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Multi-Chain Meme Coin Base Dawgz Raises $1M in Presale Phase

London, United Kingdom, June 12th, 2024, Chainwire

Base Dawgz (DAWGZ), a new multi-chain meme coin project, has passed the $1 million milestone during its presale phase.

This presale allows users to purchase DAWGZ tokens before they are listed on decentralized exchanges (DEXs) for public trading.

Base Dawgz Presale Raises $1 Million in First Eight Days

The Base Dawgz presale began on June 4.

Within hours of the presale going live, it had raised over $200,000, and three days later, the project had secured $750,000 in total.

As of now, the presale has raised over $1 million – although the developers have not announced a specific hard cap.

Base Dawgz’s presale is structured in stages.

The DAWGZ token price increases by 5% in every stage to incentivize early investment.

Initially, users could purchase DAWGZ tokens for $0.000479, but that price has since risen to $0.00502.

Investors can swap ETH, USDT, BNB, AVAX, or SOL tokens to make their purchase.

Base Dawgz’s whitepaper outlines that 20% of the total token supply is allocated for presale investors.

A further 20% will be used to provide DEX liquidity once DAWGZ is launched on the open market.

The development team hasn’t yet announced the specific DEXs where DAWGZ will be listed.

However, users can keep up to date on the latest project announcements through Base Dawgz’s Telegram channel.

DAWGZ Uses Multi-Chain Design for Broad Blockchain Interoperability

Base Dawgz’s main feature is its multi-chain design.

This design allows it to operate across several blockchain networks.

While its primary blockchain will be Base, Coinbase’s Layer-2 chain, DAWGZ is also interoperable with Ethereum, Solana, Binance Smart Chain, Avalanche, and Polygon.

This interoperability is facilitated by bridging protocols like Wormhole and Portal Bridge.

Base Dawgz’s multi-chain properties were highlighted in a video by the YouTube personality Crypto Wire.

In this video, Crypto Wire noted multiple potential benefits of cross-chain flexibility, including increased accessibility for retail investors and reduced risk from overreliance on a single network.

He also referenced the DAWGZ staking protocol, which will initially be available only on Ethereum but could expand to other supported blockchains in the future.

About Base Dawgz

Base Dawgz (DAWGZ) is a meme coin project launched on the Base network. The coin offers multi-chain capabilities, staking rewards, and a Share-to-Earn system.

Prospective investors can visit the Base Dawgz presale here.

Base Dawgz is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Contact

Base Dawgz
maverick@basedawgz.com

Crypto.com Receives VASP Approval from Central Bank of Ireland, Expanding Its Crypto Services

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The Central Bank of Ireland (CBI) has granted approval to another significant cryptocurrency company, Crypto.com, as a virtual asset service provider (VASP).

On June 11, Crypto.com, one of the largest crypto trading platforms globally, announced its VASP approval in Ireland.

This approval enables Crypto.com to enhance its services in the country, including crypto-to-fiat exchanges and fiat wallets.

Eric Anziani, Crypto.com’s president and chief operating officer, stated that this approval underscores the company’s dedication to compliance and responsible innovation.

“We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering,” Anziani said.

Crypto.com declined to provide specifics to Cointelegraph about the new crypto services made possible in Ireland with this latest VASP approval.

Ireland has now approved 15 entities as VASPs.

With this approval, Crypto.com joins a group of regulated crypto firms in the country, including the U.S.-based crypto exchange Coinbase.

READ MORE: PEPE Falls 32.6%, Potential Buying Opportunity Amid Bullish Signals

As of June 7, the complete list of registered VASPs in Ireland includes 14 entities, featuring prominent industry players such as Ripple, Gemini exchange by the Winklevoss brothers, MoonPay, Standard Chartered’s Zodia custody platform, Paysafe, and others.

In 2023, seven companies on this list received approvals in Ireland. In 2024, the CBI approved four more firms, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.

The Central Bank of Ireland’s approval of Crypto.com signifies another milestone in the country’s growing interest in the cryptocurrency industry.

