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Music Tonight: Saturday, Oct. 18

I’m told The Hitch show at the Shanty is sold out, so unless you know something I don’t, you’ll likely be looking for something exciting to get down to tonight. Have no fear, Makenu is here. Or rather, there at the Basement, where at 9 p.m. you can enjoy Humboldt’s finest cumbia band for a […]
The post Music Tonight: Saturday, Oct. 18 appeared first on North Coast Journal.

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Binance Expands Footprint In South Korea As France Ramps Up Crackdown

Binance, the world’s largest cryptocurrency exchange by trading volume, has successfully completed its acquisition of South Korean-based digital asset exchange Gopax. Binance’s Gopax Stake Finalized On October 16, industry sources reported that South Korean financial authorities had finalized their review of Gopax’s executive changes, which had been pending for an extended period. Binance initially acquired [.].

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Ripple Labs’ $1 Billion XRP Treasury Strategy: Will It Lead To A New Rally Toward $10?

Amid a challenging period for the XRP price, which has seen a decline of 24% over the last two weeks, Ripple Labs, the blockchain payment company, has announced plans to raise at least $1 billion for a major XRP purchase, intended for the establishment of a new digital asset treasury (DAT). Ripple Plans Largest Fundraising Effort According to sources cited by Bloomberg, the capital will be managed within this new treasury, and Ripple plans to utilize a special purpose acquisition company (SPAC) to facilitate the fundraising. Additionally, the company will contribute some of its own XRP holdings to bolster the effort. However, investor sentiment towards DATs has become increasingly cautious, as evidenced by the sharp declines in shares of major crypto firms, including Michael Saylor’s Strategy (previously MicroStrategy) and Japan’s Metaplanet. Related Reading: Bitcoin Price Slips Below $108, 000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds Despite this skepticism, Ripple Labs is pressing forward with its ambitious fundraising plans, which, if successful, would mark the largest effort focused specifically on XRP. Currently, XRP stands as the fifth-largest cryptocurrency, boasting a market capitalization of $138 billion. In a related strategic move, Ripple announced on Thursday the acquisition of treasury management software provider GTreasury for $1 billion. This acquisition is seen as a way to strengthen its connections with corporate finance leaders and treasurers seeking access to tokenized deposits, stablecoins, and other digital assets. As of July 31, Ripple held 4. 74 billion XRP tokens in its wallets, valued at approximately $11 billion at current market prices. Additionally, another 35. 9 billion XRP coins are under escrow lockups, scheduled for monthly releases. Potential 350% Rally Ahead For XRP This potential catalyst could signal a recovery phase for XRP. Market expert Dark Defender noted on social media platform X (formerly Twitter) that the correction had completed at the $2. 22 level, which was established in August, suggesting that the “Journey Towards $10 Resumes.” Despite the current market panic, the expert reassures investors that the altcoin is entering a new recovery phase, with the $2. 22 mark representing a crucial threshold for the short-term price action. Related Reading: October 10th Crypto Crash: Expert Foresees New Wave Of Lawsuits Against ‘Manipulators’ According to the expert’s analysis, this scenario could lead to a significant rally of 340% in the coming months, on top of the already impressive 320% gains recorded year-to-date. As of this writing, XRP is trading at around $2. 26, resting on a critical support level as October draws to a close. Should this level falter, and if the $2. 4 support fails to prevent further declines, XRP could retrace back toward the $1. 2 level, the price reached during the market crash on October 10. Featured image from DALL-E, chart from TradingView. com.

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Japan’s Three Largest Banks Launch Joint Yen Stablecoin on Blockchain Platform

The post Japan’s Three Largest Banks Launch Joint Yen Stablecoin com. Japan’s banking giants are making a bold move into digital currency. Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC), and Mizuho Financial Group announced they will jointly issue a stablecoin pegged to the Japanese yen and US dollar. The consortium expects to roll out the digital currency by the end of this fiscal year. The three banks collectively serve more than 300, 000 corporate clients across Japan. By creating a standardized digital token, they aim to cut transaction costs and speed up payments between companies. Mitsubishi Corporation will be the first company to use the stablecoin for settling payments across its 240+ global subsidiaries. Building on Progmat’s Infrastructure The stablecoin will run on MUFG’s Progmat platform, a blockchain system designed specifically for regulated financial institutions. MUFG announced Progmat Coin in June 2023, creating infrastructure that lets banks issue digital tokens on multiple public blockchains including Ethereum, Polygon, Avalanche, and Cosmos. Unlike typical cryptocurrency platforms, Progmat emphasizes bank custody, regulatory compliance, and standardization. This means different banks can issue tokens that work together seamlessly for corporate payments. The platform meets strict requirements from Japan’s Financial Services Agency, which oversees all stablecoin issuance in the country. The technical setup allows tokens issued by different banks to be standardized and used for payments within companies and between separate businesses. MUFG plans to expand support to additional blockchain networks beyond the current four. Project Pax: Connecting Traditional Banking with Blockchain In September 2024, the same three banks backed Project Pax, a related initiative focused on cross-border payments. This project uses SWIFT’s existing messaging system to let banks instruct the Progmat platform to settle transactions on blockchain networks. Project Pax addresses major pain points in international business payments. The $182 trillion global cross-border payments market faces persistent challenges with speed, cost, and accessibility. By.