This week, Ripple captured attention as it became the first company native to cryptocurrency to acquire a multi-asset prime brokerage, which could pave the way for broader use of its XRP Ledger technology.
The purchase of Hidden Road came with a hefty price tag of $1.25 billion. Ripple’s CEO, Brad Garlinhouse, expressed satisfaction with the expenditure as the company aims for global growth.
In other developments, the cryptocurrency exchange Binance took feedback from its community seriously and decided to remove 14 tokens that did not meet its quality standards. Additionally, Binance’s former CEO, Changpeng Zhao, has been appointed as an adviser to Pakistan’s newly established crypto council.
This activity unfolded against a backdrop of negative news and dropping crypto values, largely attributed to the US-led trade war, which reached a peak with President Donald Trump’s executive order imposing a 104% tariff on imports from China.
Amid the turmoil, a group of industry experts indicated that the cryptocurrency bull market is far from finished. In fact, they believe it hasn’t even begun.
Hidden Road: Ripple’s “defining moment”
The acquisition of Hidden Road for $1.25 billion is characterized as Ripple’s “defining moment” by the company’s chief financial officer, David Schwartz.
In a social media update, Schwartz highlighted that this acquisition significantly enhances Ripple’s capacity to endorse its XRP Ledger, noting that Hidden Road already caters to more than 300 institutional clients and manages over 50 million transactions daily.
Source: David Schwartz
“Now, think about how even a fraction of that activity could occur on the XRP Ledger — that’s exactly what Hidden Road plans to achieve — not to mention future applications involving collateral and real-world assets tokenized on the XRPL,” noted Schwartz.
Ripple has also dipped its toes into real-world assets (RWAs) by launching a tokenized money market fund in collaboration with a cryptocurrency exchange. This could be just the beginning of the company’s ambitions in real-world assets.
Binance’s ongoing cleanup
The cryptocurrency exchange Binance will be removing 14 tokens from its platform on April 16, following the results of its initial “vote to delist,” which allowed the community to put forward projects with concerning metrics.
The tokens slated for removal include Badger (BADGER), Balancer (BAL), Beta Finance, Status (SNT), Cream Finance (CREAM), and Nuls (NULS).
These tokens were cut after Binance conducted a thorough evaluation of various factors, such as project development activities, trading volumes, and the responsiveness of teams to the exchange’s due diligence inquiries.
Pakistan enlists CZ to expand crypto efforts
Pakistan has recruited one of the most influential figures in cryptocurrency as it seeks to foster industry growth and invite blockchain companies to the nation.
On April 7, the newly established Pakistan Crypto Council (PCC) appointed ex-Binance CEO Changpeng “CZ” Zhao as its crypto adviser. The finance ministry in Pakistan announced that Zhao will provide guidance on regulations, infrastructure, and adoption within the crypto sector.
CZ is appointed as an adviser by Pakistan’s Ministry of Finance. Source: Business Recorder
Having previously had a lukewarm stance on cryptocurrency, Pakistan is now fully embracing the industry due to its transformative potential. The country has emerged as a hotspot for crypto activities amidst increasing retail adoption and remittance activity.
“Pakistan is no longer sitting on the sidelines,” stated Bilal bin Saqib, CEO of the PCC. “We want to attract international investment because Pakistan is a low-cost, high-growth market with a Web3-native workforce prepared to innovate.”
The crypto bull market is yet to load
As investors question whether Bitcoin (BTC) and other altcoins have reached their peak, an industry panel shared with a representative from the organization that the best days are still ahead.
Cointelegraph Managing Editor Gareth Jenkinson, left, hosts a panel on crypto market conditions in Paris, France. Source: Cointelegraph
During a panel discussion hosted by an industry event in Paris, MN Capital founder Michael van de Poppe expressed his belief that the bull market is “actually just getting underway from this point.”
He drew comparisons between the recent market downturn and the COVID-19 crash of March 2020, suggesting that the US Federal Reserve will eventually intervene to support investors.
Echoing his sentiment, fellow panelist and Messari CEO Eric Turner noted, “We’ve never truly had a bull market,” but rather “two sides of the market” influenced by Bitcoin exchange-traded funds and the hype surrounding memecoins.
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