Ripple made headlines this week as it emerged as the first cryptocurrency-focused firm to acquire a multi-asset prime brokerage, a move that could pave the way for broader acceptance of its XRP Ledger technology. The purchase of Hidden Road came at a hefty price of $1.25 billion, a sum that Ripple’s CEO, Brad Garlinhouse, regarded as a worthwhile investment as the company aims for global expansion. In other developments, Binance, a leading cryptocurrency exchange, responded to its user community by deciding to delist 14 tokens that failed to meet its established quality standards. Additionally, the exchange’s former CEO, Changpeng Zhao, has been appointed as an adviser to Pakistan’s newly established crypto council. This flurry of activity occurs amidst challenging headlines and declining cryptocurrency values, largely attributed to the US-China trade tensions, which intensified with an executive order from former President Donald Trump imposing a 104% tariff on Chinese imports. Despite the turmoil, a panel of industry experts expressed to Cointelegraph that the anticipated crypto bull market is still on the horizon, suggesting it hasn’t even begun yet.
### Ripple’s Significant Acquisition
Ripple’s acquisition of Hidden Road for $1.25 billion has been described as a pivotal moment by the company’s chief financial officer, David Schwartz. He shared on social media that this strategic move significantly enhances Ripple’s capacity to promote its XRP Ledger, given that Hidden Road serves over 300 institutional clients and handles more than 50 million transactions daily. Schwartz emphasized the potential for a portion of that transaction volume to be integrated into the XRP Ledger, with plans to utilize collateral and tokenize real-world assets on the platform. Ripple has already ventured into the realm of real-world assets by launching a tokenized money market fund in collaboration with the crypto exchange Archax, suggesting that this initiative could be just the beginning of its ambitions in this area.
### Binance Takes Action
Cryptocurrency exchange Binance is set to remove 14 tokens from its platform on April 16, following the outcome of its inaugural “vote to delist” where community members raised concerns about various projects. The tokens that will be delisted include Badger (BADGER), Balancer (BAL), Beta Finance, Status (SNT), Cream Finance (CREAM), and Nuls (NULS). Binance made this decision after conducting a thorough analysis of various criteria, such as project development activity, trading volumes, and the responsiveness of these projects to the exchange’s due diligence requests.
### Pakistan Enlists CZ for Crypto Growth
Pakistan has engaged one of the most prominent figures in the cryptocurrency space as it seeks to enhance industry adoption and attract blockchain firms to its territory. On April 7, the newly established Pakistan Crypto Council (PCC) appointed Changpeng “CZ” Zhao, the former CEO of Binance, as its crypto adviser. The finance ministry of Pakistan stated that Zhao will provide insights on regulatory frameworks, infrastructure development, and the promotion of crypto adoption. Following a period of skepticism towards cryptocurrencies, Pakistan is now fully embracing the sector, recognizing its potential for transformative impact. The country has seen a surge in crypto activity due to increased retail engagement and remittance flows. PCC CEO Bilal bin Saqib remarked, “Pakistan is done sitting on the sidelines,” expressing the country’s intent to attract international investments as it positions itself as a low-cost, high-growth market with a workforce adept in Web3 technologies.
### The Crypto Bull Market Awaits
As investors ponder whether Bitcoin (BTC) and altcoins have reached their peak, an industry panel informed Cointelegraph’s Gareth Jenkinson that the most promising times are still ahead. At the LONGITUDE event hosted by Cointelegraph in Paris, MN Capital founder Michael van de Poppe asserted that the bull market is just beginning. He drew comparisons between the recent market downturn and the crash during March 2020, suggesting that the US Federal Reserve will ultimately intervene to support investors. Another panel member, Eric Turner, CEO of Messari, concurred, stating that rather than experiencing a full bull market, the industry has been witnessing two distinct market influences driven by Bitcoin exchange-traded funds and the memecoin phenomenon.
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