Seeds of Wisdom RV and Economic Updates Wednesday Evening 10-16-24
Good Evening Dinar Recaps,
RIPPLE AND INTERNATIONAL RESCUE COMMITTEE INNOVATE CASH RELIEF AND CROSS-BORDER AID WITH XRP LEDGER
▪️Ripple Labs has committed a multi-year $1 million aid to the IRC.
▪️The partnership will seek to leverage XRP Ledger and RLUSD in scaling aid delivery.
American blockchain payments firm Ripple Labs Inc. announced that it recently partnered with the International Rescue Committee (IRC). The partnership aims to explore how Ripple’s affiliated XRP Ledger (XRPL) and its pending RLUSD stablecoin can facilitate humanitarian aid.
Through the partnership, Ripple will help vulnerable communities access critical resources quickly and securely. While Ripple brings its full suite of payment solutions, IRC will contribute its years of experience in humanitarian relief.
Ripple Pledges Commitment to Community-Focused Initiatives
IRC is one of the world’s most trusted humanitarian organizations, assisting individuals affected by crises to survive, recover, and rebuild their lives. To support IRC’s humanitarian efforts, Ripple has pledged a $1 million multi-year commitment to help the organization.
This financing highlights their collaborative efforts to investigate blockchain technology in cross-border funds transfers and cash relief initiatives. The partnership also explores Ripple’s global payments network and open-sourced solutions created on XRP Ledger.
The partnership will see Ripple and IRC combine their expertise to transform aid delivery at scale. Ripple is already an established leader in compliant blockchain and cross-border payments. On the other hand, IRC has delivered humanitarian aid across over 40 countries, releasing over $70 million in cash and relief vouchers.
The partnership marks a key milestone in Ripple’s mission to leverage blockchain technology for positive global impact.
Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, commented;
We look forward to learning from the IRC’s deep experience in delivering aid on the ground, which will help Ripple support humanitarian efforts at scale.
David Miliband, President and CEO of the International Rescue Committee, added, “We’re excited to partner with Ripple to explore how their technology, like stablecoins, can enhance the speed and efficiency of cash relief, particularly in regions with limited access to traditional banking infrastructure in times of crisis.”
Ripple Labs Contribution to Charity
In a recent report, the United Nations (UN) revealed 360 million people require aid amid growing global crises. Thus, the recent collaboration aims to explore Ripple’s blockchain-based solutions to enhance the speed, security, and accessibility of aid delivery. This partnership comes shortly after the United Nations Capital Development Fund (UNCDF) endorsed Ripple as a key player in a new global payments network.
It is worth noting that Ripple has supported numerous humanitarian organizations in expanding financial inclusion through its Impact program. This program supports initiatives to drive a more sustainable and economically inclusive financial system.
Ripple has donated $170 million since 2018, and its NGO partners currently operate in more than 80 countries. Moreover, the firm recently contributed $250,000 to Hurricanes Milton and Helene’s relief efforts. These contributions underscore the firm’s commitment to community-focused initiatives.
@ Newshounds News™
Source: Crypto News Flash
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MOONPAY PARTNERS WITH RIPPLE FOR SEAMLESS XRP BUYING AND STORAGE IN-APP
MoonPay recently announced a partnership with Ripple, allowing users to buy, manage, and store XRP directly through the MoonPay app. This integration also marks the launch of RLUSD, Ripple’s dollar-pegged stablecoin, which Ripple Labs developed in collaboration with platforms like Uphold, Bitstamp, Bitso, Independent Reserve, CoinMENA, and Bullish.
MoonPay wrote on X, “In partnership with @Ripple , you can now buy, store, and manage your $XRP directly within your MoonPay account. Whether you’re a new recruit or a loyal soldier, welcome home.”
In an interview with The Paul Barron Network, MoonPay CEO Ivan Soto-Wright stressed MoonPay’s dedication to simplifying crypto adoption by reducing the friction involved in onboarding new users. The primary goal is to make crypto wallets as accessible and user-friendly as traditional bank accounts.
MoonPay aims to offer a seamless experience for users, allowing them to easily move funds into their wallets with minimal hassle.
