The U.S. government has moved nearly $2 billion worth of Bitcoin, seized from the infamous darknet marketplace Silk Road, to cryptocurrency exchange Coinbase Prime.

Nasdaq-listed cryptocurrency exchange Coinbase has integrated Apple Pay into its onramp app services, allowing users of apps built with the service to see the option to log in and conduct transactions with the system.

Prominent exchange-traded fund (ETF) issuer WisdomTree has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF, positioning it alongside other issuers including Bitwise, 21Shares, and Canary Capital.

Top stories in the Crypto Roundup today:

• U.S. Government Moves $2 Billion in Seized Silk Road Bitcoin
• Coinbase Onramp Integrates Apple Pay
• WisdomTree Files to List Spot XRP ETF
• Most Benchmarked Exchanges Turned to Third-Party Custodians

U.S. Government Moves $2 Billion in Seized Silk Road Bitcoin

The U.S. government has moved nearly $2 billion worth of Bitcoin, seized from the infamous darknet marketplace Silk Road, to cryptocurrency exchange Coinbase Prime.

Blockchain data analyzed by Arkham Intelligence revealed that a wallet associated with the Department of Justice moved 19,800 BTC to a new, previously unused address. These funds were subsequently deposited into a Coinbase Prime account.

The move is widely interpreted as a precursor to the government selling or having already sold the seized assets. The Department of Justice seized over 50,000 BTC in 2022 after arresting James Zhong, who pleaded guilty to wire fraud after the government alleged he manipulated the Silk Road transaction system in 2012.

In a recent court filing, the U.S. District Court for the Northern District of California granted the government permission to “liquidate some or all” of the forfeited Silk Road assets. The last confirmed sale of these assets occurred in March 2023, when nearly 10,000 bitcoin were sold for $216 million.

The U.S. Marshals Service has partnered with Coinbase Prime to “safeguard and trade” the government’s cryptocurrency.

Coinbase Onramp Integrates Apple Pay

Nasdaq-listed cryptocurrency exchange Coinbase has integrated Apple Pay into its onramp app services, allowing users of apps built with the service to see the option to log in and conduct transactions with the system.

The integration significantly streamlines the process for new cryptocurrency investors. According to Coinbase, app developers who use Coinbase Onramp won't need to take any additional steps to enable Apple Pay, further reducing friction for both developers and users.

The move brings Apple Pay, a widely used and trusted payment method, to the forefront of the U.S. cryptocurrency exchange market. While Apple Pay has already partnered with other crypto platforms like Binance, BitPay, and MetaMask, the Coinbase integration has been met with enthusiasm by the crypto community, based on social media reaction.

The integration includes free USDC transactions for both crypto on and offramping, as well as access to more than 60 fiat currencies and over 100 cryptocurrencies.

WisdomTree Files to List Spot XRP ETF

Prominent exchange-traded fund (ETF) issuer WisdomTree has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF, positioning it alongside other issuers including Bitwise, 21Shares, and Canary Capital.

The proposed WisdomTree XRP Fund, if approved by the SEC, would be listed on the Cboe BZX Exchange, with the Bank of New York Mellon slated to serve as its administrator. The fund's primary objective is to track the price of XRP, net of operational expenses and liabilities.

The SEC has yet to greenlight a spot XRP ETF, and the regulator has been in a legal battle with a major player in the XRP sector, Ripple, since 2020. The SEC has accused Ripple of raising $1.3 billion through XRP sales, deeming the token an unregistered security.

A significant legal victory for Ripple came in July 2023 when Judge Analisa Torres ruled that certain programmatic sales of XRP did not constitute securities transactions. However, the judge determined that direct sales to institutional investors were indeed securities offerings.

Most Benchmarked Exchanges Turned to Third-Party Custodians

58% of the cryptocurrency exchanges covered on CCData’s latest Exchange Benchmark have turned to third-party custodians to protect digital assets and private keys. These regulated and audited entities mitigate counterparty risks while acting as a crucial deterrent against bad actors.

The importance of secure custodial solutions is clear taking into account the $164 million lost in centralized exchange hacks between April and October 2024.

 Dig deeper via CCData’s latest Exchange Benchmark report.

State of the Crypto by Top Tier Exchange Volume

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