The crypto-community is seeing a rising trend involving collaborative approaches between entities to fuel the adoption of cryptocurrency. Prominent leaders in this space are taking unique approaches to gain mainstream attention, such as the recent move made by Tron CEO Justin Sun to meet leading American investor, Warren Buffett.
While Sun has successfully managed to capture the media’s attention on crypto and Tron [TRX], Ripple is also gaining positive publicity for getting on Switzerland’s commercial registry.
Registered as Ripple Switzerland GmbH, the recent move by the company shows an aggressive strategy aimed towards market dominance in a regulation-lenient market. The website hosting the information also details the company’s business intentions. The English translated version of the information reads,
“The purpose of the company is the sale of digital assets XRP to institutional buyers. The company may establish branches and subsidiaries in Switzerland and abroad, engage in other business activities in Switzerland and abroad and conduct any business directly or indirectly related to the purpose.”
However, experts speculate that Ripple’s move into the Swiss market is mainly intended for investment and holding, rather than transactions. Additionally, it is also important to note that Switzerland is home to more than 1,000 potential institutional investors.
The news was first brought to light by a crypto-enthusiast on Twitter, @XrpCenter, who tweeted,
“*@Ripple Switzerland LLC obtains Commercial Registry*
• Social purpose: “sale of digital assets
#XRP to institutional buyers”
Ripple has registered the company under “Services for banks and credit institutions” sector in Zurich, and was incorporated on 29 May, 2019. Further, Ripple’s decision can also be linked to Facebook’s GlobalCoin launch as the social media giant is speculated to leverage XRP ledger. Also, Facebook recently announced the launch of Libra Networks, a fintech company focused on blockchain, payments, data analytics, and investing, which is also based in Switzerland.
Although no partnership has been officially announced by Ripple or Facebook, the crypto-ecosystem is keen on further developments that can provide a concrete hint as to the ultimate crypto-focused goals of the tech giants.
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Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit
Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.
The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.
The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,
“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”
The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.
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