- Bitnomial’s Strategic XRP Futures Launch
- Ripple’s Expanding Influence in Web3
- Stablecoin Initiatives on XRPL
Today we look at the latest moves by Bitnomial and Ripple aimed at expanding the presence of XRP in financial markets and their potential implications.
Bitnomial’s Strategic XRP Futures Launch
Bitnomial, a CFTC-approved Derivatives Clearing Organization, plans to offer these futures on its electronic trading platform. Following regulatory approval in December, the platform can now extend its services to include options and margined futures. With the addition of XRP to existing financial products, Bitnomial aims to achieve market presence and institutional acceptance.
Ripple’s Expanding Influence in Web3
Meanwhile, Ripple is rapidly expanding its influence in the Web3 space through collaboration with the SBI Digital Community. This alliance seeks to harness the XRP Ledger (XRPL) for creating Web3 applications, including non-fungible tokens (NFTs). The SBI Digital Community plans to create and sell NFTs using their robust infrastructure and large audience via xrp.cafe, one of the leading NFT marketplaces on the XRPL.
Stablecoin Initiatives on XRPL
Additionally, Ripple has recently begun testing its stablecoin - Ripple USD (RLUSD) on the Ethereum mainnet and XRP Ledger (XRPL). This testing phase is part of Ripple's long-term plan to enter the stablecoin market, where RLUSD and XRP will be used for cross-border payments. Ripple USD aims to be collateralized by short-term US Treasuries, dollar deposits, and cash equivalents. The company also plans to conduct monthly attestations audited by a third party, enhancing accountability, transparency, and compliance with the law.
Bitnomial's launch of XRP futures and Ripple's efforts in both Web3 and stablecoins could have significant implications for the cryptocurrency market. These steps contribute to the increasing acceptance of XRP and pave the way for a potential XRP ETF launch.
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