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Ripple Launches Enhanced Crypto Custody Services for Banks and Fintechs, Adding RWA Tokenization
Ripple has unveiled new features for its Ripple Custody platform to support banks and fintech firms in managing and securing digital assets. The updates include functionality for tokenizing real-world assets (RWA), integration with Ripple’s XRP Ledger for token issuance and transfers, and enhanced access to the XRPL decentralized exchange for low-fee asset trading. Additional features include a revamped user interface, improved compliance tools via Elliptic, and advanced security options. These updates align with Ripple's strategy to expand its custody services and cater to the growing demand for secure digital asset management, as tokenization and custody solutions are poised to become key elements of the financial landscape by 2030.
Uniswap Labs launches Unichain, the first Ethereum Layer 2 with Flashbot's Rollup Boost integration
Uniswap Labs has unveiled Unichain, a custom Ethereum Layer 2 network, which will integrate with the Optimism Superchain and feature Flashbot's Rollup Boost solution for faster transactions. Unichain aims to enhance cross-chain liquidity and lower costs for DeFi users. A testnet for the network is now live, with plans to introduce Uniswap V2, V3, and a preview of V4 by year-end. Unichain's unique Rollup Boost integration, developed with Flashbots, is expected to deliver near-instant block times, setting it apart from other Layer 2 solutions.
Trump-Linked World Liberty Financial Seeks $300M Raise at $1.5B Valuation
World Liberty Financial, a DeFi project linked to Donald Trump and his sons, plans to raise $300 million in an initial token sale next week, valuing the project at $1.5 billion. The sale will offer 20% of the token supply, with tokens being non-transferable for the first 12 months but usable for governance voting. The project's roadmap outlines phases, including launching a DeFi lending platform, integrating exchanges, creating a stablecoin-focused credit card, and tokenizing real-world assets. Available to accredited investors, it aims to drive mass adoption of digital assets while navigating regulatory restrictions.
Trading Desk Insights
Bitcoin recently found support at its 50-day moving average, bouncing off a level near $60,000 for the second time and is now making strides to surpass the 200-day moving average positioned around $64,000. The broader risk asset environment, encompassing cryptocurrencies and equities, has been under pressure following economic indicators that suggest persistent inflation and a rise in unemployment rates. The Consumer Price Index for September increased by 2.4% year-over-year, exceeding the forecasts of 2.3%. This has shifted market expectations, raising the likelihood of a 25 basis point rate cut in November to 86% from 80% just the previous day, with expectations for a December cut also climbing to 88% from 79%. The chances for a significant 75 basis point reduction by the end of the year have plummeted to zero from 45% last week, signaling that the hotter-than-anticipated inflation may bolster arguments against further rate reductions.
Bitcoin’s market share, often referred to as its dominance, has been on a gradual ascent since mid-2022 and has now reached another multi-year peak at 58.5%—the highest level since March 2021. There appears to be a positive correlation between Bitcoin's dominance rate and U.S. interest rates. The onset of rate cuts could potentially disrupt this upward trend in Bitcoin's dominance, potentially paving the way for altcoins to capture a larger market share.
In other developments, Uniswap Labs announced the creation of a new layer-2 network, Unichain, designed to facilitate faster and more cost-effective transactions while boosting liquidity. This innovation, developed on Optimism's OP Stack, is scheduled for a testnet launch this Thursday. In response, UNI has seen a 12% uptick in trading this morning as the market reacts positively to the news.
Regarding cryptocurrency ETFs, Bitcoin experienced outflows of $40.6 million, predominantly from ARK funds, while Ethereum flows remained stable despite trading volumes surpassing $128 million.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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