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Coinbase shares soar following Ripple Labs court ruling
Coinbase shares soar following Ripple Labs court ruling, Nubank and Ebanx partner to bring NuPay to global e-commerce, and Adyen completes certification for the FedNow Service
I have no idea what is going on, but it feels like we went back to the 2020-2021 period. Year-to-date, Nasdaq Composite is up 35%, Bitcoin is up more than 90%, and Coinbase stock closed at $107 per share yesterday, the highest since the collapse of Luna. J.P. Morgan will kick off the second quarter earnings season today. Let’s see what Jamie Dimon has to say about all this.
In the meantime:
Coinbase shares soar following Ripple Labs court ruling,
Nubank and Ebanx partner to bring NuPay to global e-commerce, and
Adyen completes certification for the FedNow Service
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Coinbase Shares Soar Following Ripple Labs Court Ruling
Coinbase shares (NASDAQ: COIN) rallied more than 24% yesterday after the federal court ruling on a closely-watched Ripple Labs case. This ruling was perceived as potentially limiting the oversight of the US Securities and Exchange Commission on what can be listed on crypto trading platforms. The ruling has the potential to undermine the SEC's position that multiple crypto tokens sold on Coinbase's platform were unregistered securities. While the ruling applies only to the district court in New York, and the SEC could still appeal, it is seen as a positive development for Coinbase. Coinbase stock is now up more than 200% since the beginning of the year.
The Ripple Labs case revolves around the cryptocurrency XRP and whether it should be classified as a security under US securities laws. The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company conducted an unregistered securities offering by selling XRP tokens. The SEC argued that XRP should be considered a security, similar to stocks or bonds, and that Ripple Labs and its executives should have complied with registration requirements. Ripple Labs contended that XRP is a digital currency and not a security, claiming that it functions similarly to Bitcoin and Ethereum.
Last month, the SEC filed a lawsuit against Coinbase alleging that the company evaded securities regulations by allowing users to trade cryptocurrencies that were unregistered securities. The SEC also accused Coinbase of acting as an exchange, a broker-dealer, and a clearing house without registering with the agency, as well as failing to register its staking-as-a-service program. The lawsuits included a list of crypto tokens that the agency considered to be securities, including SOL, ADA, ALGO, MATIC, FIL, and SAND. Coinbase relisted the XRP token after the court’s ruling (trading has been suspended since the SEC filed the lawsuit against Ripple Labs).
Nubank and Ebanx Partner to Bring NuPay to Global E-commerce
Nubank (NYSE: NU) partnered with the fintech company Ebanx to offer its payment method, NuPay, for international purchases. Through this partnership, more than 1,600 international companies, including Airbnb, Spotify, and Uber, can accept payments from more than 75 million Nubank customers in Brazil. “Through this integration, large global brands will be able to offer this payment method to their consumers in Brazil, expanding the opportunity to take NuPay as a payment method,” commented Livia Chanes, head of Nubank’s operations in Brazil.
NuPay is a payment method for online purchases available exclusively for Nubank customers. NuPay can be used for both credit and debit transactions, and users can choose to pay in full or split the payment into up to 24 installments. Nubank launched the service in May 2022. Earlier this year, Nubank announced a partnership with Uber to offer customers the convenience of paying for Uber trips using NuPay. With NuPay, customers no longer need to share their credit or debit card details for Uber payments, as the process is seamlessly integrated with Nubank’s mobile app.
✔️ EBANX and Nubank team up to leverage NuPay in Latin America’s cross-border digital commerce
✔️ Nubank e Uber: saiba como pagar suas viagens com NuPay em apenas um clique
✔️ Nubank reaches the milestone of 80 million customers in Latin America
Adyen Completes Certification for FedNow Service
European payments giant Adyen (AMS: ADYEN) has become one of the first companies to receive certification from the Federal Reserve to utilize its instant payment infrastructure, known as the FedNow Service. The certification allows Adyen to offer real-time payment and payout services in the United States. By accessing the FedNow Service, Adyen aims to meet the needs of U.S. merchants by expanding its real-time payment capabilities and leveraging its financial technology platform for payouts. Adyen obtained a U.S. banking branch license in 2021, highlighting its commitment to investing in the North American region.
Last month, the Federal Reserve announced that 57 organizations, including 41 financial institutions and 15 service providers (and the U.S. Department of the Treasury), completed testing and certification for the upcoming launch of the FedNow Service in late July. The Federal Reserve is working with more financial institutions to join the service in the future, with the goal of creating a robust network encompassing all 10,000 U.S. financial institutions. The FedNow Service aims to provide instant payment services nationwide, allowing businesses and individuals to send and receive instant payments at any time, with immediate access to funds.
✔️ Adyen among the first financial technology platform certified by the Federal Reserve to utilize its instant payment infrastructure
✔️ Federal Reserve names organizations certified as ready for FedNow® Service
Coinbase (NASDAQ: COIN) stock closed at $107 yesterday, the highest since May 6, 2022. On May 7, 2022, Luna and UST started collapsing, eventually triggering multiple bankruptcies in the crypto industry...
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Cover image source: Coinbase
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