XRP hits $1 as GME Remittance joins RippleNet

One of South Korea’s largest remittance banks, Global Money Express (GME) joined handsRipple announced a partnership with Ripple earlier in the week. This move is expected to expand Ripple’s remittances network between South Korea, Thailand and South Korea. GME stated that the partnership will enable Ripple to connect and expand its customer base while also allowing for the creation of new remittance corridors in the region.

SBI Ripple Asia has facilitated the partnership. It is the latest addition to the growing list of Korean financial institutions who have announced integrations into RippleNet. Ripple’s increasing interest in the corridor can be attributed to the number of transactions between South Korea and Thailand via RippleNet increasing by two times over a year.

The announcement led to a price surge in Ripple’s native token XRP. The world’s 6th largest cryptocurrency regained the $0.90 price point on 11 August before briefly reaching $1 yesterday. XRP currently trades at $0.99 as of this writing. The rising price of XRP has helped push it beyond $40 million in market capital, which is yet another milestone for the cryptocurrency.

Despite Ripple’s legal troubles with the United States Securities and Exchange Commission (SEC), the company is continuing to expand and grow, especially in the Asia-pacific region. The strong customer momentum in the region has led to the growth of a year-over-year transaction of 130%, an improvement that can be attributed to Ripple’s new partnerships.

The US Senate approves infrastructure bill without voting for the pro-crypto amends

A disappointing turn of events occurred for the crypto community when the United States Senate was elected. passed The infrastructure bill received a vote of 69-30 this week. This bill is intended to raise approximately $28 billion over the next ten year by increasing tax reporting requirements of crypto brokers. If the bill is implemented as it stands, it will have significant ramifications on crypto miners, validators, and wallet developers.

The $1 trillion infrastructure bill was rebuffed by the crypto industry. They claim the definition of brokers used in the bill is too broad. Despite multiple lobbying attempts, Senate refused to vote for the compromise bipartisan amendment that would have limited what crypto brokers were included in the bill.

The bill, which is unadjustable, would severely limit innovation in the United States. It would also drive crypto businesses overseas.

There is still hope for crypto-industry as the House of Representatives is the final authority to approve the final text of the bill. Many members have expressed dissatisfaction with the current text.

After three months, Crypto market gains $2 Trillion market capital

The total value of all cryptocurrencies currently in circulation reached $2 trillion this week after Bitcoin hit the $45,000 price level. Market cap is an indicator of the industry’s health. The regaining of $2 trillion after three months provides significant evidence that bearish tendencies which emerged in June have been overcome.

The crypto market has seen a significant increase in value over the past week. It has grown by more than 25% and added $400 billion. The world’s number one cryptocurrency is currently trading at $46,272, a major surge from being valued at $40,946 last week, leading to strong bullish momentum in the market.

Bitcoin’s price surge extending to the wider market can be seen as an indication of an incoming altcoin season. The top 100 cryptocurrencies, including IoTeX(IOTX), Wink (WIN), Dent (DENT), Internet Computers (ICP), and Ravencoins (RVN), outperformed Bitcoin by more than 3%.

The markets have continued to retain the bullish bias despite concerns over the US Senate’s infrastructural bill. The rise in institutional investor interest, increased venture funding for crypto-start-ups, and the crucial accumulation of crypto by retail investors can all be attributed to this recovery.

India to unveil CBDC model before 2021

T. Rabi Sankar is the Deputy Governor of Reserve Bank of India (RBI). statedThe central bank could unveil a model for its Central Bank Digital Currency, the Digital Rupee (CBDC) by the end this year. With reports of India’s impending crypto ban, the interest in CBDCs can act as a tool for blockchain and crypto adoption in the world’s second-most populous country.

Speaking at the post-monetary policy commission press conference, Sankar explained that the RBI was in the process of evaluating the “scope, technology, distribution and validation mechanism” for the CBDC. He further added that the central bank was working on a phased implementation strategy for the Digital Rupee to ensure little or no disruption to India’s banking system.

India is one of the many countries that has recently begun to develop their own digital currencies. The Digital Euro report by the European Union has been released. It examines the design options that will allow interoperability between the CBDC With ECB Fiat Systems. Meanwhile, pilot projects are being started in the United States for the Digital Dollar.

Poly Network Hacker returns all stolen funds after executing DeFi’s largest known attack

Unknown hackers took advantage of the cross-chain protocol Poly Network to attack the DeFi world and removed a total number of $600 millionassets of the Binance Chain (ETH), the Polygon Network (Polygon) are worth approximately $2.5 billion. The largest DeFi attack to date was due to a vulnerability in contract calls.

Surprisingly, hackers reached out to the Poly Network team via transaction records stored on Ethereum and expressed their desire for the return of most of the stolen funds. The project announced that the actions constituted “white hat behaviour”. The hacker has already returned nearly $258 million worth of stolen crypto assets. Negotiations are ongoing with the Poly team to recover the rest.

Hackers are increasingly popular in the DeFi industry, which has led to increased attacks. They receive attractive returns when executing DeFi protocol breach breaches.