Ripple started testing a sidechain to work with Ethereum developers, Mastercard supports banks with crypto, and Celsius paid over $3 million to lawyers in bankruptcy proceedings.
XRP Team starts testing a sidechain to work with Ethereum developers
Today Ripple is looking for ways to distribute smart contracts from Ethereum (ETH) developers over the XRP Ledger (XRPL) blockchain.
An announcement from October 17 included the news that Ripple announced that the Ethereum Virtual Machine (EVM) is currently live on a testnet parallel to the main Ripple network.
Team Ripple explained that it is the first stage out of three. In the second phase, which is expected to be launched in early 2023, the EVM sidechain will become public, and in the third phase, Ripple will distribute all the software.
Ripple Chief Technology Officer David Schwartz stated that the company’s goal is to have an EVM sidechain connected to the XRPL mainnet. In the final version of the network, instead of a central bridge, all components are expected to be scalable and expandable for different situations.
On the other hand, the lawsuit regarding the unauthorized sale of securities between Ripple Labs and the US Securities and Exchange Commission (SEC) continues.
Mastercard supports banks with crypto
Mastercard has announced that it will help traditional financial institutions that want to trade cryptocurrencies by acting as a bridge in cooperation with the crypto platform Paxos. The company will also support these institutions on regulatory compliance and security issues.
See more tweets: https://twitter.com/PaxosGlobal
The service will be piloted in the first quarter of 2023 before it is fully rolled out. Mastercard also says it will assist banks in ensuring compliance with crypto-related legislation, anti-money laundering efforts, and verifying crypto transactions.
Meanwhile, Visa recently announced its plans to launch a crypto card. The launching will be in collaboration with cryptocurrency exchange FTX in 40+ countries in Latin America, Asia, and Europe. The card was first introduced in the USA.
Celsius paid more than $3 million to lawyers in bankruptcy proceedings
The legal costs of the bankrupt crypto lending platform Celsius exceeded $3 million.
Celsius, one of the entities that succumbed to the liquidity crisis, filed for bankruptcy in the USA in July. By filing for bankruptcy, Celsius protects the company from creditor claims while seizing the opportunity to restructure.
Celsius said that it has nearly 100,000 customers with assets of more than $5.5 billion. Furthermore, the troubled crypto lender defended its position by saying:
“The assets which are locked in these filings are not supported by any stakeholder or “it may not go as far as some custody programs and withheld account holders. Similar kinds of security schemes can be seen in Britain and in the European Union (EU). “We are cooperating with all regulatory inquiries, and regulators are key stakeholders in our reorganization. We are not commenting as to the specific details of any inquiries”
Documents submitted to the US Southern District of New York Bankruptcy Court. on October 14 they reveal the enormous amount of the loan platform. It is paid to law firms in this process. New York-based law firm Kirkland & Ellis LLP billed Celsius $2.6 million for its legal services.
Documents from another law firm, Akin Gump, show that the loan protocol paid almost $750,000. Celsius’s total attorney fees now exceed $3 million.
Previously Celsius announced the Custody Program.