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Ripple on the Forbes most innovative fintech list; six other blockchain firms also make it to list




Ripple on the Forbes most innovative fintech; six other blockchain firms makes it to the list
Source: Unsplash

The fourth edition of the coveted list – 2019’s the 50 Most Innovative Fintech Companies, was marked by the show of six cryptocurrency and blockchain oriented companies, including San Francisco-based cross-border payment major Ripple.

The looming crypto winter with all the digital assets struggling in an incessant bearish fever, couldn’t sway Ripple’s dominance in the space.

Talking about the blockchain tech companies on the list, the Forbes blog stated:

“Going forward, the blockchain selections from this year’s Forbes Fintech 50 2019 picks will undoubtedly form some unusual alliances as they evolve past competing against other blockchain startups, to competing in mainstream finance against long-established players.”

Ripple has managed to leverage XRP’s efficiency to bolster the cross-border financial settlement processes. The Forbes report further states that Ripple is all set to supersede SWIFT, the global messaging service provider.

Ripple secured a massive $94 million in a funding round led by IDG Capital, SBI Investment, Santander InnoVentures, and others recently. The payment network is now worth $5 billion and has 200 RippleNet customers, including Bank of America and American Express under its hood. Furthermore, many of the banks are ready to use Ripple’s payment solution, xRapid, which would have a huge impact on the cryptocurrency XRP.

Moreover, Ripple’s strategic partnership with R3 and Japan’s SBI Holdings has further made Ripple the leading payments company in the cryptocurrency and blockchain space

The other crypto ventures that made it to the list are:

Axoni, the New York-headquartered firm which renders distributed ledger tech and capital market services for various financial establishments. This capital market tech firm utilizes the blockchain platform to provide solutions to its clients. The latest funding round was even visited by Goldman Sachs, JPMorgan and others, where the company scored $59 million.

Bitfury, the Netherlands-based full-service blockchain tech firm providing hardware and software solutions to safely propagate assets across the network, has also made it to the list along with Boston-based global crypto finance firm, Circle. The other two firms to surface in the Forbes list were New York-based cryptocurrency exchange Gemini and California-based exchange forum Coinbase.

A Twitter user, @DupelessisTjaard, commented:

“@izakaminska : Not too shabby for a company with…how did you put it?.. “Bad business model and based on bad code” Did I get that right ? Great work @nbougalis”

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer





Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,

“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”

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