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Ripple Expands Crypto Custody, Shiba Inu's DeFi Growth, and Bitcoin Whale's Bearish Move

Explore Ripple's new crypto custody services for banks, Shiba Inu's promising DeFi developments, and a Bitcoin whale's market impact.
Published on 2024-10-12

Ripple's Major Expansion into Crypto Custody

Ripple, a prominent fintech company, has made a significant move by expanding its crypto custody services. This strategic initiative is designed to assist banks and financial technology firms in securely storing digital assets for their clients. Key features of Ripple's offering include seamless integration with the XRP Ledger, enhanced anti-money laundering risk monitoring, and a user-friendly interface. By venturing into the crypto custody market, Ripple aims to compete with established players like Coinbase, Gemini, and Fireblocks, broadening its services beyond traditional payment solutions.

Shiba Inu's DeFi Ecosystem Gains Momentum

The Shiba Inu project is making notable strides in the decentralized finance (DeFi) space with its Layer-2 scaling solution, Shibarium. Although its progress has been gradual, recent data reveals significant growth. Shibarium's total value locked (TVL) has surged to $4.37 million, marking a recovery from its previous peak of $3.9 million in March. ShibaSwap continues to lead as the top decentralized application within the ecosystem, holding $2.22 million in TVL, while the emerging K9 Finance DAO follows closely. These developments indicate increasing optimism for Shibarium's role in the DeFi landscape.

Bitcoin Whale's Bearish Stance Raises Concerns

Bitcoin's struggle to surpass the $61,000 mark has led to apprehension among investors. A notable Bitcoin whale recently sold a portion of their holdings due to the cryptocurrency's underwhelming performance. This investor had previously withdrawn 8,510 BTC from Bitfinex but has since reinvested 1,500 BTC back into the exchange. The sale incurred a loss of approximately $30.54 million, as the selling price was lower than the purchase price. With 7,010 BTC still in their possession, valued at $424.6 million, there is speculation that further selling may occur, potentially influencing Bitcoin's future price trajectory.

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