In late 2023, Coinbase, the largest U.S. crypto exchange by trading volume, chose Ireland as its European crypto hub.

This decision aimed to help Coinbase comply with Europe’s comprehensive cryptocurrency regulatory framework, the Markets in Crypto-Assets Regulation.

Other major companies, such as Ripple and Gemini, have also been strengthening their presence in Ireland while facing challenges from U.S. regulators.

Conversely, Circle Internet Financial, the company behind USD Coin, the world’s second-largest stablecoin, announced in May 2024 its plans to return to the U.S. and exit Ireland.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

GBM Auctions Hosts First Charity Bid-to-Earn Auction for Polkadot Ecosystem

London, United Kingdom, June 12th, 2024, Chainwire

GBM Auctions has announced the completion of the first charity Bid-to-Earn auction for the Polkadot ecosystem. The event, which was hosted on the Moonbeam Network, raised over $92,000 for charity and showcased the GBM’s novel bidding mechanism.

On May 16, GBM Auctions commenced the week-long auctions that saw three unique Polkadot-related items offered to the public: physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, each signed and annotated by Dr. Gavin Wood. 

Bidders used the native Moonbeam token GLMR for bidding, with funds from the event going to the Ukraine Humanitarian Appeal charity. The auction utilized Moonbeam’s scalable architecture, which supports fast bidding and low gas fees. In the process, it demonstrated the versatility of the unique auction format pioneered by GBM Auctions.

With a Bid-to-Earn auction, every bidder earns an incentive in the event of being outbid. This provides incentives for greater bidding volume, helping to raise more funds for the project in question. In the process, it ensures that all participants make something from the sale, including the bidders who are eventually outbid.

Hugo McDonaugh, co-founder of GBM Auctions, shared his thoughts on the success of the auctions:“We are delighted with the outcome of the auctions and they surpassed all our expectations. The auction results prove just how powerful our GBM Bid-To-Earn system is.”

The Ethereum Yellow Paper ultimately sold for a top bid of 193,600 GLMR, the Polkadot White Paper for 116,160 GLMR, and the JAM Gray Paper for 60,000 GLMR. In addition to raising $92,000 for charity, the Moonbeam-hosted auction saw the bidders who were outbid collect $12,000 in rewards. The formula has the potential to support a wide range of use cases within the Polkadot ecosystem and the wider blockchain space.

Dr. Gavin Wood, the co-founder of Ethereum and creator of Polkadot, shared his thoughts on the auctions: ​​”I’m proud to have helped raise money for such a humanitarian charity and it’s great to see it happen on Polkadot’s Moonbeam network.”

GBM’s Bid-to-Earn design makes use of smart contracts to provide a transparent and provably fair bidding system. It incentivizes participation while making it easier for the public to bid for items whose fair value may be hard to determine in advance. Through allowing participants to start low and enter increasingly higher bids, the system ensures that a fair value is eventually reached while fairly distributing revenue to underbidders.

Since developing its Bid-to-Earn system in 2018, GBM Auctions has hosted over 70,000 auctions, earning bidders more than $6M in the process. The auction model has been used by leading crypto figures such as Vitalik Buterin and Dr. Gavin Wood to raise money for charity. It has also been harnessed by web3 projects such as Aavegotchi and Unstoppable Domains to distribute NFTs to their communities.

As well as hosting Bid-to-Earn auctions via a dApp, GBM’s system can also be used on secondary marketplaces which enables web3 projects to sell digital assets in a fair manner that eliminates unscrupulous bidding practices while allowing the whole community to participate in a rewarding and engaging experience.

About GBM Auctions

GBM Auctions is the developer of the world’s first Bid-to-Earn auction system. Using web3 technology including smart contracts, it ensures that bidders can make money even when they are outbid. With lifetime volume of over $200M and over $6M earned by bidders, GBM Auctions provides a fair and transparent bidding system for blockchain communities.

