Ripple Ploughs $500 Million Into XRP Ecosystem + $70 Giveaway
Today I have found three very interesting news pieces to share with you. Let me briefly give you an intro on what they are. First up, on July 2, UK Regulators approved the first cryptocurrency hedge fund, the Prime Factor Capital, as a full-scope alternative investment fund manager. Now, for the second news, it was reported on Decrypt.co that Ripple had ploughed $500 million into more than 20 companies to develop the XRP ecosystem, which it calls the “internet of value.” And for the last news item, the IOTA Foundation officially announced in a press release on July 2 that has launched Trinity, a New Software Wallet supporting IOTA tokens. These pieces of news are super interesting guys. So if you love to know more about them, please make sure you stay with me until the very end.
Now once again, let’s look at what the giveaway for this week is. Because we love our awesome fans, we are very happy to announce a $70 Bitcoin Giveaway this week. All you need to do is to like, comment, and subscribe, to go into the draw to win! We will announce the winner this Saturday, by drawing out a video from this week and then drawing the winner from that video. All you need to do is to like, comment, and subscribe! And you could be the next lucky winner.
The Market Today
Now, before discussing all the news, we will have a look at today’s market. Today the market witnesses a mixture of greens and reds. On the top 10 tokens, after a bearish run yesterday, today Bitcoin has recovered back to over the $11,000 mark, with a 7.05% increase. Ethereum and XRP are also increasing by 1.28% and 0.07% respectively. Next, our top 20 saw no major decreases. NEO recovered with a 6.45% increase from the downturn a few days ago, while Cardano and Stellar are still dropping slightly with 0.75% and 0.80% decreases.
Prime Factor Capital is the first cryptocurrency hedge fund
Now, let’s get straight onto the news segment guys. Per a report on Coindesk, on July 2, the UK Financial Conduct Authority has approved Prime Factor Capital, making it the first cryptocurrency hedge fund. According to the article, the hedge fund will play a role as a full-scope alternative investment fund manager. One interesting thing is that, although it is approved by the UK watchdog, Prime Factor Capital will abide by European regulations.
With the new approval, the firm will be allowed to stock more than 100 million euros in assets under management. So far, this firm is the first agency to be allowed to invest exclusively in the cryptocurrency market. For those who aren’t aware Prime Factor Capital, manages funds for professional and institutional investors including high net worth individuals, family offices, and private wealth managers, as mentioned in a company statement. Their core team is comprised of employees that previously worked at Blackrock, Legal & General, Goldman Sachs, and Deutsche Bank. There is currently, no official investment strategy following the new regulation. However, the founders of Prime Factor Capital believe that if they focus on one single asset class, they will be able to surge ahead of their global competitors and become the trusted authority when it comes to crypto investing.
Ripple invested $500 million into more than 20 companies
Moving on to the second news item. On the decrypt.co, Ripple is reported to invest $500 million into more than 20 companies to build the “internet of value”, which will ultimately enrich the XRP ecosystem called Xpring, Ripple’s ecosystem initiative. Although the XRP token is used to support cross-border payments, Ethan Beard, the Senior Vice President (SVP) of Xpring, argues that it can be used for much, much more. Noted in one of his recent blogs, he mentioned that: “Our goal at Xpring is to make it easy for developers to build projects that create real use cases for XRP”. So, which companies did Xpring invest in? These include the $100 million fund provided to Forte, a gaming startup, to help it develop games that use XRP for in-game payment. At least $20 million was financed in Coil, a micropayments service designed for content creators, which is run by the former CTO of Ripple. Like I said earlier, the ultimate goal of all these capital injections is to make XRP a fertile environment for others to follow suit. Ethan Beard also added that “We’re really investing to build out a tech platform that could allow hundreds of thousands to build on the technology very easily.” Guys, don’t expect to see much of a financial return. The idea is to make a long term investment into a tech platform than gain short-term profits.
The IOTA Foundation releases the Trinity wallet
And the last piece of news for today video. It is so cool to hear that on July 2, the IOTA Foundation has officially announced that it has released the Trinity wallet, a new Software Wallet facilitating IOTA tokens. For those who are unaware, The IOTA Foundation is a non-profit corporation whose distributed ledger technology (DLT) has seen recent partnerships with companies such as Primority for food tracking and Alyx for fashion supply-chain transparency. Now guys, if you’re ever worried about complicated wallets and poor security, you will be happy to hear that Trinity wallet is advertised as a wallet with improvement to both ease of use and security for users conducting transactions in IOTA. The idea is to attract new and advanced users. Furthermore, cybersecurity firms SixGen and Accessec have also audited the application in advance of release. Up to now, its beta version has been downloaded for 160,000 times and it has recorded transactions worth over $1.8 billion in IOTA tokens. As a software wallet, Trinity is compatible with Ledger’s hardware wallets, as Ledger has partnered with the IOTA Foundation since the end of 2018. Moreover, the new wallet’s features include KeePass-compliant security and encryption, biometric authentication, and it is also available in 25 languages and on Mac, Windows, Linux, iOS, and Android.
And there you have it guys! That’s the news wrap for today.
What are your thoughts on this situation?
What do you think about Prime Factor Capital and the approval of the UK Financial Conduct Authority? Do you think that it’s a good strategy to invest $500 million dollars to build the internet of value?
How about the reliability of Trinity wallet? Would you use it in the future to store your IOTA tokens in the future?
Guys, please don’t hesitate to let me know what you guys are thinking in the comments right below!
And guys, please remember 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 soon.
Join us at our Telegram group and follow us on Youtube and Twitter.
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.