Bitcoin Blockchain Business Markets Policy & Regulation Tech
ByAuthor J.D. SmithPosted on
9
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Ripple now registered as a Wyoming business

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Blockchain-based payments firm Ripple Labs has now registered a business in Wyoming.

According to records from the Wyoming Secretary of State, Ripple Markets WY LLC’s status as a local business is listed as “active” after an initial filing in February 2020. As a limited liability company in Wyoming, Ripple’s registered agent will be based in Cheyenne.

“More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,” said Caitlin Long on Twitter.

Long is the CEO of digital bank Avanti Bank & Trust and associated with the state legislature’s Select Committee on Blockchain, Financial Technology and Digital Innovation. She said crypto firms like Ripple should consider relocating to Wyoming due to the state not having any corporate or franchise taxes, and cryptocurrencies being exempt from property and sales tax.

In addition, there is the presence of U.S. Senator Cynthia Lummis. The Wyoming lawmaker is one of the first to say digital assets will be a key part of her legislative agenda. Responding to the Ripple news, Lummis’ state policy director said many people were “maximalist on Wyoming.”

It does not appear as if Ripple will move its headquarters to the crypto-friendly state as its principal office is still listed as San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have said that they are displeased with the seeming lack of regulatory clarity on crypto and blockchain in the United States.

Wyoming is becoming one of the most attractive U.S. states for crypto and blockchain firms. Last year, the Wyoming State Banking Board granted crypto exchange Kraken a charter to operate as a crypto-friendly bank and gave Avanti the green light to receive and custody crypto in a similar fashion. In the wake of Tesla’s $1.5 billion Bitcoin (BTC) purchase earlier this month, Senator Lummis invited CEO Elon Musk to consider relocating to the state.

Cointelegraph reached out to Ripple for comment, but did not receive a response at the time of publication.

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Bitcoin Blockchain Business Markets Policy & Regulation Tech
ByAuthor J.D. SmithPosted on
9
0

Ripple now registered as a Wyoming business

BY

Blockchain-based payments firm Ripple Labs has now registered a business in Wyoming.

According to records from the Wyoming Secretary of State, Ripple Markets WY LLC’s status as a local business is listed as “active” after an initial filing in February 2020. As a limited liability company in Wyoming, Ripple’s registered agent will be based in Cheyenne.

“More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,” said Caitlin Long on Twitter.

Long is the CEO of digital bank Avanti Bank & Trust and associated with the state legislature’s Select Committee on Blockchain, Financial Technology and Digital Innovation. She said crypto firms like Ripple should consider relocating to Wyoming due to the state not having any corporate or franchise taxes, and cryptocurrencies being exempt from property and sales tax.

In addition, there is the presence…

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Bitcoin Markets Opinion Tech
ByAuthor J.D. SmithPosted on
7
0

Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET

BY

The Purpose Bitcoin (BTC) exchange-traded fund debuted on the Toronto Stock Exchange on Feb. 18 and has quickly ramped up trading volumes of about $400 million worth of shares in two days. This is quite impressive, considering that the equity market in Canada is only a fraction of the size of the U.S. markets. This shows strong demand for Bitcoin and investor’s preference to take the ETF route to establish fresh positions.

Last week, Bitcoin reached another important milestone when it hit the critical $1 trillion market capitalization on Feb. 19, making it the sixth asset on the list of top market cap companies in the world. 

The involvement of institutional investors and a market cap of over $1 trillion could allay the concerns of manipulation and liquidity raised by the U.S. Securities and Exchange Commission in the previous years as it rejected Bitcoin ETF applications. 

Crypto market data…

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Bitcoin Investment Markets
ByAuthor J.D. SmithPosted on
6
0

Canadian Bitcoin ETF predicted to hit $1B AUM by Friday: Bloomberg analyst

BY

With only two full days of trading under its belt, the first Bitcoin (BTC) exchange-traded fund in North America reached more than $400 million in volume and is expected to go even higher.

According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently debuted by Canadian firm Purpose Investments is likely to hit $1 billion in assets under management by Feb. 26. His prediction came prior to Purpose reporting its Bitcoin ETF traded $421.8 million between the time when it was first listed on the Toronto Stock Exchange, or TSX, on Feb. 18 and when markets closed Friday. The ETF is listed under the ticker BTCC.

Balchunas compared the impressive debut of the Purpose Bitcoin fund to other ETFs currently trading on the TSX. At more than $4.6 billion in total assets, the JPMorgan BetaBuilders…

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Bitcoin Blockchain Business Investment Latest Opinion Policy & Regulation Tech
ByAuthor J.D. SmithPosted on
7
0

Banks will be required to work with crypto, e-money and CBDCs to survive

BY

Image a scenario where you need different messengers to send different types of messages — for example, WhatsApp for text messages, Viber for audio, Telegram for video, etc. Rather inconvenient, right? But this is exactly what happens in finance: There is no way to send both digital fiat money and cryptocurrency from a bank account without extra steps. It’s not affecting the masses just yet, but after the issuing of national digital currencies, or central bank digital currencies, in the next few years over the world, the situation is about to become complicated. We need to start looking for a solution now.

CBDCs require a multi-format framework

The traditional financial system can’t brush off new technologies anymore. According to the Cambridge Center for Alternative Finance, the number of cryptocurrency users has almost tripled from 35 million people in 2018 to 101 million people in Q3 2020. Another…

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Bitcoin Opinion
ByAuthor J.D. SmithPosted on
16
0

Monster bull flag for Yearn.finance puts $200,000 YFI price in play

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Bitcoin (BTC) bears looked on in disbelief as BTC price rallied to over $57,800 on Feb. 21, sparking a major altcoin rally. It seems bull flags are being printed one after the other on coins like Polkadot and Cardano, which are playing out predictably. 

However, one coin that is not getting the limelight it deserves right now is Yearn.finance (YFI), and at present, it looks like a period of aggressive selling could be coming to an end with a potential 50% move to the upside being imminent. But first, let’s take a look at why it has been struggling recently.

Troubled waters for Yearn

YFI/USD 1-hour candle chart. Source: TradingView

Much to the dismay of investors and traders on Jan. 20, Yearn.finance retweeted a gif of Pepe the Frog dressed as a wizard, which linked to the proposal entitled “YIP-57: Funding Yearn’s…

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Bitcoin Tech
ByAuthor J.D. SmithPosted on
40
0

A Bitcoin price dip for ants? BTC quickly rebounds to a new high above $57K

BY

The price of Bitcoin (BTC) dipped to as low as $53,905 on Binance overnight, recording a sudden 6% drop. But despite the minor correction, the price of Bitcoin quickly recovered thereafter, reaching a new all-time high above $57,800 on Feb. 21.

BTC/USDT 4-hour price chart (Binance). Source: TradingView.com

Why did Bitcoin drop and recover so quickly?

Although Bitcoin saw a steep drop within merely hours, analysts pinpointed that it fell to the exact bottom of a short-term trendline.

John Cho, the Director of Global Expansion at Ground X, noted that the drop was a liquidity fill at a lower price.

A liquidity fill simply means when an asset drops after stagnating to fill buy orders at the bottom of the range

A drop was expected because Bitcoin was consolidating with the…

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