Users can learn more: https://www.gbm.auction/

Contact

Head of Marketing
Jake Scott
GBM Auctions
jake@gbm.auction

Ripple CTO Debunks Rumors of Abandoning XRP and Reaffirms Commitment to Token’s Future

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Ripple’s Chief Technology Officer (CTO) David Schwartz has addressed rumors suggesting the company might abandon its association with the XRP token.

Such rumors have been concerning as Ripple has provided major utilities for XRP, which could negatively impact its price.

In an X (formerly Twitter) post, Schwartz clarified that Ripple wasn’t abandoning XRP and explained that the rumors were based on a misunderstanding.

The speculation started when an X user (@AspenSignals) posted Schwartz’s cover photo on his X platform, questioning if Ripple was moving away from XRP.

The confusion stemmed from Schwartz’s cover photo, which hinted that a “web of corruption” in the financial world was preventing Ripple from achieving its goal of providing instant payment services using XRP.

Schwartz clarified that these lines were from a fictional pitch for a fictional movie, not a reflection of Ripple’s reality.

He mentioned that the circumstances depicted in the pitch have not materialized, indicating that Ripple is not facing such challenges.

This clarification comes amid Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC).

There were concerns that the SEC’s actions, influenced by claims from Ethereum insider Steven Nerayoff, were maliciously enforced against Ripple.

This lawsuit has significantly impacted Ripple’s operations, raising fears that regulatory pressures might force the company to abandon XRP.

READ MORE: Bitcoin Stabilizes at $69,000 Amid Volatile Sell-Off Driven by U.S. Employment Data and Roaring Kitty Livestream

Schwartz’s prompt response has alleviated concerns within the XRP community. XRP remains central to Ripple’s operations, primarily used for cross-border payment services.

Ripple, being the largest holder of XRP with nearly 50% of its supply, added to the anxiety over potential market impacts if the company were to abandon the token.

In a CNBC interview, Ripple’s President Monica Long reassured that XRP remains integral to the company’s long-term strategy.

When asked about the necessity of XRP amid plans to launch a stablecoin, Long confirmed that XRP would continue to be used in Ripple’s operations.

She emphasized that Ripple employs a “mix of assets” for its payment services.

Long also noted that XRP has a unique role as a bridge asset for diverse currency pairs.

She hinted at future uses of XRP, stating that it will provide liquidity as Ripple tokenizes more on-chain assets.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

How to Earn Top Tokens from Cryptodrops? | Easy Crypto Mining via Telegram Games

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Understanding Cryptodrops: Your Gateway to Free Tokens

Crypto sharing in a drop format is currently at the peak of popularity. Known by various names such as retrodrop, airdrop, or cryptodrop, these events allow crypto enthusiasts to earn significant amounts of crypto without much effort. Typically, a cryptodrop rewards users of a platform, game, or other crypto technology for completing simple tasks. For example, the developers of the sensational Notcoin created a Telegram clicker that rewarded users with plenty of tokens for mining NOT and supporting the project.

Benefits of Earning Crypto Through Cryptodrops

  • Earnings without investment: cryptodrops allow users to receive free rewards without or with minimum investments. The amount of crypto prizes earned depends solely on the user’s effort and time.
  • Ease of earning: earning rising cryptocurrencies through Telegram clickers requires no knowledge of crypto technologies. Simple features make the process even faster, making this one of the easiest ways for users to earn crypto.
  • Opportunity to find like-minded people: cryptodrop events unite people worldwide with a common goal. Users can connect with like-minded individuals and even form communities to share experiences and tips.
  • Pleasant gaming atmosphere: each project displays its exclusive vision of the cryptodrop and implements unique mechanics. The user can earn crypto by tapping on the screen, catching points, fighting bosses, spinning fortune wheels, etc.

Are Telegram Games the Future of Crypto Mining?

Cryptodrops via Telegram games are revolutionizing the crypto mining industry. They have transformed traditional mining methods, replacing expensive equipment with simple, engaging activities. This new era of easy crypto earnings is driving the future of crypto development and bringing together people from different generations.

