On this Thursday, The Block’s latest podcast episode of Layer One featured discussions by co-hosts Kelvin Sparks and Steven Gates, who were joined by prominent figures in the crypto space, Haseeb Qureshi from Dragonfly and Sean Lippel from Fintech Collective. The conversation revolved around the intersection of poker strategy and the cryptocurrency landscape.
In major developments, Bitwise has officially launched its spot XRP ETF in the U.S., while RippleX is exploring the feasibility of native XRP staking. Additionally, Core Foundation has successfully obtained an injunction against Maple Finance, hindering its plans for a competitive bitcoin yield product. In other news, the UK Serious Fraud Office has arrested two individuals in connection with a $28 million crypto hedge fund scam.
Bitwise’s XRP ETF debuted under the ticker XRP on Thursday and will waive the management fee of 0.34% for the first month on up to $500 million in assets. Matt Hougan, the Chief Investment Officer, highlighted the benefits of XRP’s established operational history, low costs, and vibrant community. The fund marks the second U.S. pure spot XRP ETF after Canary Capital’s XRPC, which has already attracted $292.6 million in net inflows. Following suit, Grayscale and Franklin Templeton are expected to introduce their spot XRP products next week.
Meanwhile, RippleX’s engineer J. Ayo Akinyele is examining the potential for native staking on the XRP Ledger. He noted that any staking mechanism would require revising the current fee-burning model to establish a rewards pool, while also maintaining fairness and governance. Akinyele’s insights come as Ripple technologies continue to expand and adapt to evolving user needs.
In a legal setback for Maple Finance, the Core Foundation has secured an injunction preventing the launch of syrupBTC, a bitcoin yield product reportedly developed using confidential collaboration materials. The Cayman Islands court’s ruling was based on serious concerns over the misuse of proprietary information, although Maple has denied any wrongdoing and insists that its business will continue as usual.
On a growth trajectory, Cipher Mining has secured a lease for its 300-MW Barber Lake facility, which could bring in up to $2 billion if additional options are exercised. The financing effort is bolstered by Google’s backing and aims to support the significant expansion of Cipher’s Texas operations.
Lastly, Coinbase has introduced ETH-backed loans through Morpho, assisting verified U.S. users (except in New York) in borrowing up to $1 million against their ETH holdings. This launch is in direct response to the increasing demand for crypto-collateralized lending, building on the success of its existing BTC-backed loans that have enabled over $1.25 billion in borrowing this year.
As the digital asset ecosystem continues to evolve, important events unfold regarding innovation, regulation, and market growth. With key discussions and developments on the horizon, the landscape remains dynamic and promising for investors and enthusiasts alike.