One of MoonPay’s innovations is a “one-tap” process, especially for returning customers who have already completed the Know Your Customer (KYC) process. Although onboarding might involve initial steps like KYC and biometric ID verification, this process streamlines future transactions.
Soto-Wright compares this approach to the early days of PayPal, which was initially challenging but evolved into a highly trusted platform. MoonPay’s streamlined experience seeks to bring similar ease and trust to the crypto ecosystem, preparing it for broader adoption by 2025.
He added that 2024 has been a breakthrough year for MoonPay’s product development. “We essentially revamped all our existing products, rebuilding them from scratch to ensure a top-notch user experience,” he explained. The goal was to create a seamless and polished interface, much like Apple Pay, to make the platform intuitive and free of glitches.
@ Newshounds News™
Source: CoinPedia
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ESMA PUSHES FOR STRICTER CRYPTO REGULATION, PROPOSING MANDATORY CYBER AUDITS
ESMA urges tighter crypto regulation, proposing external cybersecurity audits amid rising cyberattacks.
The European Securities and Markets Authority (ESMA) urged lawmakers in Brussels to tighten crypto regulation, pushing for external audits of cyber defenses among crypto companies.
ESMA stated that such measures were critical to safeguarding consumer interests, as cyberattacks on the crypto industry have risen dramatically in recent years.
ESMA Seeks EU Crypto Regulation And Call for Cybersecurity Audits
According to an exclusive Wednesday report from the Financial Times, ESMA’s proposal seeks to amend the Markets in Crypto-Assets Regulation (MiCA), the European Union’s (EU) comprehensive crypto regulatory framework, which is set to fully take effect in December 2024.
MiCA intends to bring clarity and protection to the largely unregulated crypto sector. The sector has been plagued by several scandals, most notably the infamous collapse of the FTX exchange.
As part of its recommendations, ESMA has proposed that crypto companies be required to conduct third-party audits of their systems to identify potential vulnerabilities.
These heightened concerns arise as the proposal comes at a time when regulators are increasingly worried about the sector’s growing susceptibility to cyberattacks.
In the first half of 2024, over $1.5 billion was stolen from crypto platforms. This represents an 84% increase over the same period in 2023, highlighting the urgency for cybersecurity reforms.
However, the European Commission has pushed back against ESMA’s proposal, suggesting that it oversteps the scope of MiCA.
While ESMA declined to comment, critics argue that stricter rules are necessary given the escalating threat of cyberattacks targeting crypto companies.
In recent years, several high-profile crypto hacks have occurred. In September, $45 million was stolen from the Singapore-based exchange BingX, while $230 million was drained from Indian exchange WazirX in July.
Such incidents further highlight the ongoing demand for stronger security protocols across the crypto industry.
“Security is not something you can take lightly,” commented Charles Kerrigan, a partner at CMS law firm.
He emphasized the need for crypto ventures to invest in robust cybersecurity measures to prevent such breaches.
Global Regulatory Pressure Builds Amid Regulation Concerns
The EU’s MiCA regulation already requires crypto companies to obtain a license by complying with new rules, including anti-money laundering controls and ensuring senior executives meet “fit and proper” standards.
But as crypto exchanges continue to fall victim to sophisticated cyberattacks, regulators are now calling for more proactive measures.
In addition to ESMA’s push for stricter cybersecurity oversight, the European Parliamentary Research Service (EPRS) recently called for greater regulation beyond EU borders.
The EPRS report emphasized the risks posed by lax cybersecurity measures in non-EU jurisdictions, particularly in the U.S., where crypto regulation is highly fragmented.
As MiCA moves closer to full implementation, it is still unclear whether the EU will adopt ESMA’s recommendations for mandatory external audits.
The call for enhanced security standards aligns with ongoing efforts worldwide to increase regulation of the cryptocurrency industry.
@ Newshounds News™
Source: Crypto News
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AUDIO REPLAY BOB LOCK: OCT 16, 2024 | Youtube
Bob Lock discusses his new book, "Managing sudden wealth through smart team building" as well as what the future might bring with a new financial system and ways to protect yourself with a possible stock market crash and/or bank failure.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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