The success of Notcoin, listed at a surprisingly favorable rate, has inspired numerous new projects. You might recognize some of the most popular ones: Hamster Kombat, Blum, BetFury, MemeFi, Wormfare Slap, and Catizen. Each project boasts a loyal community and significant growth potential. Cryptodrops are at their peak popularity, but how long the hype will last is uncertain. Stay informed and prioritize your safety and security.

Top Tokens You Can Earn via the Best Tapping TG Apps

  • HMSTR (Hamster Kombat): after Notcoin, many enthusiasts switched to the hamster. This Telegram clicker already has over 60 million players. Its mechanics are similar to Notcoin but include various engaging additions. Hamster Kombat can repeat the NOT success, but there are no drop dates and no info about the future of HMSTR.
  • BLUM (Blum): Blum is a DEX with over 30 major blockchains. Recently, it has launched a Blum Crypto Bot, which allows users to farm native tokens passively. Users can also catch green emblems in a tap game and invite friends to collect more Blum. Founded by the famous Linea, this project was also supported by Binance Labs and gathered over 5 million Blumies, confirming the high trust level. However, Blum also hasn’t published any mention of the drop date and further use of the token.
  • BFG (BetFury): the platform has launched a $20M BFG Cryptodrop via a Telegram bot. BetFury offers a trusted and valuable BFG token, which is a real crypto compared to other projects. The price of BFG is $0.026 and can reach $0.04 by 2025, according to BFG price predictions at Cryptopolitan. After four years in the industry, the platform has built a solid deflationary mechanism, directing 100% of revenue to BFG growth. Thus, BetFury Cryptodrop includes quests for all tastes, beneficial wheels with real currency, a BFG farm, a unique game with a raccoon, etc. The drop will happen from the end of Q3 to the beginning of Q4 in 2024. In addition to collecting points to share the pool, you can earn BFG, USDT, ETH, and BTCB during the event.
  • MEMEFI (MemeFi): the MemeFi project was initially launched as a Web3 game and then as a Telegram clicker app, with over 6.5 million users involved. MemeFi clicker is similar to Hamster Kombat but implemented as a boss battle. Each tap on the screen damages the meme boss, increases your level, and brings MemeFi coins.
  • WOFR (Wormfare Slap): it’s another classic Telegram tap game with 1.5 million users. To farm tokens, you need to spank a worm. This clicker has an extraordinary design and a loyal community. The WORF token is already listed on CoinMarketCap but not on exchanges. Perhaps this game will be another great chance to earn crypto.
  • CATIZEN (Catizen): a well-known TON-based Telegram mini app with over 12 million users. The main task is to upgrade your cats to earn absolute TON and Fish Coins. Catizen has charming gameplay and broad functionality but, like many other projects, has no information about the future drop and the value of its currency.

Step-by-Step Guide to Mine Crypto & Profit From Cryptodrop 

The mechanism for participating in drops varies across different projects. Here, we will outline all the steps to join the BetFury Cryptodrop as a sample:

  1. Sign up in a few clicks via the Telegram bot;
  2. Go to the free crypto section or try Fury Game;
  3. Analyze all the features and collect your first points;
  4. Subscribe to social networks to follow the project and unlock new opportunities;
  5. Show your skill and rush forward to earn free crypto.

3 Crucial Tips to Earn More Crypto from Cryptodrop

Select a Telegram Game: your potential crypto earnings heavily rely on the choice of project. Consider factors such as the number of active users and how many projects are behind the current hype one, and, most importantly, conduct your research (DYOR) to ensure the project aligns with your investment goals and values.


Analyze the Token: follow official channels for insights on listings and potential token prices. For instance, the BFG token has been experiencing a growth of over 70% in the past month, as reported by CoinMarketCap. Why the pump? The team implemented updates to BFG tokenomics and adopted a strong deflationary strategy. To further solidify BFG, the team has locked 1 billion BFG for 4.8 years in the BFG Staking pool, showcasing their confidence in its growth potential.

Play Regularly: the more time you spend in your favorite clicker, the higher your rewards will be. Many games like Hamster Kombat offer an auto bot for passive crypto income. However, other users may also have this cheat, so it’s important to devote as much time as possible to win huge crypto rewards.

