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Ripple value US$40bn after $500m deal with TradFi Giants
Enterprise crypto and fintech firm Ripple has raised a US$500 million strategic investment from TradFi Giants cementing its valuation north of $40 billion. The round was notably led by affiliates of heavyweight traditional finance (TradFi) institutions, including Fortress Investment Group and Citadel Securities, alongside major crypto-native funds like Pantera Capital, Galaxy Digital, and Brevan Howard. The investment, which follows a recent $1 billion tender offer at the same valuation, caps what Ripple describes as its "strongest year to date". The infusion of capital from such prominent Wall Street players is being widely interpreted as a significant validation of the company's long-term strategy and the growing institutional acceptance of blockchain infrastructure. "This investment reflects both Ripple's incredible momentum, and further validation of the market opportunity we're aggressively pursuing by some of the most trusted financial institutions in the world,” Ripple CEO Brad Garlinghouse said.Sceptic to investorThe participation of Citadel Securities is particularly significant. Its founder, Ken Griffin, has historically been one of the crypto industry's most prominent sceptics. However, in a shifting macr
Crypto
'Not a fan': JPMorgan Chase to let clients buy Bitcoin
JPMorgan Chase will allow clients to buy Bitcoin, despite CEO Jamie Dimon’s criticism of the cryptocurrency. Dimon, a long-time Bitcoin sceptic, announced the move at JPMorgan Chase’s annual investor day. The bank also reportedly plans to offer its clients access to Bitcoin exchange-traded funds. “We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients,” said Dimon. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.” According to Dimon, he remains “not a fan of” Bitcoin due to concerns around the coin’s customer verification processes and ability to fund illegal activities. Dimon said in Davos last year that while he believed other cryptocurrencies could legitimately be used for valuable purchases like real estate, Bitcoin “does nothing”. “My personal advice would be ‘don’t get involved’,” he said. Morgan Stanley became the first major Wall Street bank to offer Bitcoin ETFs to certain clients in August. Eligible clients must have a net worth of at least US$1.5 million and an aggressive risk tolerance, and would be allowed to buy shares in Bitcoin ETFs from BlackRock and Fidelity. Goldman Sachs also h
Crypto
Coinbase enters S&P 500 as crypto markets pump
Coinbase has made it into the S&P 500, replacing Discover Financial Services in the index, according to a release on Monday. The change will take effect before trading on 19 May, as it enters the top 500 Wall Street stocks with a valuation of US$53 billion. Led by crypto boffin Brian Armstrong, Coinbase went public in 2021, and has since become a bigger part of the U.S. financial system. Its valuation has soared on the back of bitcoin (BTC) soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds. Coinbase’s entrance comes on the back of BTC spiking last week, as it broke through US$100,000 and nears its record price high reached in January. "Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history," Coinbase said in a post on X. The crypto wallet earnings for the March quarter were 24c per share, down from US$1.18 billion, or $4.40 per share a year ago; despite that, the strength of BTC has pushed its valuation higher. The company is eyeing Dubai-based Deribit, a crypto derivatives exchange, for US$2.9 billion - which would be the biggest M&A deal in the crypto space to-date. Coinbase shares jum
Crypto
Chainalysis: 764,000 lost money from Trump's meme coin
While 58 wallets made over US$10 million on United States President Donald Trump’s $TRUMP meme coin, 764,00 were left losing according to blockchain analytics firm Chainalysis. Those who earned from the meme coin made $1.1 billion in profits combined, according to the analysis. Most of the wallets that lost money held smaller amounts of the token. The coin surged in popularity at the start of Trump’s second presidency and has seen sharp price swings and highly uneven returns for investors. Interest spiked for the $TRUMP token after the project’s website promised the top 220 holders a seat at a black-tie-optional dinner with the president on 22 May. The dinner pushed the coin’s market cap to $2.7 billion at its peak and has since fallen back down to $2.17 billion. The coin has also received criticism from regulators and ethics watchdogs, with lawmakers questioning whether there's a conflict of interest for the president. Only 20% of the token’s total supply is still in circulation, with the remaining 80% reportedly controlled by the Trump Organization and affiliated entities and locked under a three-year vesting schedule.
Crypto
Women in Cryptocurrency: underrepresented, underpaid
It is true that cryptocurrencies, Web3, and blockchain have developed into an interesting, exciting, and rapidly moving subsect of a modern finance industry, but gender bias remains in its historical forms. While cryptocurrency first stepped onto the financial scene over a decade ago, the mainstream popularity of digital currency has only gained real traction over the past few years. As the sector has gained momentum, a range of people interested in investing or working with crypto have been drawn to the industry, however it remains primarily dominated by men. Both data and anecdotal evidence show that women have still been underrepresented in finance and technology. This has translated to a lower participation rate in cryptocurrency and blockchain. In January 2024, Google Analytics data gathered by Coin. Dance found that the Bitcoin community, the first decentralized cryptocurrency, was 85.77% men and just 14.23% women. Similarly, the Web3 Compensation Report for last year found that women in the sector earned 46% less than men on average. Kath Denton, Head of Custody at CoinCover, believes that crypto has “still a long, long way to go until true [gender] equality is achieved”. “Only a quarter of the workforc

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AMP - the first major national super fund to buy Bitcoin
When AMP invested $27 million in Bitcoin futures in May 2024, it marked the first time a major Australian superannuation fund directly invested in cryptocurrency. This signalled the growing acceptance and adoption of digital assets in the retirement savings industry. AMP, one of Australia's largest super funds, said the investment represented 0.05% of its $57 billion assets under management. The decision to invest in Bitcoin was driven by the fund's dynamic asset allocation strategy and strong performance. AMP's senior portfolio manager, Steve Flegg, said Bitcoin had become "too big to ignore" due to its long-term growth potential. "This year AMP portfolios took the plunge and made a modest allocation to bitcoin," Flegg said. “We generally thought that even though crypto is risky, new and not yet fully proven, that it had become too big, and its potential was too great to continue to ignore.”Credit: Via AMP on LinkedInFor AMP, this investment is part of a broader diversification strategy aimed at enhancing returns and managing risk. The fund's cautious approach reflects an understanding of Bitcoin's volatility and careful management. Despite some skepticism within the industry, AMP's move is seen as a significant step
Crypto
Ex-presidential hopeful adds Bitcoin hedge to portfolios
Strive Enterprises, the financial services firm co-founded by former U.S. presidential candidate Vivek Ramaswamy, has launched a wealth management unit aimed at increasing investment in Bitcoin. Strive said a key part of the business would be a focus on integrating the volatile digital currency into the standard portfolios of “everyday Americans” as a hedge against the risks it expected over the next several decades. These risks includes unsustainable global debt levels, rising fixed income yields, long-run inflationary pressures, persistent geopolitical pressures, and potential restrictive monetary controls. CEO Matt Cole said Strive was building an institution founded on the fiduciary principle of maximising value over all other considerations. “Our focus on offering clients true financial freedom — through the thoughtful integration of Bitcoin — differentiates our Wealth Management business from nearly all major competitors today,” Cole said in in a media release. Strive made the announcement in Dallas, Texas following the recent close of a $30 million Series B financing round led by Cantor Fitzgerald. Ramaswamy said nearly every major corporation “bent the knee to ESG" (environment, social and governance) iss