Gemini adds XRP Ledger support

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Gemini adds XRP Ledger support; San Francisco-based bank SoFi Bank has $170 million worth of crypto in its vault; Judge in Ripple case marks 2024 for jury trial

Cryptocurrency exchange Gemini announced that it has added XRP Ledger support. 

According to the statement made on Gemini’s website, the exchange increased the number of networks it supports to 13. 

“We are pleased to add XRP Ledger blockchain to Gemini’s growing list of supported networks”

The crypto exchange of Tyler and Cameron Winklevoss brothers announced that they started research for the relisting of the XRP token after the decision in favour of Ripple in the case between the SEC and Ripple.

The exchange stated that adding XRP Ledger support is in line with the company’s mission to “unlock an era of financial, creative and personal freedom”.

The number of supported networks is increasing

Gemini continues its policy to increase the number of networks it supports. With the addition of XRP Ledger, this number has increased to 13.

“With the addition of XRP Ledger, Gemini is now compatible with 13 blockchain networks, including Bitcoin, Ethereum, Solana, Litecoin, Bitcoin Cash, Polkadot, Avalanche, Cosmos, Zcash, Filecoin, Dogecoin and Tezos”

Finally, Gemini noted that the XRP token can be stored in Gemini wallets, but is still not in Gemini Custody.

San Francisco-based bank SoFi Bank has $170 million worth of crypto in its vault

San Francisco-based bank SoFi Bank released its second quarter earnings reports. In the bank’s balance sheet, it was revealed that it focused on crypto investments. SoFi Bank stated that it holds a total of $ 170 million worth of cryptocurrency. The organization, which serves more than 6 million customers in the US, has noticeably increased its crypto assets compared to the last quarter.

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However, the bank announced that it holds Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE) and Ethereum Classic (ETC) in its vault. It was also recorded that $ 82 million of the total investment of $ 170 million was in BTC, while $ 55 million was in ETH. DOGE ranked third with $5 million, while ADA ranked fourth with $4.5 million. 

SoFi added that it has incorporated more than 500,000 customers and currently offers trading for more than 22 crypto assets.

SoFi Bank's crypto assets, second quarter 2023. Source: SoFi Bank

As it is known, SoFi Bank started offering crypto services to its customers in September 2019 in cooperation with Coinbase. It is worth noting that SoFi, which both owns crypto and provides cryptocurrency services, does not provide any shake service. 

However, the organization did not serve as a bank when it first started offering crypto services. Having obtained its bank license in February 2022, SoFi has become a bank offering both traditional and digital services.

Judge in Ripple case marks 2024 for jury trial

The judge overseeing the SEC’s lawsuit against Ripple Labs plans to hold a jury trial starting in the second quarter of 2024. 

Judge Analisa Torres said during a hearing that the court will move forward with a jury trial plan for Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. The judge gave prosecutors and lawyers until August 23 to submit ideas for the trial date. Torres said it should start between April 1 and June 30, 2024. 

Gemini adds XRP Ledger support; San Francisco-based bank SoFi Bank has $170 million worth of crypto in its vault; Judge in Ripple case marks 2024 for jury trial

Torres had stated that XRP sales on digital asset exchanges were not a sale of securities. This decision was not a final ruling between Ripple and the SEC case. Garlinghouse and Larsen could be held liable for other violations. 

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Coinbase, which the SEC is suing, cited the XRP ruling in a hearing held on August 4. A judge hearing the Terraform Labs case said he rejected the ruling in favor of Ripple.

The SEC sued Ripple and two separate executives in December 2020. Following the events, many cryptocurrency exchanges announced delisting XRP. 

US regulators continue to target cryptocurrency companies. The SEC is currently pursuing civil litigation against both Coinbase and Binance. Similarly, Sam Bankman-Fried, former CEO of FTX, and Alex Mashinsky, former CEO of Celsius Network, were arrested for defrauding their customers.

Gemini adds XRP Ledger support; San Francisco-based bank SoFi Bank has $170 million worth of crypto in its vault; Judge in Ripple case marks 2024 for jury trial

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