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SIX Stock Exchange

SIX Stock Exchange Adds XRP to Latest ETP Project

The largest stock exchange in Switzerland, the SIX stock exchange, is planning on launching an XRP crypto exchange-traded product (ETP). Amun AG was the first crypto startup to launch ETPs on SIX. Hany Rashwan, CEO of Amun AG, told CoinDesk that this new product will have the ticker AXRP.

SIX Stock Exchange Adds XRP ETP

The SIX Stock Exchange has not released any formal news yet on this matter and the ETA of AXRP is unknown at this time. In addition to the XRP ETP, Rashwan told CoinDesk that SIX has approved ETPs for four more altcoins. According to the CEO, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Litecoin (LTC) will be the next altcoins to get their own ETP products on the SIX Stock Exchange.

Amun AG has yet to provide thorough details regarding the new ETP listings. In November of 2018, SIX launched its first ETP that tracks a basket of top-weighted cryptocurrencies. This new product was issued by Amun AG under the HODL ticker. Since November, this total monthly trade volume for HODL has taken over an ETP that tracks crude oil. According to research by CoinDesk journalists, HODL became a top traded ETP on SIX in both December and January, prompting further digital currency ETP products.

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Rashwan told CoinDesk that most of the buyers of these products are based in Switzerland. Over the past few weeks, Amun AG has issued Bitcoin (BTC) and Ethereum (ETH) ETPs on the SIX Stock Exchange.

What is an ETP?

ETPs are passive investment instruments with no active trading strategies involved. ETPs are priced so the value is derived from other investment instruments such as a currency. SIX has its own rules for these traded products and states they are not treated as “collective investment schemes;” therefore, ETPs are not supervised by Switzerland’s market regulator. Amun AG backs each ETP by an identical amount of crypto assets, which is checked on a continuous basis. Rashwan told CoinDesk it stores its collateral with Kingdom Trust.

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Coinbase Pro

Coinbase Pro FINALLY Adds Ripple and XRP Gets a Boost

It’s official, Coinbase Pro has officially added Ripple (XRP) to its platform—finally! The US-based cryptocurrency exchange announced the news via its blog and social media platforms yesterday. It seems that Coinbase is no longer waiting for the US Securities and Exchange Commission to make a decision on if XRP qualifies as an unregistered security or not. Cryptocurrency investors have been waiting for this move for many years.

Coinbase Pro Adds XRP

The post states that the exchange began accepting inbound transfers of XRP yesterday at 10 AM. When a sufficient supply of the digital currency is established on the platform, Coinbase will open trading. Trading for XRP will only be accessible to Coinbase Pro users in the US (excluding NY), EU members, Canada, Australia, Singapore, and the UK.

The company plans on adding additional jurisdictions down the road.

XRP Launch Stages

There will be four stages to the launch of XRP. Coinbase explained in its blog post that it “will follow each of these stages independently for each new order book.” As the company moves through each of these stages, if the specific stage doesn’t meet its assessment for a healthy and orderly market, Coinbase will likely remain in that stage for a longer period of time than previously anticipated.

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The exchange might also suspend trading at that time to fix and access the issue. The company plans on informing investors of its stage moments via its official Coinbase Pro Twitter account.

Phase one started yesterday and will be transfer-only. As stated above, customers are now able to transfer XRP into their Coinbase Pro account. Customers are not yet able to place orders.

Phase two will be post-only. Customers will be able to post limit orders, but no matches (completed orders) will be done at that time.

In the third stage, limit orders will begin matching, but customers will be unable to submit market orders.

In the final stage, full trading services will be available, including limit, market, and stop orders.

XRP Price Movement

At the time of writing, XRP is trading at $0.32 a coin, up +5.07% in 24 hours.

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Ripple

Ripple Feeling Pressure? Brad Garlinghouse Speaks Out About JPM Coin

Ripple’s CEO, Brad Garlinghouse, has finally responded to JPMorgan’s recent announcement of its new JPM Coin. Is Ripple feeling the pressure or just annoyed with a bank adopting a similar system? Let’s find out.

Ripple CEO Responds to JPM Coin News

Long before this tweet, Garlinghouse released a blog post titled ‘The Case Against BankCoin’ on his LinkedIn back on August 24th, 2016. The post describes the very thing that was just recently released by JPMorgan. In his earlier piece, Garlinghouse feels these projects are misguided and would cause even more friction than what our current currency landscape has now.

The CEO explained:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

Garlinghouse believes that if each major US bank adopts its own coin, the system will become flawed because they aren’t all using the same digital currency and blockchain system.

SWIFT is the current financial system both projects are attempting to replace, and many analysts speculated yesterday that JPMorgan’s new project will be a direct threat to Ripple.

“JPM’s project is much more evolutionary than revolutionary—it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin,” said Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management. “The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”

It is highly unlikely that if other major US banks get on board, they will adopt the JPM Coin. Most likely, each bank will want to use its own system and coin—after all, they are competitors. Like Garlinghouse said, that could make for an even more messy financial system than the one we currently have.

