Tether starts making new investments in Uruguay; Bybit leaves Canada, citing regulations; As the Ripple case continues, the activity in the XRP network is increasing.
The stablecoin issuer Tether has made new investments in Uruguay. Tether announced on its official website today that it has invested in power generation and the launch of sustainable Bitcoin mining operations in Uruguay.
Tether, the issuer of USDT, the world’s largest stablecoin in terms of market value, continues to take steps to shape the crypto market in recent times. As it is known, Tether announced that it will gradually start buying Bitcoin (BTC) in mid-May. Now, the company has made an investment by cooperating with a locally licensed company in Uruguay.
Tether adds energy generation and Bitcoin mining to its investments
USDT issuer Tether has directed its investments towards power generation and Bitcoin mining areas in Uruguay. On its way to becoming a global technology leader, Tether has once again proven its commitment to innovations in energy and the future of crypto money with its latest investment in Uruguay.
As it is known, the company has taken important steps to support Bitcoin mining so far. Now, the stablecoin issuer is investing in renewable energy sources to take Bitcoin mining one step further and promote it.
The country derives 94 percent of its electricity generation from renewable sources, including wind and solar energy. Uruguay, which is rich in natural resources, offers suitable conditions for renewable energy production and undertakes many studies for the creation of wind farms, solar power plants and hydroelectric projects.
Bybit leaves Canada, citing regulations
Cryptocurrency exchange Bybit has announced that it will pause its products and services for customers in Canada after new regulations.
According to a May 30 blog post, the company announced that from May 31 it will not be accepting new account creation requests from Canadians. Existing users of the crypto exchange will have until July 31 to deposit funds and increase their current positions before these services become available.
Bybit did not offer any explanation for exiting the market, apart from the latest regulatory developments in Canada. The Ontario Securities Commission imposed financial penalties on the stock market in June 2022. Bybit said it plans to enforce the KYC procedure for all users from May 2023.
Headquartered in Dubai, Bybit plans to expand to countries such as Kazakhstan. The company said it had “in principle” approval from regulators in Kazakhstan.
Bybit has become the latest crypto company to announce that it will withdraw from Canada due to regulations. Similarly, decentralized cryptocurrency exchange dYdX has announced that it has ceased operations for Canadian users due to regulations in Canada. Binance, the world’s largest cryptocurrency exchange, made a similar decision this month.
As the Ripple case continues, the activity in the XRP network is increasing!
The XRP network has witnessed the two largest-ever spikes in address activity on consecutive days. This signaled a possible positive trend for XRP.
The data points to a slight divergence of 4 percent for XRP from the rest of the altcoins. Also, the data suggests a possible rise for XRP if it follows a similar trend to the activity increase it experienced on March 18. In this event, the price of XRP gained significantly in the weeks following the address activity spike.
XRP in the shadow of Ripple vs SEC lawsuit
For 2 years, Ripple has been at war with the US Securities and Exchange Commission (SEC) over the classification of XRP as a security. But Ripple’s CEO, Brad Garlinghouse, recently offered a positive outlook, implying that the case could be resolved within weeks, which may have spurred some of the increased network activity.
Resolving the SEC litigation could provide a much-needed boost to XRP’s prospects, clearing uncertainties about its regulatory status, and potentially leading to greater adoption.