News
What happened to cryptocurrencies today? Donald Trump will support Bitcoin miners | Japanese companies buy BTC
Previously, his campaign began accepting cryptocurrency donations through Coinbase Commerce.
Japanese investment firm Metaplanet revealed that it has purchased an additional 250 million yen ($1.6 million) worth of Bitcoin, bringing its total BTC holdings to 141, worth around 9.4 million dollars.
The announcement coincided with a 9.9% increase in Metaplanet’s share price and was the third time the company has revealed a Bitcoin purchase since going public. The investment firm has made Bitcoin a reserve asset in an effort to reduce its exposure to Japan’s high national debt and resulting yen volatility.
According to data from Statista, Japan’s net debt-to-gross domestic product (GDP) ratio was the highest among G7 nations in 2023, reaching about 159%.
Metaplanet’s Bitcoin strategy seemingly mirrors that of software developer MicroStrategy, which began buying BTC in 2020 and has since amassed 214,400 coins worth $14.3 billion to become the largest corporate owner of Bitcoin as of today. world.
Ripple Labs Completes Acquisition of Standard Custody & Trust Company
Ripple Labs has finalized its acquisition of digital asset custodian Standard Custody, in a deal seen as critical to the fintech firm’s planned launch of a U.S. dollar-backed stablecoin and its broader asset tokenization goals around the world real.
Standard Custody, a New York-based company, is particularly notable for having obtained regulatory approval from the New York Department of Financial Services (NYDFS), one of the strictest financial regulators for digital assets.
Jack McDonald, CEO of Standard Custody, will take on a new role as Senior Vice President of Stablecoins at Ripple, while maintaining his position at Standard Custody. The acquisition follows Ripple’s 2023 purchase of Metaco, another digital asset custodian, for $250 million.
Ripple’s acquisition of Metaco underlined the belief that the institutional cryptocurrency market will reach $10 trillion by 2030 as banks increase their focus on digital asset custody services for their customers.
Ripple, along with industry players including Chainlink and Algorand, sees real-world asset tokenization as a major growth market that could swell to more than $800 trillion in all global capital assets tokenized, according to Chainlink.