Read in the Digest:
- Circle Raises $400M from Wall Street, Pantera Raises $1.3B for Blockchain Fund, Genesis Raises $150M in Latest Funding Round
- The SEC Could Be Forced into Settlement as Ripple Claims ‘a Very Big Win’
- Investors Raise Alarm (NASDAQ:ALRM) as Indian Exchanges Block Transfer Network
Shiba Inu Gets Robinhood Listing, Begins Sale of Land in the Metaverse
After months of waiting and a petition, the American cryptocurrency trading platform, Robinhood, has added the popular meme coin Shiba Inu (SHIB) to its crypto list.
Shiba’s listing on Robinhood was part of a larger expansion of the trading app’s crypto offerings, which included Solana, Polygon, and Compound. Shiba Inu’s long-anticipated listing caused the meme coin to gain 20% in the last 24 hours.
The 24 hours price chart of Shiba Inu (SHIB). Source: Tradingview
The listing is joined by Shiba’s launch of its Metaverse ‘land bid event,’ allowing the Shib Army to finally own a piece of land in the Shiba Inu metaverse. The early access event unlocked 35,000 pieces of land for purchase, giving priority to LEASH holders.
Only LEASH and Shiboshi holders can view, bid, and acquire lands in the Shiba Inu Metaverse over the next three days. After the early access’ land bid event,’ Shiba Inu will unlock 66,000 plots to the public for viewing, bidding, and purchasing in the metaverse.
Flipsider:
- The usual buzz of the Shib Army seems to be waning as SHIB has now fallen to 15th place by market cap ranking.
Why You Should Care
The metaverse is an opportunity for Shiba Inu to shine in a new light, other than being a meme coin and Dogecoin’s biggest rival.
Circle Raises $400M from Wall Street, Pantera Raises $1.3B for Blockchain Fund, Genesis Raises $150M in Latest Funding Round
Circle Internet Financial, the issuer of the USD Coin (USDC) stablecoin, has become the latest crypto firm to benefit from the increasing investments from venture capital firms.
Circle announced that its latest $400 million funding round included investments from BlackRock (NYSE:BLK), Fidelity, Marshall Wace LLP, and Fin Capital. In addition, Circle also partners with BlackRock, the world’s largest asset manager, to applications for the USDC.
Pantera Capital, a crypto venture capital firm, has announced raising $1.3 billion for its Blockchain Fund. According to Pantera, the fund will be used to invest in Web3 startups, early-stage tokens, and digital tokens with high liquidity levels.
Silver Lake, a tech investment firm, also announced leading the $150 million investment round for an NFT avatar company, Genesis. As the metaverse concept becomes more popular, Genesis wants to let users mint NFTs and create their own digital avatars.
Flipsider:
- In the week ending April 8, the crypto industry recorded its second-highest outflows for 2022 as investors pulled $134 million from the industry.
Why You Should Care
The recent wave of VC investments hints that Wall Street could be preparing for wider adoption of web 3 and cryptocurrencies.
The SEC Could Be Forced into Settlement as Ripple Claims ‘a Very Big Win’
Ripple has claimed ‘a very big win’ in its long protracted case against the Securities and Exchange Commission (SEC). Ripple Labs was sued by the SEC in 2020 for selling “unregistered securities.”
In the latest court order, the judge in charge of the case, Sarah Netburn, denied the SEC’s motion to reconsider shielding documents of a June 2018 speech. In the speech, the then SEC director, William Hinman, noted that Bitcoin (BTC) and Ether (ETH) are not securities.
Ruling that the SEC documents are not protected by DPP means the defendants (Ripple Labs) can challenge the SEC’s allegations that they were involved in selling unregistered securities.
The court order includes a “bulletproof section” that is expected to prevent an appeal by the SEC. The consequences of the ruling are expected to lead to the outcome of the case, which could see a settlement between the SEC and Ripple Labs.
Flipsider:
- The lawsuit updates have provided only little support for the XRP, which has been on a downtrend since March.
Why You Should Care
Many experts believe that the future of XRP and the broader crypto ecosystem hands on the verdict of the Ripple vs. SEC lawsuit.
Investors Raise Alarm as Indian Exchanges Block Transfer Network
Leading Indian crypto exchanges CoinSwitch Kuber and WazirX have deactivated rupee deposits for crypto purchases made via a widely-used state-backed transfer system, making users show concern on social media.
The blocking of crypto purchases follows a statement last week by the National Payment Corporation of India saying it was not appraised of crypto exchange using its United Payments Interface (NASDAQ:TILE) (UPI).
On Wednesday, CoinSwitch users reported that they could not make deposits using the UPI option. Similarly, rival exchange WazirX also told users on Twitter (NYSE:TWTR), “UPI is not available,” adding that it had no estimated time limit to fix the issue.
Flipsider:
- The implementation of a 30% tax on any digital asset capital gain has led to India’s trading volumes dropping by more than 50%.
Why You Should Care
The decision to halt UPI acceptance resulted from “regulatory uncertainty,” which has been a long-standing issue in India.
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