XRP Prices are steady against the USD, Ripple plans to sell their shares
Ripple 11/30/2020 – Settle in for your Crypto Current Daily Roundup!
Surging prices, anticipation, and steady coin interest round out today’s headlines.
XRP Prices are steady against the USD, Ripple plans to sell a third of their MoneyGram’s shareholdings
In November 2019, Ripple Inc stepped up and injected $50 million acquiring the then struggling payment processor, MoneyGram.
The deal saw the global money processor integrate XRP in a win-win deal. Ripple has now filed with the US Securities and Exchange Commission (SEC) to liquidate four million shares under its control at a time when the MoneyGram shares have more than doubled in price.
In the original deal, Ripple Inc. bought MoneyGram’s shares at $4.1, a premium. By Nov 30, each share was trading at $7.2. Ripple already owns 6.22 million shares, equivalent to 8.6 percent of MoneyGram’s outstanding shares.
However, Ripple has a warrant to purchase another 5.95 million shares for a total of 12.2 million shares translating to a 17 percent stake in the public company.
By selling four million shares, it is liquidating 33 percent of its entire MoneyGram stock stake.
Another Multi-billion Investment Firm, Guggenheim Partners, Wants to allocate up to 10% of its Net Asset Value (NAV) in Bitcoin
Guggenheim Partners, an investment firm with over $270 billion of assets under management, now wants to invest 10 percent of its NAV in Bitcoin at an indeterminate date.
It has since filed with the SEC for permission to allocate $500 million to Bitcoin via Macro Opportunities fund—a four-star rated fund with over $5 billion of assets under management.
Eventually, the asset manager will invest in Grayscale Bitcoin Trust (GBTC). GBTC shares are privately-offered legal vehicles through which institutions can officially get exposure in Bitcoin and other assets the seven-year old firm supports.
Fabio Panetta, the Executive Board Member of the European Central Bank (ECB) Says Europe Should Be Ready to Reinvent Sovereign Money.
China is already piloting their digital yuan project and could roll out the digitized Yuan as early as next year or before the Beijing Olympics.
Meanwhile, Europe and the US are still consulting, working to understand how best they can digitize their currencies without major shifts in how they apply their monetary policies. Specifically, Europe and the ECB are still researching on the Digital Euro.
It is a Central-Bank Backed Currency (CBDC) that Fabio Panetta said, in a conference hosted by the Deutsche Bundesbank, as revolutionary.
Europe, he added, should stand ready for a reinvention of sovereign money amid the creation of parallel payment systems by tech giants, a decision that threatens the traditional systems.
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