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Gemini Lists Ripple’s RLUSD Stablecoin Amid Ripple’s Massive $25M Donation to U.S Education

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  • RLUSD is now available on 15 major exchanges, including Gemini.
  • Ripple’s donation supports U.S. classrooms with $25M in RLUSD.
  • Ripple integrates RLUSD for cross-border payments and institutional use.

Gemini, a top crypto exchange, has listed Ripple’s RLUSD stablecoin for trading transactions, deposits, and withdrawals. This represents an important step in the firm’s effort to expand the stablecoin adoption across the world. Gemini is the 15th crypto exchange to list RLUSD on its platform after a list of other platforms.

The RLUSD stablecoin has received substantial adoption across major exchange platforms. Other platforms such as Uphold, Bitstamp, Revolut, and Coinmena listed the coin before Gemini.  With Gemini’s support, RLUSD will be accessible to more users around the world to enhance cross-border payments, trading, and daily financial transactions.

Ripple uses the RLUSD stablecoin in its business operations for institutional purposes. The firm uses RLUSD to enable cross-border payments on its Ripple Payments network. The stablecoin integration enables Ripple to capitalize on global financial services to help businesses to efficiently manage their treasury operations.

Ripple Donates $25M To Underserved U.S Classrooms

Ripple has further boosted the RLUSD acceptance. The company has announced a massive $25 million donation in RLUSD to U.S. public education. Ripple committed to making the donation to educational nonprofit organizations such as DonorsChoose and Teach For America. The contribution seeks to provide essential resources such as digital equipment and school supplies for underserved classrooms.

Ripple continues to advance RLUSD adoption across individual and institutional customers. Ripple purchased Hidden Road, a prime brokerage company, for $1.25 billion in April. The firm intends to utilize RLUSD as collateral for trading and settlements across the operations of institutional clients, which further integrates the stablecoin in mainstream finance.

Ripple’s RLUSD Stablecoin Expands to Global Markets

Gemini listed the RLUSD stablecoin after it posted a cryptic social media message, which hinted at the RLUSD addition. The XRP community and some analysts interpreted the stylized capitalization pattern in the Ripple post to refer to RLUSD. Although Gemini did not react to the cryptic post, it listed RLUSD shortly after, which marks a major step for the stablecoin.

Ripple continues to develop RLUSD’s use cases amid increased interest in the stablecoin in digital finance. Ripple’s RLUSD integration in its enterprise services enhances the efficiency and speed of cross-border transactions. Moreover, it demonstrates Ripple’s commitment to adapting to the shift in stablecoin regulations as well as strengthening the position of RLUSD in digital finance.

Ripple’s use of RLUSD in charitable initiatives and its addition on various exchange platforms enhances the stablecoin’s applications. The increased adoption of RLUSD in various global economic sectors could shape the future of stablecoins.

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Revolut Suspends Crypto Services In U.S. Amid Regulatory Uncertainties

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Revolut, the prominent UK-based firm, has made a significant move in response to regulatory challenges and uncertainties surrounding the cryptocurrency market in the United States. The company suspended its cryptocurrency services for U.S. customers starting September 2, 2023.

Revolut’s decision to suspend its cryptocurrency services in the U.S. is primarily influenced by the ever-changing regulatory landscape and uncertainties surrounding the crypto market in the country. As a result, starting September 2, the U.S Revolut platform will no longer allow users to make buy orders for cryptocurrency.

In addition to the initial suspension, a more comprehensive restriction is set to take effect on October 3, 2023. From then on, U.S. customers will lose complete access to cryptocurrencies through the firm. They cannot buy, sell, or hold any cryptocurrencies via the platform. A representative from Revolut explained the reasoning behind this decision by stating,

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.,” the spokesperson said. “This decision has not been taken lightly, and we understand the disappointment this may cause.”

Revolut has promptly informed all its crypto customers in the U.S. about this decision. An email has been sent to notify them of the impending suspension of crypto services. per the report, “We regret to inform you that we’ll be closing our cryptocurrency platform in the US,” 

SEC’s Influence On Revolut’s Decision

The regulatory context surrounding cryptocurrencies in the US has played a significant role in shaping the firm’s choice. The Securities and Exchange Commission (SEC) asserts that most cryptocurrencies should be considered securities, thus subject to investor protection rules. This stance was evident when the SEC filed a lawsuit against significant crypto exchanges Coinbase and Binance, accusing them of failing to register specific cryptocurrencies as securities. Both companies have refuted the allegations.

In response to the SEC’s statements, the firm promptly acted by opting to delist three tokens – Cardano (ADA), Solana (SOL), and Polygon (MATIC) – that the regulator classified as securities. This decision likely played a role in Revolut’s choice to halt crypto services in the US. The platform plans to finish the delisting procedure by September 18.

