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Jesse Pollak Reveals Efforts To Tokenize Coinbase COIN On Base

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4 days ago

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Jesse Pollak, the core builder of the Coinbase Exchang-backed Ethereum layer-2 network Base has hinted at the plans for the tokenization of the firm’s COIN stock available on the protocol. He shared this vision in a post on X where he said “every asset in the world will be on Base.”

The COIN Tokenization on Base

According to Jesse Pollak, integrating COIN on Base is something the layer-2 developers are currently looking into. Amid conversations with community members, Pollak confirmed that despite the new tilt, there are no concrete plans regarding this tokenization for now.

The Base developer said the team are in an exploratory phase for now. The goal here remains to understand what the team needs to unlock from a regulatory standpoint that will enable COIN tokenization on Base. Considering the fragile nature of regulations in the United States, Pollak said the goal remains to launch COIN on the protocol “in a safe, compliance and future looking way.”

Despite the reservations, he confirmed that users can already access COIN on other protocols like BackedFi. However, the accessbility to BackFi is limited to non-US citizen. It remains crucial to secure regulatory clearance in order to unlock the product for all users as an open source platform.

In all, Jesse Pollak reassured community members that it is still day one, implying there is room for more plan refinement. The COIN launch on Base might help solidify the protocol’s rank as the biggest L2 on Ethereum after recently outshining Arbitrum.

Tokenization of Real World Assets: Who’s Leading the Pack 

Tokenization is a growing trend in the digital currency ecosystem with firms like Franklin Templeton and BlackRock taking the lead. While Franklin Templeton is one of the pioneered on Wall Street, BlackRock’s BUIDL money fund has continued to stir major milestone.

These asset managers are expanding their tokenized funds to protocols like Base Network for more reach.

BlackRock has continued to expand since its introduction last year. Lately, Frax Finance said its DAO has approved BUIDL as frxUSD reserve asset. This marks one of the major protocol expansion reported in the past few months.

Besides these firms, Ripple Labs is also getting into the tokenization game. Specifically, it has a partnership with Archax with growing reliance on RLUSD stablecoin and XRP Ledger as innovations to help drive growth in this niche.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Backpack Exchange Acquires FTX EU Amid Global Expansion Plan

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2 hours ago

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January 7, 2025

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The leading crypto platform, Backpack Exchange, said it has acquired FTX EU, the European arm of the defunct FTX Exchange. This acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), reflects the exchange’s move to dominate Europe’s regulated crypto trading market. Notably, the exchange plans to offer innovative products, including crypto derivatives, across the European Union by early 2025.

Backpack Exchange Buys FTX EU

Backpack Exchange announced that it has completed the acquisition of FTX EU, aiming to fill the gap left by unregulated offshore exchanges exiting Europe. As a MiFID II-licenced entity, the new Backpack EU will focus on transparency and compliance to the region’s underserved crypto sector. Besides, the exchange eyes to bring perpetual futures through this acquisition, marking a significant milestone in the EU’s crypto space.


Backpack CEO Armani Ferrante lauded the acquisition, saying that this move would ensure European users gain access to secure and regulated trading solutions. He stated:

“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Bulls Return as BTC Hits $100K, Altcoins Shine

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5 hours ago

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January 7, 2025

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Today, crypto prices turned bullish as Bitcoin reached the $100K mark after two weeks. Major altcoins also rose, with XDC Network gaining 8% in the last 24 hours, and Bittorrent (BTT) surging 7%. The global crypto market increased by approximately 2%, reaching $3.59 trillion. Trading volume spiked by 45%, now standing at $133 billion. The Fear and Greed Index shows 66, indicating greed in the market. Let’s look at the top cryptocurrencies and their prices on January 7.

Crypto Prices Today: BTC, ETH, XRP, and SOL Show Steady Gains

BTC, ETH, XRP, and SOL have all gained between 1% to 2% in the past 24 hours. Meanwhile, a Canadian crypto forum moderator claimed he was forced into hiding following an alleged kidnapping and torture attempt. The attackers reportedly believed he held a large Bitcoin stash.

Bitcoin Price Today

Bitcoin price today was trading at $101,173, marking a 3% increase in the last 24 hours. BTC’s 24-hour low was $98,682, while its high touched $102,680. Bitcoin’s market cap reached $2 trillion, and its trading volume surged to $50.6 billion.

As per Farside Investors data, BTC ETFs witnessed an inflow of $769 million. Fidelity led the buying spree with $370 million, followed by Ark & 21Shares purchasing $152 million, and Grayscale investing $148 million. BlackRock’s data is still awaited.

Ethereum Price Today

Ethereum price today was trading at $3,685, registering a 1% increase in the last 24 hours. Its 24-hour low and high stood at $3,621 and $3,742, respectively. ETH ETFs recorded an inflow of $4.6 million, with Fidelity accounting for the entire purchase.

XRP Price Today

Crypto prices today show XRP trading at $2.40, slightly higher than yesterday. Its 24-hour range was between $2.375 and $2.454. Also, Ripple CEO Brad Garlinghouse said the $11 billion valuation seems outdated due to rising XRP demand and prices.

Solana Price Today

Solana price today was trading at $216, showing a 1% increase in the last 24 hours. Its 24-hour low and high were $213 and $222, respectively. The market cap reached $104 billion, with a trading volume of $3.28 billion.

