Nasdaq-Listed Firm Unveils $500M XRP Treasury Plan, 140K ETH Exits Exchanges, SEC and Ripple Seek Settlement: Crypto News Roundup

Trident Unveils Ambitious $500M XRP Treasury Strategy, Signaling Crypto's Corporate Embrace

Nasdaq-Listed Tech Firm Bets Big on XRP's Transformative Potential

In a bold move, Singapore-based tech company Trident has announced plans to raise $500 million to build a strategic XRP treasury. The purchased tokens will serve as Trident's long-term reserves, reflecting the firm's belief in the transformative power of blockchain technology.

"Through this initiative, Trident aims to demonstrate how public companies can thoughtfully and responsibly participate in the ongoing development of decentralized finance," said Soon Huat Lim, Trident's founder, chairman, and CEO.

The XRP Treasury rollout is expected to commence in the second half of 2023, contingent on market conditions and regulatory compliance. This move underscores the growing institutional appetite for crypto assets, as savvy corporations seek to diversify their portfolios and capitalize on the industry's disruptive potential.

Ethereum Sees Largest Single-Day Exchange Outflow in Over a Month as Futures Open Interest Hits Record

Bullish Signals Amid ETH Price Volatility

Data from Sentora (previously IntoTheBlock) reveals a significant event in the Ethereum ecosystem: on June 11th, over 140,000 ETH (worth around $393 million) were withdrawn from crypto exchanges. This marked the largest single-day withdrawal in more than a month, occurring as ETH's price surged above the $2,760 level.

Coinciding with this outflow, Glassnode reports that Ethereum futures open interest (OI) hit a record $20 billion. This open interest, fueled by cash-margined contracts and stablecoin leverage, suggests rising trader speculation despite ETH's recent dip below $2,800.

These events paint a complex picture for Ethereum, with strong on-chain activity and investor interest contrasting with the cryptocurrency's current price volatility. As the market navigates these dynamics, the Ethereum ecosystem continues to demonstrate its resilience and the enduring appeal of the network.

Ripple-SEC Case Nears Resolution as Parties Seek $125M Penalty Escrow Release

Potential Settlement Could Set Precedent for Crypto Regulation

In a significant development in the long-running Ripple-SEC legal battle, the two parties have jointly requested the Manhattan District Court to approve an injunction and release the $125 million civil penalty held in escrow. This step suggests that the case could be nearing its conclusion.

Under the proposed agreement, Ripple would pay $50 million to the SEC and receive $75 million back. If approved by Judge Analisa Torres of the Southern District of New York, this request could set a precedent for how crypto companies handle regulation and serve as a model for others.

The cooperation between Ripple and the SEC in this joint filing underscores the potential for a resolution that could benefit both parties. While the court has not yet granted the motion, the move signals a constructive dialogue and a shared desire to bring the case to a close, potentially paving the way for greater regulatory clarity in the crypto industry.