The biggest contention point between XRP and the new JPM Coin is its value. JPMorgan said yesterday that its coin is directly pegged to the US dollar, making it a stablecoin. XRP, on the other hand, is not, which may be a reason why most of the major US banks have opted out of using Ripple and XRP for cross-border transactions and remittances.

JPMorgan will start testing its digital currency in small doses within the next few months. It will be interesting to see how the other major US banks respond and if they will start trying to whip up their own blockchain and digital currency.

What are your thoughts? Is the JPM Coin a major threat to Ripple and XRP?

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Ripple Backs Chinese Blockchain Research Scholarship

Ripple is supporting a major Chinese research university to launch a blockchain research scholarship. The news was confirmed earlier this week.

Blockchain Research Scholarship

The scholarship program is being run by the Institute for Fintech Research at Beijing’s Tsinghua University (THUIFR) in collaboration with Ripple.

Beijing’s Tsinghua University is one of the nine most prestigious universities in China, collectively known as the C9 League.

The Program

Called the Blockchain Technology Research Scholarship Program (BRSP), the program aims to find and mentor the best graduate students in China in 2019. These students will study global blockchain regulations and industry development and will be privy to advanced knowledge in the blockchain space. They will also attend corporate events and industry-themed visits.

The result will be a highly-educated, skilled group of people ready to be effective in the blockchain workforce.

Blockchain Research Scholarship Means Careers

With blockchain technology surging across the globe, the demand for skilled labor in the area is hard to meet.

Ivy Gao, Director of International Cooperation and Development at THUIFR, reiterated the importance of this educational program in contributing to the blockchain industry.

On the news, Ripple’s representative stated earlier today on Twitter that the company is “excited to work with Tsinghua University Institute for Fintech Research […] and help develop the next generation talent for blockchain in China!”

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Blockchain Research Scholarship with Ripple

Ripple has been a pioneering blockchain company by actively seeking to collaborate with universities across the globe. It launched its University Blockchain Research Initiative back in June 2018, whereby it invested $50 million USD in blockchain education programs at 17 universities worldwide.

Ripple has the right idea; this is not just altruism for the sake of it. To survive, blockchain will need people to maintain and develop it for years to come. By educating this current generation of college goers in what are the next technological milestones, it means the technology can thrive.

The goal is simple: to support education in the blockchain and crypto space and develop skilled entrepreneurs and the next generation of blockchain careers.

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TRON (TRX) and Ripple (XRP) Up, Despite $5 Billion Loss this Weekend

The entire cryptocurrency market has hit a bit of a bear run moving into the new week. Towards the end of last week, most digital currencies saw quite a spike in prices. That didn’t last long as most of them quickly plummeted towards the end of the weekend, taking off $5 billion from the total market cap. Today, we’ll take a look at TRON (TRX) and Ripple (XRP).

Both of these coins are seeing green today. Let’s take a closer look at why this may be.

TRON (TRX)

TRON, now the world’s ninth-largest cryptocurrency by total market cap, is seeing the most percentage gains today out of all the top 25 digital currencies. The dApp-focused blockchain project has had quite the week of volatility.

Earlier this year, TRX saw a massive spike in its price, rising over 30% in less than 24 hours. However, the coin fell to -25% percent days after its high.

Lately, TRON has been focusing specifically on its joint project with BitTorrent. Lately, Justin Sun has been tweeting about the BitTorrentToken airdrop taking place for TRX holders. It seems a majority of the major cryptocurrency exchanges that hold TRX will be supporting the airdrop.

Last weekend, TRON held its niTRON Summit in San Francisco. Kobe Bryant spoke with Justin Sun to close out Day Two of the event. Bryant is an NBA legend and now venture capitalist, but during his sit down, Bryant didn’t mention anything TRON, crypto, or even blockchain related. This segment of the day was the most attended part of the event, and that seemed to be the point of including it.

Many other cryptocurrency conferences have done just that. Ripple (XRP) is notorious for bringing in random celebs at these sorts of events. It remains unknown at this time if the event is what has caused the sudden spike in TRON prices.

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According to CoinMarketCap, TRX is trading at $0.0253 a coin, up 5.66% in 24 hours.

Ripple (XRP)

XRP is seeing green today, while most other major digital currencies are in the red. Ripple hasn’t released any recent news since January 17th. At that time, the company released a blog post targeting a discussion held at its Swell 2018 conference held last fall. Earlier this month, Ripple announced RippleNet had surpassed 200 customers worldwide.

While XRP isn’t up as much as TRON today, it remains unknown why XRP is seeing gains when most other coins with recent news aren’t. Still, the daily gains or losses in coins rarely reflects the progress the actual project is making in the blockchain space.

According to Yahoo Finance, XRP is currently trading at $0.32 a coin, up +0.07%.

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