Top Crypto Gainer Prices Today

XDC Network

XDC price today was trading at $0.102, marking an 8% increase in the last 24 hours. Its 24-hour low and high were $0.0957 and $0.1051, respectively. The market cap reached $1.5 billion, with a trading volume of $69 million.

BitTorrent

BTT price was the second-top gainer today, rising 7% in the last 24 hours. It was trading at $0.00000125. The market cap reached $1.27 billion, with a trading volume of $117 million.

Worldcoin

WLD price was up by 6%, trading at $2.588. Its 24-hour low and high were $2.414 and $2.792, respectively. The market cap reached $2.24 billion, with a trading volume of $719 million.

Top Crypto Loser Prices Today

Fartcoin

Fartcoin price today was the worst performer, dropping 15% to trade at $1.139. Its 24-hour low and high were $1.133 and $1.39, respectively. The market cap stands at $1.14 billion, with a trading volume of $122 million. According to CoinGape analysts, Fartcoin could reach $2 soon, as crypto prices today suggest a potential rebound.

Ethena

ENA price today was down by approximately 8%, trading at $1.154. Its 24-hour low and high were $1.142 and $1.25, respectively. The market cap reached $3.51 billion, with a trading volume of $474 million.

Fantom

FTM price was down by 7%, trading at $0.77 today. Its 24-hour low and high were $0.766 and $0.8283, respectively.

Besides this, the hourly chart for Bitcoin and major altcoins showed a decline of less than 1%, with Fartcoin down by 3% in the last hour. However, Movement (MOVE) was up by approximately 2% in the last hour. Crypto prices today are showing mixed movement across the market.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CEO Brad Garlinghouse Calls $11B Valuation Outdated Amid XRP Price Surge

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9 hours ago

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January 7, 2025

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Ripple CEO Brad Garlinghouse has declared that Ripple’s previous valuation of $11 billion is now “very outdated,” following a notable surge in XRP price and increased demand for Ripple’s blockchain solutions. 

Speaking during a recent interview, Garlinghouse cited the company’s substantial holdings of XRP, now valued at over $100 billion, as a key factor altering Ripple’s valuation outlook.

Ripple CEO Brad Garlinghouse Calls $11B Valuation Outdated

According to Ripple CEO Brad Garlinghouse the company now has more than $100 billion worth of XRP tokens. This development changes the valuation proposition of the blockchain infrastructure company dramatically. The CEO noted that Ripple’s trading in private markets has been much cheaper to the net asset value of the company than other companies that are linked to cryptocurrencies such as MicroStrategy.

“The total value of the XRP we hold is now greater than $100 billion,” said Garlinghouse. He also compared Ripple’s valuation metrics with MicroStrategy noting that the latter trades at a premium to its assets. ”Ripple has been trading in the private markets at a discount while MicroStrategy has trading at 3x premium to its net asset value,” he said.

Ripple was last valued at $11 billion in early 2024 when the company bought back $300 million worth of shares. Nevertheless, Ripple CEO Brad Garlinghouse stated that such an estimate is no longer relevant to the current financial position of Ripple, thanks to the increasing XRP price and institutional adoption.

XRP price has also seen a significant rise in value, it has risen five times its value before the election periods in late 2024. Ripple’s token has had increased liquidity and trading volume, sometimes even outperforming Bitcoin, as per data from FalconX.

This upsurge is in line with other developments within the cryptocurrency market such as the high probability of a crypto ETF launch and debate on a U.S. based blockchain reserve. Crypto analyst Peter Brandt noted in his recent analysis of XRP’s technical chart that if the current bullish flag pattern would be fulfilled, XRP market cap may hit $500 billion.

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Furthermore, the SuperTrend indicator has just turned bullish on the XRP 12-hour chart for the first time in several months. Analyst Ali Charts pointed out that “The last time the SuperTrend indicator changed direction to the bullish side, XRP rose by 470%.”

Ripple CEO Stance on Company Strategic Focus

Although XRP is gaining popularity in the market, Ripple’s main business is still centered on offering blockchain technologies to financial companies. In the interview, Ripple CEO Brad Garlinghouse restated his company’s focus on the B2B sector including banks, payment providers, and corporates, where Ripple is offering solutions like custody and cross-border payments.

Recently, Ripple announced that it would launch its stablecoin called Ripple USD (RLUSD) with the license from the New York Department of Financial Services (NYDFS). Garlinghouse stressed that the RLUSD will leverage XRP rather than replace it, increasing its liquidity, and opening more possibilities for the utilization of Ripple’s DEX and automated market maker (AMM) functionalities.

The acquisition of Switzerland-based custody firm Metaco which was completed about 18 months ago has also put Ripple in a vantage position to offer its institutional products. The CEO was upbeat on the increased demand of the company’s custody services especially from Tier 1 banks.

Changing Regulatory Environment Fuels Optimism

Ripple’s growth has been supported by changing perceptions in the legal environment. Garlinghouse claimed that the previous several months marked a ‘turning point’ due to the exit of SEC Chairman Gary Gensler and the chance for regulatory certainty under the new administration. 

As a result of the recent changes in the US government’s stance with regard to cryptocurrency innovation, Ripple CEO Brad Garlinghouse said, “The winds have changed.” 

Recently, he also stated that 95% of Ripple’s customers are outside the United States, but he expects the interest to return in the United States in the next few months.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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