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Breaking: Major ICO Project Gets Shut Down by Chinese Police

  • Alex Dovbnya
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    The Chinese police have clamped down on one of the very few legitimate projects in the space 

Breaking: Major ICO Project Gets Shut Down by Chinese Police
Cover image via 123rf.com

According to Dovey Wan of Primitive Ventures, GXChain, one of the biggest ICO projects of 2017, is no longer in business. On Sept. 11, it was shut down by the Chinese police.

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Wan adds that she has no idea why this particular ICO drew the ire of Chinese authorities since there is plenty of blatant cryptocurrency scams that are still active. She insists that GXChain was one of the few legitimate companies in the space.

GXChain was positioned as a fundamental Blockchain for global data, which includes credit card history. Wan suggests that it could be the reason why the police have put the breaks on this ICO given that it’s “a very sensitive topic” in China.

According to CoinMarketCap data, GXChain (GXC) is currently sitting at 88th place with its price tanking by 11 percent over the last 24 hours. Back in January 2018, its market cap was nearing $600 mln.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple's Xpring to Ensure XRPL Integration in Top Hardware Wallets by Investing in Towo Labs

  • Yuri Molchan
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    Towo Labs software producer receives a strategic investment from Xpring to enable XRP Ledger’s integration in top cold wallets – the Ledger Nano series, Trezor T

Ripple's Xpring to Ensure XRPL Integration in Top Hardware Wallets by Investing in Towo Labs
Cover image via www.123rf.com
Contents

Ripple keeps broadening its circle of partnerships both by collaborating with banks and by supporting young startups with investments.

This time, Ripple’s investment arm, Xpring, has offered an investment to a Swedish firm, Towo Labs, a maker of firmware for hardware wallets. Now, top-of-the-line hardware wallets will support all sorts of transactions on the XRP Ledger and the XRPL will get a non-custodial web interface on those devices.

The invested amount was not disclosed.

XRPL transactions to launch on the Ledger Nano series and Trezor T devices

The investment from Xpring assumes that within the short term, Towo Labs will integrate support for all types of XRPL transactions on top hardware wallets, such as Ledger Nano models and the Trezor T device.

The present firmware for those wallets only allows for XRP payment transactions and sometimes just blocks further innovation of XRPL and Interledger. The blog post says:

“The new firmware, however, will support the signing of cross-currency payments, trust lines for IOUs and tokenized assets, escrows, orders, payment channels, account settings and so forth.”

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Xpring launches its own developer platform

Previously, U.Today reported that Xpring had announced the upcoming launch of its own platform for dApp makers.

Xpring is busy working on a software toolset that will allow developers working on the XRPL to easily integrate payments options in their dApps. The toolset will allow any crypto coins or fiat currencies to be used.

“This new platform offers a set of tools, services and programs that makes it easier for developers to send and receive payments by building on the XRP Ledger and leveraging Interledger Protocol (ILP) as a bridge to any currency, fiat or blockchain. In short, the Xpring Developer Platform removes the pain and messiness of integrating money into apps.”

Now, the new platform will enable XRPL-based dApps to use XRP for bridging crypto and fiat currencies.

 

What is your opinion on the new Xpring investment? Feel free to share it in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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