Master All Functionality: usually, no one knows for what achievements you will get a cryptodrop. This could be the number of items received or your level. In the case of BetFury, this is known immediately. But knowing all the possibilities will speed up your progress and lead to the desired earnings.

Conclusion

Cryptodrop is a fantastic opportunity to dive into the crypto gaming world without initial capital. All you need to make money is to devote a little time and be active. Remember that Telegram games are not only about earning free cryptocurrency but also about having fun. Therefore, you can easily start earning BFG, MemeFi, WRMF, and other tokens in a new way on Telegram.

Cardano DeFi Hub Cerra.io – Public Sale is Live!

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Cerra.io has been making significant strides lately, with the successful launch of our second product on the mainnet. Now, we offer both a DEX and P2P-Lending services on a single platform. The team has also introduced a Profit-Sharing module, which will go live shortly after the public sale wraps up. Currently, it’s undergoing an audit, and once finalized, the full potential of the CERRA token will be unleashed. Token holders will then be entitled to 100% of the ADA profits generated by the platform.

All of this has been achieved during the period of 8 months, where we mostly bootstrapped all development, marketing activities and audits. Showing the true dedication by the team to the Cardano Community.

Public Sale Details

✅Where? https://sale.cerra.io/ 

✅Date: 12.00 UTC June 11th, 2024

✅CERRA Tokens Allocated: 10M (20% of the total supply)

✅Sale Type: Pro Rata

✅Total Raise Goal: 8M ADA

✅Estimated Price Per CERRA: 0.8 ADA

✅Sale Duration: 48h

✅Token Distribution: Airdropped After the Event Completion, refunds and referral rewards also Airdropped post event

Future Project Development

Pool Lending – The second phase of our lending protocol embarks on a Peer-to-Pool approach. This progression necessitates comprehensive research and development efforts to formulate a structure akin to established entities such as AAVE and analogous counterparts in the cryptocurrency domain. 

Decentralized Derivatives Trading – We see derivatives as a conjunction between P2P lending and Spot Swaps, which can be achieved by introducing/altering these parameters: Position, Shorting, Longing, Leverage and so on. Each parameter will have the functionality of more commonly used trading experience via centralized exchanges.

Decentralized Oracles 2.0 – Cerra.io lending is already running with the help of decentralized oracles that we’ve built in-house. It was the first iteration and the team has plans to upgrade it to version 2.0 which will enhance the current setup with evolving DEX landscape and functionalities.

Token utility – Profit Sharing Module

Given that CERRA utility token holders are actual owners of the platform, they are incentivized to actively utilize and advocate for the platform. This active engagement directly enhances the value of their tokens. Entities holding a substantial portion of the total token supply are motivated to invest in and enhance the platform, thereby increasing returns not only for themselves but also for the wider community.

Staking – Stake your $CERRA tokens, receive a proportional amount of 100% of platform profits.

DAO voting – Allocate your $CERRA tokens and contribute to Cerra.io development and operational direction.

Farming – Provide liquidity to AMM Pools / Lending Pools / Derivatives and receive $CERRA incentives.

Governance – Propose or vote on certain platform features, upgrades, resource allocation and more.

Referral System

Each community member can become a CERRA token sale referral. Once a wallet is connected, an automatic referral code is generated. After sharing the code with your friends, and they participate in the event, you receive a commission, equal to 10% of their contribution, paid in CERRA tokens.

As of today – there are over 200 referral codes generated which shows the commitment by the community from the early stages of the project!

Visit sale.cerra.io for all the details and purchase form, it will only be up for 48 hours!

X.com | Discord | Website

SubQuery Network Launches First Decentralized RPCs for Polkadot and Kusama

Singapore City, Singapore, June 11th, 2024, Chainwire

Web3 infrastructure provider SubQuery Network has announced the launch of two new RPCs for the Polkadot ecosystem. Available for Polkadot and Kusama, they are the first decentralized RPCs to be made available on the Substrate-based networks.

