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Flare proposes new bridge to allow XRP to be used on Ethereum

The Flare Network plans to build a new two-way bridge connecting XRP to the Ethereum ecosystem.

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On Aug. 26, Ripple (XRP) partner Flare Networks revealed details of a proposed new bridge connecting XRP with the Ethereum (ETH) blockchain. Ripple’s CEO Brad Garlinghouse and the XRP Army have expressed support for the first two-way bridge to bring the ecosystems together.

The trustless bridge will allow XRP on the Flare Network — known as FXRP — to be used within the Ethereum network while “providing a scaling platform for Ethereum tokens and applications.”

Flare is a network that integrates the Ethereum Virtual Machine in order to provide advanced smart contracts on the XRP network.

The proposal, which needs to be approved by the Ripple Foundation, will be the group’s first governance proposal and has mostly been met with positive feedback from the community, with Twitter user Tristan commenting, “As soon as it’s done. I’m moving all my apps and smart contracts over.”

But some users, like JGrim, question whether a connection to Ethereum was needed at all, saying that “it will only slow down the Flare network.” Ethereum’s fees have hit $99 for some DeFi users recently amid network congestion.

Ripple’s CEO Brad Garlinghouse said that Flare will offer users the best of both worlds:

“From my point of view Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and defi.”

Flare Network’s collaboration with Ripple began in November last year and was funded by Ripple’s Development arm Xpring. In February this year, Xpring announced its intention to develop a bridge between the two networks and sponsored three challenges during the ETH Denver hackathon, all of which revolved around a bridge between XRP and Ethereum.

Flare’s CEO and founder Hugo Philion is confident about this new proposal since there are already “several projects” that serve as a two-way bridge between other networks and Ethereum. Last week the NEAR project launched the Rainbow Bridge connecting their platform with Ethereum, and Enjin have already built a bridge connecting Hyperledger with Ethereum.

 

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CRYPTOCURRENCY

You can now pay with Bitcoin for a U.S passport

Peninsula Visa, announced it would be accepting the world’s flagship crypto, Bitcoin as a form of payment for selected passport services

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An American based company, Peninsula Visa, that specializes in visa and passport, announced recently it would be accepting the world’s flagship crypto Bitcoin, as a form of payment for selected passport services, via using Coinbase Commerce as the secure processor for these transactions.

Evan James, Chief Operating Officer at Peninsula Visa said, “Never before has anyone been able to pay for a U.S. passport using a digital currency. We’re thrilled to be the first company in the nation offering this alternative payment method to our valued customers.

As we look forward to a post COVID world, one that we believe will be more digital than ever before, offering travelers the ability to pay via Bitcoin feels like the right move at the right time.”

  • At the time of filing this report, Bitcoin price traded at $16,328.11 with a daily trading volume of $20,049,300,522.
  • BTC price is up 2.1% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

The services further listed by the California based company, Peninsula Visa, for payment through Bitcoin, with additional passport and visa services to be rolled out over the next 12 months are:

  • Passport renewal
  • Name change
  • Second passport
  • Second passport renewal

Peninsula Visa — Peninsula Visa was founded in 1975 as a paper airline ticket delivery company in Silicon Valley. Since its start, it has transitioned through the constantly changing landscape of technology and international travel.

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CRYPTOCURRENCY

World biggest crypto hedge fund: Grayscale Crypto holdings now $9.8 billion

Grayscale’s crypto products show the company now has $9.8 billion in assets under management (AUM).

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The world’s leading crypto hedge fund Grayscale is on the grip of reaching a major milestone as its crypto holdings are now worth $9.8 billion.

What we know: New numbers on Grayscale’s crypto products show the company now has $9.8 billion in assets under management (AUM), rapidly approaching the $10 billion mark. Barry Silbert,founder/CEO of Grayscale via his Twitter feed revealed the crypto holding.

  • Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
  • Total AUM: $9.8 billion
  • Crypto portfolio include $BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC

What this means: The fast-rising crypto hedge fund suite of investment products give institutional investors a simple and safe exposure to Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), Horizon (ZEN), Zcash (ZEC), Bitcoin (BTC), Ethereum (ETH), XRP, Ethereum Classic (ETC).

Recall it was about five months ago, revealed how institutional investors and hedge funds around the world have been rushing to have a stake in crypto assets which all have been outperforming other financial assets in 2020.

A popular hedge fund based in New York –Grayscale Investments –caught the investment world by surprise by buying up Bitcoin (BTC) at a great rate in recent months.

What you need to know about Hedge Funds; They are firms that offer alternative investments to a specific type of investors (high net worth individuals), in a bid to protect their investment portfolios from market uncertainty, while generating positive returns regardless of market sentiments.

Bottom-line: With global economic uncertainty gradually becoming a daily norm, institutional and hedge funds around the world have been rushing to have a stake in crypto assets which all have been outperforming other financial assets in 2020.

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CRYPTOCURRENCY

Wealthy Crypto entity moves over $100 million worth of Bitcoin

Someone moved 7,002 BTC valued at (112,904,407 USD) from an unknown wallet to unknown wallet.

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Wealthy crypto players seem to be at their game in Q4, 2020, as regards moving Bitcoin.

Data retrieved from the advanced crypto tracker, Whale Alert, revealed someone moved 7,002 BTC valued at (112,904,407 USD) from Unknown wallet to Unknown wallet.

  • At the time of drafting this report, Bitcoin was trading slightly above $16,000, with daily trading volume pegged at $18,472,207,777.
  • BTC price is up 0.3% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

What this means

Crypto investors are going long, stashing their digital gold at record levels, as the crypto market is awash with cheap money coming from stimulus packages from global central banks.

What you should know

Our source some months ago, reported that 47% of BTC holders were Bitcoin (BTC) whales. As the COVID-19 pandemic resurgence disrupted the global financial market – coupled with the recent weakening of the American dollar, the number of whales has been increasing at a steady pace after Bitcoin’s recent halving.

  • While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
  • At the BTC market, investors or traders who own large amounts of BTCs are typically known as Bitcoin whales.
  • This means that a BTC whale could be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
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