Although the suspension has a notable impact on US customers, Revolut’s cryptocurrency services will remain uninterrupted in other global regions, with a particular emphasis on Europe. Outside the US, Revolut’s crypto offerings continue to operate actively and are expanding to cater to a broader customer base.

Revolut introduced a staking program in February, offering customers in Great Britain and approximately 30 European countries the opportunity to earn cryptocurrency rewards. This program demonstrates the company’s commitment to growing its crypto services in the European market.

Related Reading:| Crypto Industry Rejoices As Historic Bill Advances In US Congress

UK’s Revolut Adds DOGE, SHIB With Eyes On US Market

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DOGE, SHIB, SOL, and AVAX are among the 29 tokens added by London-based fintech startup Neobank Revolut as part of its crypto expansion plans in the highly competitive US market dominated by industry heavyweights such as Coinbase, Binance, etc.

According to the press release, the bank’s partnership with digital asset service provider Apex Crypto made it feasible for it to make the most recent step to expand its portfolio.

“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Mazen Eljundi, Revolut’s global business head for crypto said in a statement. Trading is commission-free up to $200,000 a month, he added. 

The New York department of financial services has not yet approved all of the tokens, the announcement also revealed.

On its platform, Revolut enables users to purchase and trade cryptocurrencies. Customers could previously only keep cryptocurrency within the app; however, they can now withdraw Bitcoin to an external wallet.

Revolut is also referred to as a “challenger bank,” a term for new digital banks with the mission to challenge the major banks.

However, the firm reportedly came under the scanner of UK financial regulators who have noted some discrepancies in the auditing report.

According to a Financial Reporting Council report from July, the audit of an unnamed “financial services provider” by accountancy firm BDO was found to be insufficient and to have a risk of an undetected material misstatement.

The report came after co-founder and CEO Nikolay Storonsky ‘complained’ in a recent interview about how long regulators are taking to review its application for a banking license.

That said, the popular meme coin Dogecoin has now emerged as the second biggest PoW coin.

DOGE 2nd Largest PoW Token After The ETH Merge

Dogecoin is now the second-largest proof-of-work cryptocurrency in terms of market value following the transition of the Ethereum network to the proof-of-stake protocol on September 15, TronWeekly reported.

The widely used meme coin is way ahead of the third-ranked PoW cryptocurrency Ethereum Classic [ETC] with a market cap of $4.69 billion, as well as Litecoin [LTC], having a market cap of $4 billion.

In addition to that, the asset made a comeback to the top 10 after surpassing Polkadot [DOT], according to CoinMarketCap data. The token is currently valued at $7.9 billion.

Revolut Becomes UK’s Most Valuable Fintech Startup, Officials Still Wary of CEO’s Kremlin Connections

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The cryptocurrency industry has gone through multiple phases since the massive bull run of 2017. Since then, the industry has been hit with speculations, price drops then a renewed interest shown by institutional investors.

Out of all the cryptocurrency companies out there, Revolut, based in the UK, has come out on top. The digital bank recently revealed that they had become the country’s most valuable financial technology startup.

Revolut received a massive boost in valuation after its latest funding round which elevated its value to 4.2 million pounds. The latest number is almost triple than that of its earlier valuation, prompting many to believe that the cryptocurrency industry was only thriving.

The latest funding round has allowed Revolut to usurp its rivals Monzo and OakNorth, both holding valuations of EUR 2 billion and EUR 2.2 billion respectively. The two rival companies were also trying to enter multiple markets across the world but regulatory frameworks have been an issue. Monzo and OakNorth can, however, take solace in the fact Revolut has also not turned a profit till now. If anything, Revolut’s losses had more than doubled in 2018 to settle at $33 million.

Revolut’s latest valuation boost was provided by the US Technology Crossover Ventures Fund, which pumped $500 million into the company. Investors have a tendency to invest in a growing business, as they also own shares in Spotify, Netflix, and Airbnb. The digital bank was also in the news recently when it launched a feature to allow users to aggregate other bank account data within its application.

The feature would allow customers within the United Kingdom to connect their individual UK bank accounts to Revolut. This was created to create a more wholesome banking environment where customers can see all their spending in one place. The update seems to have worked for the startup as the company is now worth three times more than its valuation in the spring of 2018.

Nik Storonsky, the Chief Executive Officer [CEO] of Revolut gave his two cents on the latest partnership:

“Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey.”

Despite recent news, Revolut found it difficult to maintain a positive face in the industry. This comes as a result of multiple reports from overworked staff and the CEO’s connection to Russia. Although the official has denied any links with the Kremlin, lawmakers still remained wary. The first tip-off came in 2014 when investigators discovered that Storonsky’s father was a director at the much-maligned Gazprom.