SubQuery provides web3 infrastructure for almost 200 networks. The SubQuery Network is a globally distributed network of decentralized indexers and RPC providers. These allow dapps to access fast and reliable blockchain data on demand without introducing centralized points of control. Teams building on Polkadot and Kusama can now utilize SubQuery’s decentralized RPC (Remote Procedure Call) nodes following their deployment.

SubQuery COO James Bayly said: “We are thrilled to be the first to provide decentralized RPCs for Polkadot on the SubQuery Network. Our node operators are already running RPCs and other nodes in multiple ecosystems, and, having emerged from the Polkadot ecosystem, we’re ideally placed to support Polkadot developers with their infrastructure.”

The Polkadot RPCs that have been deployed for the Polkadot relay chain and Kusama are operated by more than 30 independent Node Operators. The provision of decentralized RPCs is integral to enabling blockchain projects to operate efficiently and draw data from multiple sources.

RPCs are pivotal for communication between blockchain nodes and external entities, facilitating data retrieval, smart contract interactions, and transaction submissions. The availability of decentralized RPCs frees dapps from reliance on centralized middleware with the risks this entails. SubQuery Network’s decentralized RPCs facilitate secure and efficient web3 communication. This capability underpins the robust and transparent operations that are essential for the success of DePINs. 

SubQuery started out within the Polkadot ecosystem, releasing an indexer capable of connecting to its unique multi-chain architecture. It’s since expanded to incorporate hundreds of networks, making it a leading indexer of web3 data based on chain support.

About SubQuery

SubQuery has pioneered fast, flexible, and scalable infrastructure to power web3. SubQuery Network provides indexed data to the global community in an incentivized and verifiable way. Its infrastructure plays a critical part in helping web3 transition to an open, efficient and user-centric future.

Learn more: Official Website | Twitter

Contact

Head of Business Development
Marta Adamczyk
start@SubQuery.Network

Shiba Inu Metaverse to Integrate Revolutionary Privacy Technology and New Token for Enhanced User Experience

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Shiba Inu (SHIB) ecosystem marketing lead Lucie recently shared an exciting update on X about the future of the SHIB Metaverse.

She emphasized the potential integration of fully homomorphic encryption (FHE) privacy layers, a groundbreaking technology that could transform user interactions in the virtual world.

Lucie proposed that the SHIB Army consider adopting FHE privacy layers in its operating system.

She explained that FHE technology, specifically Zama in their case, allows encrypted data to be analyzed directly without exposing private information to the analyzing party.

Lucie noted that this technology could be implemented in the SHIB Metaverse to keep user interactions private and secure by embedding FHE within the virtual environment.

While public interaction will still be an option, the addition of FHE technology will enable users who prefer private engagements to do so without sacrificing data security.

This dual approach aims to improve the overall user experience, catering to various preferences within the community.

Reflecting on previous excitement about the Shiba Inu Metaverse, Lucie’s tweet also recalled her anticipation in March when she hinted at significant plans, including the introduction of a new token, TREAT.

TREAT is designed to play a crucial role in the ecosystem, providing rewards within the SHIB Metaverse.

READ MORE: MicroStrategy Defies Bearish Bets with Tripling Stock Price and Outperforms Bitcoin Amidst New ETF Introductions

The development and integration of TREAT are expected to bring considerable benefits to the Metaverse, fostering engagement and incentivizing participation.

As the Shiba Inu Metaverse continues to evolve, these technological advancements and strategic developments highlight Shiba Inu’s commitment to creating a secure, rewarding, and inclusive virtual environment for its community.

The incorporation of FHE technology, developed by Zama, into the SHIB Metaverse could also set a new standard for other virtual worlds and ecosystems.

As privacy concerns grow in the digital age, the project’s proactive approach to data security and user privacy could position it as a leader in the space.

The Shiba Inu community, known for its enthusiastic and supportive nature, is likely to embrace these advancements wholeheartedly.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Ripple CTO Debunks Rumors of Abandoning XRP, Reaffirms Commitment to Token’s Future

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Ripple’s Chief Technology Officer (CTO) David Schwartz has addressed rumors suggesting the company might abandon its association with the XRP token.

