Coindesk

Avalanche's AVAX token is poised for major gains in coming years that should outpace already bullish outlooks for both bitcoin and ether, according to Standard Chartered's Geoff Kendrick.“The unique thing about Avalanche is how it is attempting to achieve scale. Unlike Ethereum or Solana, Avalanche (AVAX) uses a set of subnets, or sidechains,” Kendrick said in a note on Wednesday, initiating coverage on AVAX with a $55 price target for the end of 2025, $100 for 2026, $150 for 2027, $200 for 2028 and $250 by the completion of 2029.“While it is still too early to tell whether the new subnet approach will work, we think the fact that one-quarter of active subnets are already Etna-compatible is encouraging.”He also pointed...

Non-fungible tokens (NFTs) may be well off their frothy heights, but don't tell that to Jupiter. Solana's top DeFi exchange just brought digital collectibles platform DRiP Haus into its orbit.The acquisition is part of Jupiter's push to become what Jupiter's Kash Dhanda calls the "Solana super app:" a home not only for traders of financial instruments like swaps and perps, but for digital culture connoisseurs too."We don't believe it," Dhanda said of the NFT doomsayers. "We think NFTs are here for the long term."Built from the bricks of the short-lived Solana store, DRiP Haus survived the NFT market's brutal downturn as a digital collectibles distribution hub. Instead of trading it focuses on disseminating: Startups across Solanaland spin up and send...

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...