Crypto Flipsider News – XRP Top Performer; CoinList Halts Withdrawal; Binance IRI; Matrixport Raises $100M; Huobi & Poloniex Merger
Read in the Digest:
- XRP outperforms the crypto market with a +12% gain, trades above $0.41
- CoinList denies insolvency and bankruptcy rumours through withdrawal halt
- Binance launches $1 billion recovery fund, receives $50 million contributions
- Crypto lender Matrixport looks to raise $100 million at a $1.5 billion valuation
- Huobi and Poloniex mulling merger, Poloniex suspends BEP20 function
XRP Outperforms the Crypto Market with a +12% Gain, Trades Above $0.41
After a strong outing on Thursday, November 24th, other cryptos have cooled off, but XRP continues to rally. According to data from CoinMarketCap, XRP is the most profitable crypto asset of the last 24 hours among the top 100, rallying by 12%.
The 24-hour price chart for XRP (XRP). Source: CoinMarketCap
The price jump saw XRP shoot up as high as $0.4169 for the first time since November 8th. XRP has now retraced slightly and now trades at $0.4061, with its market cap now at $20.43 billion.
The rally coincides with the jump in XRP social volume to 8,883. This is +3% in the last 24 hours. The rally also comes off two weeks of whale accumulation at the bottom, amid the collapse of the crypto market caused by the FTX crisis.
At Swell 2022 in London, Ripple Labs CEO Brad Garlinghouse reportedly told Linqto Director of Member Sales that the Bank of America (NYSE:) wants to deploy Ripple’s on-demand liquidity (ODL) products.
Flipsider:
- However, Brad Garlinghouse noted that the BOA is waiting for the conclusion of the Ripple vs SEC lawsuit before it makes a move.
Why You Should Care
Where the price of XRP goes in the near future could be determined by the summary judgment motions which are expected to come in by November 30th.
CoinList Denies Insolvency and Bankruptcy Rumours Through Withdrawal Halt
CoinList, a crypto exchange and the biggest initial coin offering (ICO) platform, has halted withdrawals but has clarified that the company is “not insolvent, illiquid, or near bankruptcy.”
The FUD that the exchange was experiencing a financial crisis as a result of the FTX collapse was shared on Twitter. However, the company has calmed the nerves of its users with the update.
According to CoinList, the withdrawal issues faced over the last two weeks were technical ones and not liquidity-based as the team was upgrading internal ledger systems.
CoinList also explains that the team was migrating wallet addresses that involve multiple custodians – leading to issues in deposits and withdrawals as some tokens are “taking longer than anticipated to migrate.”
Flipsider:
- CoinList loss of $35 million when Three Arrows Capital went bankrupt ignited fears from the crypto community that the company could have been rattled by FTX.
Why You Should Care
The announcement from CoinList looks to calm the growing FUD that the project could be the next to file for bankruptcy.
Binance Launches $1 Billion Recovery Fund, Receive $50 Million Contributions
Binance, the world’s largest cryptocurrency exchange, has officially launched the Industry Recovery Initiative (IRI), one week after CEO Changpeng Zhao (CZ) introduced the initiative.
Binance launched the $1 billion fund to help crypto companies affected by the crypto crash and the FTX collapse. However, Binance clarified that the IRI is not an investment fund.
Binance has already received 150 applications from companies seeking support. Binance said it could ramp up the investment opportunities up to $2 billion in the near future if the need arises.
Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have committed $50 million to the IRI. The project hopes to get more support soon.
Flipsider:
- CZ has denied reports that he was meeting with investors in the Middle East, including Abu Dhabi, for investment in the IRI.
Why You Should Care
The IRI looks to support the most promising and highest quality projects built by the best technologists facing financial difficulty not caused by their own doing.
Crypto Lender Matrixport Looks to Raise $100 Million at $1.5 Billion Valuation
Matrixport Technologies, the Singapore-based crypto financial services firm, is mulling a $100 million raise despite the ongoing bearish market to take the firm to a valuation of $1.5 billion.
According to reports, the crypto lender has already secured $50 million in commitments from lead investors. Matrixport is now looking to secure an additional $50 million in the second tranche.
Although the crypto lender did not disclose the names of the investors who participated in the first tranche, earlier investors include Qiming Venture Partners, IDG Capital, and Dragonfly Capital.
The firm says it now has $10 billion in assets under management and custody. Led by Bitmain’s billionaire founder Wu Jihan, Matrixport’s services include digital asset custody, trading, lending, and structured products.
Flipsider:
- Matrixport’s fixed income offering tied to (BTC) has been significantly affected by the FTX collapse, although the firm said there’s no risk of insolvency.
Why You Should Care
Matrixport’s fundraising through the FTX collapse shows investors still believe in the prospect of the crypto industry.
Huobi and Poloniex Mulling Merger, Poloniex Suspends BEP20 Function
Three days after Huobi completed its rebrand, looking to focus on onboarding users from even more countries and regions, rumours have emerged that the exchange could merge with Justin Sun’s Poloniex.
Sun, who joined Huobi as an exchange advisor, has since been rumoured to be one of the top stakeholders of the crypto exchange. Sun also put forward three major strategies for Huobi’s future growth.
With Justin Sun’s growing role in Huobi, WuBlockChain has reported that he could merge his recently acquired Huobi Exchange with Poloniex. The exchange was acquired from Circle back in 2019.
The report of a merger comes amidst the halt of the deposit and withdrawal function for the BEP20(BSC) network on Poloniex affecting the USDT, USDC, TUSD, and BUSD stablecoins.
Flipsider:
- Former controlling shareholder Leon Li sold his stake in Huobi Global, but Justin Sun has continuously denied being the new owner despite multiple reports.
Why You Should Care
The possible merger could be part of a grander plan for Justin Sun’s exchange to compete on a global scale with the likes of Binance, Coinbase (NASDAQ:), and Kraken.
