“Do you have XRP? I would like to acquire XRPs at 0.5 USD.”
This is an advertisement posted by FXBTG contractually transacting foreign currencies, bulk commodities, gold futures, digital currencies for differences.
With BTC hitting record high in the past consecutive months, the digital currency market has been booming. For example, the ceiling price of BTC is higher than the bottom price by 11 times in the past one year and there has been significant rising of the mainstream digital currencies such as EHT, LTC and BCH, whereas XRP’s price drops to 0.22 USD due to negative coverage of its issuing company.
So what is happening? It is reported that a majority investor of Ripple Labs is trying to withdraw funds from the company. The platform transacting encrypted currency Coinbase declared on blog that XRP transactions will be suspended completely on the platform at 10 o’clock, January 19 of 2021 (PST). In fact, the American encrypted currency exchange OKCoin is intended to suspend XRP transactions and deposits.
What is the reason behind the plummet of XRP price?
It is analyzed that XRP has been suspected to be different from other encrypted currency since its transactions started in 2012. BTC is released on decentralized computer network, whereas XRP is established and issued by the founders and their company Ripple, which promotes the first potential purpose of XRP as “general digital asset” for cross-border transfer by banks. However, the purpose has been never realized.
In July of 2019, a senior vice president of Ripple sent email to CEO of American branch of an encrypted currency exchange with intention to cooperate with the company for XRP transactions. In that email, Ripple’s top management explained that “The main use cases for XRP are speculation and currency exchanges are the main drivers of such use cases”.
Actually Ripple got to know the risks 8 years ago. As early as 2012, legal suggestions to Ripple pointed out under some circumstances XRP can be regarded as “investment contract”, namely, security by Federal Securities Laws. But Ripple did not terminate such “illegal security issuing activity” or register with SEC with XRP sales or apply for exempt. In this case, finally SEC brought a lawsuit with U.S. Federal District Court in Manhattan, New York, charging against Ripple and its two senior executives on account of XRP affirmed as “security”.
From reliable source, FXBTG is launching an activity to protect from investment losses for XRP holders, during which members can deposit money into their investment accounts with XRP. FXBTG will acquire their XRPs at 0.5 USD per XRP. Those holders transfer money into their investment accounts at a value higher than market price offered by the company. After that, those holders as investors can transact a variety of financial assets through online dealers with XRPs as CFD deposits, such as foreign currency, crude oil, gold, index, digital currency and the like.
The move taken by the well-established FXBTG boosts confidence in XRP holders. In our telephone interview, the Asia-Pacific CFO of FXBTG David Chen pointed out, “Although the constant slump of XRP, as a decentralized block chain project, XRP is valuable in a long run. Our analysts think it is underestimated at present”.
When it comes to the lawsuit filed by SEC, David Chen said that “Some government are reluctant to give permits to all projects issuing digital currencies on block chain, and XRP is no exception, because they bring challenges and impacts on traditional finance and currencies. However, do not forget that all blockchain currency issuing projects complying with regulations are decentralized and trustworthy only with miners and user pockets. Digital currencies are founded on credibility of public blocks. As one of the top 3 digital currencies in terms of transaction amounts, XRP amasses a certain number of users and advocates!”
FXBTG (https://www.fxbtg.net/) is identified as “exempted bulk commodity pool operator” and “exempted bulk commodity transaction counselor” with National Futures Association (NFA) and regulated by St. Vincent and the Grenadines Financial Service Authority (FSA). At the meantime, it holds Fintrac Money Services Business (Fintrac MSB) license and is bound by AML and CTF. The safe, reliable online transaction environment, comprehensive one-on-one client services and highly competitive market price win FXBTG a multitude of awards and honors granted by world-class agencies and authorities as well as popularity and trust across the globe. It offers online transactions for global financial market covering foreign currency, precious metal, crude oil, stock index, digital currency and so on. FXBTG also offers more supports for agents in terms of management, marketing, education, finance, law, IT, back-stage management and the like, aiming at establishing much closer and inseparable partnership with agents.
Company Name: Fxbtg Financial Limited
Contact Person: Jacky Lee
Email: Send Email
Phone No: +603 2603 2233
Address: 70 East Beaver Creek Road Unit 30
Website Url: https://en.fxbtg.nz/Default.aspx