Such rumors have been concerning as Ripple has provided major utilities for XRP, which could negatively impact its price.

In an X (formerly Twitter) post, Schwartz clarified that Ripple wasn’t abandoning XRP and explained that the rumors were based on a misunderstanding.

The speculation started when an X user (@AspenSignals) posted Schwartz’s cover photo on his X platform, questioning if Ripple was moving away from XRP.

The confusion stemmed from Schwartz’s cover photo, which hinted that a “web of corruption” in the financial world was preventing Ripple from achieving its goal of providing instant payment services using XRP.

Schwartz clarified that these lines were from a fictional pitch for a fictional movie, not a reflection of Ripple’s reality.

He mentioned that the circumstances depicted in the pitch have not materialized, indicating that Ripple is not facing such challenges.

This clarification comes amid Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC).

There were concerns that the SEC’s actions, influenced by claims from Ethereum insider Steven Nerayoff, were maliciously enforced against Ripple.

This lawsuit has significantly impacted Ripple’s operations, raising fears that regulatory pressures might force the company to abandon XRP.

READ MORE: Bitcoin Stabilizes at $69,000 Amid Volatile Sell-Off Driven by U.S. Employment Data and Roaring Kitty Livestream

Schwartz’s prompt response has alleviated concerns within the XRP community. XRP remains central to Ripple’s operations, primarily used for cross-border payment services.

Ripple, being the largest holder of XRP with nearly 50% of its supply, added to the anxiety over potential market impacts if the company were to abandon the token.

In a CNBC interview, Ripple’s President Monica Long reassured that XRP remains integral to the company’s long-term strategy.

When asked about the necessity of XRP amid plans to launch a stablecoin, Long confirmed that XRP would continue to be used in Ripple’s operations.

She emphasized that Ripple employs a “mix of assets” for its payment services.

Long also noted that XRP has a unique role as a bridge asset for diverse currency pairs.

She hinted at future uses of XRP, stating that it will provide liquidity as Ripple tokenizes more on-chain assets.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Crypto Investment Products Surge with $2 Billion Inflows in Early June, CoinShares Reports

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Digital asset investment products had a strong start in June, with nearly all providers experiencing inflows and an overall inflow of $2 billion.

On June 10, CoinShares published its weekly fund flows report, highlighting that crypto investment products gathered over $2 billion in inflows.

This brought digital asset products’ five-week total to $4.3 billion.

Additionally, trading volumes for exchange-traded products (ETPs) soared to $12.8 billion for the first week of June, marking a 55% increase compared to the previous week.

CoinShares noted that almost all providers of crypto ETPs saw inflows in the first week of June, describing this pattern as unusual and suggesting it might be a response to weaker macroeconomic data.

CoinShares wrote, “We believe this turnaround in sentiment is a direct response to weaker than expected macro data in the U.S., bringing forward monetary policy rate cut expectations.”

They also mentioned that positive price action pushed the total assets under management (AUM) to exceed $100 billion for the first time since March 2024.

Among the digital asset investment product providers, only Grayscale Investments and CoinShares XBT recorded outflows for the week.

READ MORE: Bitcoin Stabilizes at $69,000 Amid Volatile Sell-Off Driven by U.S. Employment Data and Roaring Kitty Livestream

For those with inflows, the iShares exchange-traded fund (ETF) in the United States recorded the highest inflows with $948 million, followed by Fidelity ETFs with $680 million.

Bitcoin continued to lead the ETF space, with $1.97 billion in inflows for the week. Ether-based products also saw significant inflows, totaling $69 million, their best record since March.

CoinShares attributes this to the recent approval of spot Ether ETFs, noting, “This is likely a response to the recent approval of spot Ether ETFs.”

On May 23, the Securities and Exchange Commission officially approved several spot ETH ETFs in the United States.

Altcoin-based ETPs had minor activity, with Fantom and XRP showing inflows of $1.4 million and $1.2 million, respectively.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

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