Coindesk

Ripple, an enterprise-focused blockchain service closely tied to the XRP Ledger (XRP), said on Wednesday it has integrated its stablecoin to the company's cross-border payments system to boost adoption for Ripple USD (RLUSD).Select Ripple Payments customers including cross-border payment providers BKK Forex and iSend are already using the stablecoin to improve their treasury operations, the company said. Ripple plans to further expand the token's availability of its token to payments customers.Additionally, crypto exchange Kraken added RLUSD to its platform, following recent listings on LMAX and Bitstamp. Ripple entered the rapidly growing stablecoin market with its short-term U.S. government bond-backed cryptocurrency after receiving regulatory approval from the New York New York Department of Financial Services in December. Since then, RLUSD reached a $244...

Crypto trading firm Backpack, which bought the European arm of bankrupt exchange FTX, has begun the process for customers to claim their funds.Backpack, which purchased FTX EU for $32.7 million in January, directed customers to complete the first step of know-your-customer (KYC) verification in a post on X on Tuesday. Step two of the process will be the distribution of funds, though it is unclear when this will occur. Backpack describes this as "coming later" on its FAQ page. Backpack's acquisition of FTX EU was criticized by the bankruptcy estate of the broader entity of FTX.The FTX estate said Backpack had no involvement in the U.S. bankruptcy court-approved process for returning funds and that it did not have authorization to...

Justin Sun bailed out Techteryx's TrueUSD stablecoin after nearly half a billion dollars of its reserves were rendered illiquid, people close to the matter confirmed, and the stablecoin issuer said in Hong Kong court documents.After acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed First Digital Trust (FDT), a Hong Kong-based fiduciary, to manage its stablecoin reserves.According to documents prepared by U.S. law firm Cahill Gordon & Reindel, FDT was instructed to invest the reserves in the Aria Commodity Finance Fund (Aria CFF), a Cayman Islands-registered vehicle. However, court filings allege that approximately $456 million was instead improperly diverted into Aria Commodities DMCC, a separate, unauthorized entity based in Dubai.Court documents identify Matthew Brittain as controlling Aria Commodity Finance Fund...

Crypto asset manager Grayscale has listed two new exchange-traded funds (ETFs) that offer investors a differentiated source of income through bitcoin's (BTC) characteristic volatility.The two New York Stock Exchange-listed funds will start trading on Wednesday.The Bitcoin Covered Call ETF (BTCC) and Bitcoin Premium Income ETF (BPI) offer covered call writing strategies, which involves selling call options to generate income on the premium received. Call options are derivatives contracts betting on the price of an asset rising. They give the holder the right, but not the obligation, to buy the asset at a predetermined price within a define period of time.BTCC will write calls very close to spot prices to deliver income for investors seeking regular cash flow, with the options...

Avara, the parent company of decentralized finance (DeFi) platform Aave, has simplified its self-custody Family Wallet by replacing complicated seed phrases with emails and SMS, making wallet creation and recovery painless in a bid to onboard more users.Family allows users to manage assets across various Ethereum Virtual Machine (EVM) networks, using passkeys like fingerprint or face scans, tied to the users’ device, Avara said in an emailed statement. Avara has also launched a new web dashboard for the Family Wallet where users can manage their account, as well as send, receive, and manage assets, the firm said.Holders of digital assets are rightly skittish about leaving their crypto on exchanges or in anyone else’s custody, particularly after events like the collapse...