
Non-USD stablecoins can spur adoption: Report
Cryptocurrencies, including stablecoins, still only pay for 0.2% of online commerce transactions globally, according to the report.
Stablecoins are gaining traction, but they still only pay for a small fraction of global online commerce transactions — and stablecoins pegged to currencies besides the United States dollar are too scarce, according to a report published Nov. 27.
Cryptocurrencies, including stablecoins, “account for just 0.2% of global e-commerce transaction value,” according to the report, which was created by strategy consultancy Quinlan & Associates and blockchain developer IDA.
“Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24/7 availability, and faster processing that traditional financial systems simply can’t match,” Lawrence Chu, IDA’s co-founder and CEO, said in a statement.
Despite this potential, stablecoin “usage remains largely within the Web3 ecosystem,” the report said, citing regulatory uncertainty and limited non-USD stablecoin options as significant barriers. Read More
Tether Stops Minting Euro-Backed Stablecoin, Citing Hostile Regulators
Stablecoin issuer Tether has announced that it will no longer issue its euro-backed EURT token amid regulatory challenges in Europe.
Stablecoin giant Tether has announced it will stop minting euro-backed tokens, citing regulatory hurdles in Europe.
The crypto company said Wednesday that it has stopped minting Euro Tether (EURT) and that those holding the token have until November 25, 2025 to redeem them.
EURT has very small trading volume: a little over $2 million worth of tokens traded hands in the past day, according to CoinGecko. Compare that to Tether’s dollar equivalent, USDT, which is the most traded cryptocurrency with a 24-hour trading volume mark of $83.7 billion.
“This decision aligns with our broader strategic direction, considering the evolving regulatory frameworks surrounding stablecoins in the European market,” the Wednesday announcement read.
“Until a more risk-averse framework is in place—one that fosters innovation and offers the stability and protection our users deserve—we have chosen to prioritize other initiatives.” Read More
Cardano founder predicts Bitcoin DeFi will dominate crypto within 3 years
Bitcoin will rise to between $250,000 and $500,000 within the next 12 to 24 months, predicted Charles Hoskinson.
Cardano founder Charles Hoskinson said decentralized finance in the Bitcoin ecosystem will eclipse all other crypto DeFi within two to three years.
He touted the potential for Bitcoin DeFi while making a bold price prediction and highlighting a new model for bridging Bitcoin without using centralized exchanges.
“I started in the Bitcoin space and I loved Bitcoin. Bitcoin has been a big part of my life and the only reason I’m here today is because Bitcoin exists,” he said in a YouTube video posted on Nov. 27.
He voiced frustrations with using Bitcoin in the early days, saying: “Bitcoin went from a sleeping giant never to awaken in an innovation coma, to an awakened giant that is four times the size of Solana and Ethereum combined.” He added:
“DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 months to 36 months, and that’s just because of scale and liquidity.” Read More
Microsoft breakthrough signals quantum-exclusive future for blockchain mining
The new hardware could ultimately host a theoretical algorithm with the potential to transform proof-of-work.
Microsoft and Atom Computing, a technology firm based in California, recently announced a breakthrough in quantum computing that could pave the way for a proof-of-work transformation in the world of blockchain mining.
Scientists and engineers from the two companies developed a quantum computing system made up of 24 entangled logical qubits produced by just 80 physical qubits — a feat that sets a new record for the highest number of entangled logical qubits achieved using error correction techniques.
The significance of this scientific breakthrough is in the teams’ achieved efficiency. Previous estimates have indicated that it could take thousands of physical qubits working in tandem to produce a single logical qubit.
By entangling 24 logical qubits built with a mere 80 qubits total, the frame of reference for both how large these systems can feasibly be scaled, and how soon companies such as Microsoft and Atom Computing will be able to scale them, has shifted significantly. 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
