Last week was a big week for crypto, with CryptoWatch reporting on the industry's biggest development: Ripple's announcement of its big move towards launching a US dollar stablecoin.
On the other hand, Coinbase's massive achievement in Canada was when it got a 'Restricted Dealer' status from the Great North's government, promising to adhere to its regulations.
(Photo: Tech Times)
Lastly, Google is now aggressively fighting crypto scammers on the Play Store, focusing on Chinese nationals who are allegedly the masterminds behind the fraudulent efforts.
Ripple Announces Its USD Stablecoin
(Photo: Jack Taylor/Getty Images)
This new stablecoin from Ripple would hold a 1:1 dollar that will be backed by an equivalent sum of assets, deposits, US government bonds, and cash equivalents for the coin.
According to Ripple CEO Brad Garlinghouse, the decision to push through this new stablecoin version is because of the recent 'depegging' of its rivals.
Ripple will compete against stablecoin giants, including Tether's USDt and Circle's USD Coin, which are best known for making up $150 billion, among other stablecoins, in today's crypto market.
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Coinbase's Restricted Dealer Status
Coinbase achieved its "Restricted Dealer" status in Canada, as awarded to it by the Canadian Securities Administration (CSA) and signed by the Ontario Securities Commission (OSC).
With this, Coinbase seeks to expand digital asset adoption while centering on economic empowerment and reshaping the country's financial system.
Coinbase, best known for its incorporation in the United States, is the first international company to achieve restricted dealer status.
That said, Coinbase promises to adhere to Canada's regulations and laws, claiming to share the Great North's beliefs in centralized crypto intermediaries.
Google vs. Crypto Scammers
Google is now taking legal action against crypto scammers, suing Chinese nationals they believe to be the proprietors of a fraudulent platform that promotes cryptocurrency and defrauding as many as 100,000 users for years.
The defendants allegedly misrepresented their name, location, and app kind and maligned Google into publishing the fake apps.
However, it is not only Yunfeng Sun and Hongnam Cheung who have been accused of these fraudulent actions, as the company is now dedicating a team to weeding out scammers and fake apps.
Google said it suffered losses of as much as $75,000 from these fraudulent actions and is now seeking a permanent injunction against them. These fake apps on the Play Store claimed users had balances and investment returns that they could not withdraw.
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