FTX Looking to Speed Up Bankruptcy Proceedings

FTX looking to speed up bankruptcy proceedings

FTX, the bankrupt cryptocurrency exchange, has come to an agreement with key creditors regarding customer property disputes. This proposed settlement aims to resolve the ongoing litigation against the debtors and establish an amended payout plan as early as the second quarter of next year.

According to a statement released on Monday, FTX announced the achievement of a "Customer Shortfall Settlement." This agreement was reached between the FTX debtors, the executive committee of the ad hoc committee representing non-US customers, the official committee of unsecured creditors, and the putative class representatives.

John J. Ray III, the CEO and Chief Restructuring Officer of FTX, expressed his satisfaction with the proposed settlement, stating that it represents a significant milestone in their case.

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Roblox integrates XRP as payment method

Roblox, an online gaming platform that boasts a monthly user base of over 200 million, has recently announced that it now accepts XRP as a form of payment. This news comes from BitPay's announcement on X (formerly known as Twitter) on October 17th. Xsolla, the company responsible for managing in-game payments in Roblox, has also added XRP as a payment option. BitPay will serve as a partner, facilitating the seamless integration between crypto wallets and the platform.

Roblox is available on various mainstream platforms, including Windows, macOS, Android, iOS, Xbox One, and PlayStation 4. It has a staggering 65.5 million daily active users, with 44% of them being under the age of 13. In the first quarter of 2023 alone, Roblox users spent a total of approximately $773 million on in-game purchases.

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Ripple job postings hinting at a possible IPO

The fintech firm Ripple recently published a fresh job listing on October 16th, seeking applicants for the position of 'Senior Manager of Shareholder Communications' in various locations both within and outside the United States. This posting has sparked speculation among crypto enthusiasts, who interpret it as a potential indication of the company's intention to become publicly traded.

In the job description, it is stated that the selected candidate will be responsible for establishing direct communication channels with shareholders, which are typically associated with companies that are listed on the stock market.

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Uniswap Labs implements 0.15% fee

Starting today, traders using the Uniswap DEX through frontends developed by Uniswap Labs will incur a 0.15% fee. Uniswap founder, Hayden Adams, introduced the fee as a means to finance ongoing development, applicable only to the Uniswap web app and Uniswap.org frontend. 

The new 0.15% fee applies only to certain assets, such as ETH, USDC, and WETH. For the fee to be collected, both the tokens being traded (input and output) must be among the specified assets. Even though Uniswap DAO previously encountered difficulties in introducing fees, the recent implementation is not expected to affect Uniswap's trading volume. It's estimated that this fee would have brought in about $22 million in revenue for Uniswap Labs so far this year.

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Other breaking news

• Uniswap introduces fee on certain trades 
• Rabby Wallet launches a desktop client
• BTC price holds 6% gains to test $28K level
• EU seeks to close MiCA loopholes 
• BlackRock’s Larry Fink says there is pent up demand in crypto 

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Wrapping up

Wrapping up, today's issue revolved around a surprise announcement by Roblox that they have implemented XRP as a payment option. FTX proceedings are bringing news that the company is seeking to speed up the process of paying back its debtors. New job postings by Ripple Labs are hinting at a possible IPO, and finally, the US retail sales numbers due today will test the strength of the US dollar and possibly influence price movements in crypto. Stay tuned as we continue to provide you with crucial updates and in-depth analyses of these evolving stories.