Binance Announces Stablecoin to Compete with Facebook Libra!!!
The first topic is about Venus, the upcoming open blockchain project initiated by Binance. What’s really interesting is that it will be a significant rival of Facebook’s Libra token. Second up, CryptoKitties, a game based on blockchain tech, has just witnessed the highest trade volume since February due to the purchase of a CryptoKitty worth approximately $170,000 (by the way guys, this is the most expensive CryptoKitty ever.) And to close the news segment, on the latest episode of The Ripple Drop, Ripple’s senior vice president of Xpring, Ethan Beard, reveals Xpring’s new push to expand the XRP ecosystem. If you find yourself interested in these pieces of news, all you need to do is just stay here with me until the end, and I will show you all of them.
The Market Today
Overall, it looks like a beautiful and green day for crypto holders. It looks like Bitcoin may be crossing the $11,000 mark with a 4.98% increase over the past 24 hours. Ethereum is looking to gain 3.57%, while XRP is moving in the opposite direction, slightly dropping 1.12% in value.
Binance introduced Venus to beat Libra
In an official announcement on August 19, Binance, one of the world’s biggest cryptocurrency exchanges, revealed its new open blockchain project, Venus, which is mainly focused on developing localized stablecoins worldwide. Binance stated that it is well-positioned to initiate such a currency ecosystem on Binance Chain since it already has a large number of users and well established global compliance measures. But that’s not all. They are currently seeking partnership with governments, technology firms, and other similar types of blockchain projects with the vision to build a new open alliance and sustainable community, and to empower developed and developing countries to adopt new currencies. If you are a Binance follower, you may know that they have already been running several native asset-pegged stablecoins, which include a Bitcoin (BTC)-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound. In an effort to facilitate Venus, Binance will improve its current risk control system and build a multi-dimensional cooperation network. Now, this new project from Binance may be a direct competitor with Facebook, who has really captured the public’s attention with their plans to launch a fiat-pegged stablecoin called Libra.
A virtual cat has been sold for $170,000 in XRP
According to a report on The Next Web, CryptoKitties has just seen a massive transaction of $170,000, to buy a virtual cat- this makes the virtual cat, the most it the most expensive CryptoKitty ever purchased. For those who are not aware, CryptoKitties is a blockchain game on the Ethereum platform developed by Axiom Zen and allows players to buy, collect, breed, and sell virtual cats. It is one of the earliest attempts to deploy blockchain technology for recreation and leisure. Now, for those who are interested in learning more about the most expensive virtual kitty, it’s name is Dragon. It was sold for 600 ETH on Tuesday to an anonymous player. Dragon looks just like an average Cryptokitty. She’s got average looks and average attributes. She is a ninth-generation cat. Overall, she doesn’t fit the stereotype of what an expensive CryptoKitty should look like.
So, what makes her so precious? The Next Web believes that maybe the buyer and seller wanted to make a transaction anyway, so they traded the CryptoKitty? Or could it even be money laundering, we’ll most likely never know.
With this abnormal transaction, the total ETH trading volume on CryptoKitties on Tuesday (622 ETH) was higher than the whole previous week combined. But that’s not all. It also drove the average price of a crypto kitty to the highest in the history of the game at 1.17 ETH. To give you guys a bit of context, this was only 0.4 ETH on December 4, 2017.
Xpring reveals a new approach to promote XRP ecosystem
According to an article on the DailyHodl, Ethan Beard, the senior vice president of Xpring, said that they are concentrating their resources to develop the XRP ecosystem. Now, Xpring is widely known for investing in a variety of blockchain companies that could play a key role in pushing the real-world use of XRP. In a recent episode of The Ripple Drop, the senior vice president also mentioned their efforts in developing tools to help grow the XRP ecosystem. In his words:
One of the areas that I’m most excited about is that we’re really starting to layer in developer tools inside of Xpring and looking to make Xpring much more of a developer platform. […] We’re building out APIs, SDKs and various libraries and services to make it so that anyone who wants to come along and build on XRP can do so very easily.
As reported on DailyHodl, Xpring has invested at least $500 million in more than 20 blockchain and crypto-related firms. For example, we recently noticed a grant of 1 million XRP to the micropayments startup Coil. Ripple also created a $100-million fund with the blockchain gaming company Forte, designed to bring digital assets like XRP to thriving mainstream video games that have a large number of daily active users.
So what are your thoughts regarding all the news?
Do you believe that Venus from Binance can surpass Libra in the future?
Why do you think someone purchased that CryptoKitty for $170,000?
Will Ripple’s actions lead to increased adoption of the XRP token in the future?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.