CRYPTO NEWS

Ripple And FLUF World Collab To Launch The Root Network

xrp

    • Ripple and FLUF collab to launch The Open Metaverse.
    • The Open Metaverse promises to enhance user experience in banking, social media, and gaming.
    • Open Metaverse is decentralized. User controls all transactions and digital assets.

Popular creator of corporate cryptocurrency and blockchain services, Ripple, has announced the introduction of the Root Network, a decentralized blockchain network, in collaboration with FLUF World, a worldwide creative community, and the NFT collectibles ecosystem.

The network will be used to bring “The Open Metaverse” to life, which will combine numerous NFT collections with over 195,000 unique products and over 340,000 transactions.

The Open Metaverse has a number of significant benefits. It removes the barriers that now exist between the user’s many areas of interest and makes the overall environment more engaging. Essentially, the Metaverse aims to improve user experience in a variety of areas, including banking, social media, and gaming, among others.

The Open Metaverse is built on the principle of decentralization. The user is in charge of all of their transactions and their digital assets. Users are the only owners of any data, material, or identity associated with them. Because of this, the implementation of XRP on The Root Network is a significant step forward for the cryptocurrency’s overall development.

When asked to explain the necessity for a completely distinct network for this Metaverse, the developers of FLUF World said that their reasoning stemmed from the goal to provide any creator with access to the typical functionality of smart contracts without the creators having to design or implement contracts themselves.

They also mentioned that code that was previously built to operate on the Ethereum blockchain may be executed on the Root Network via the use of the Ethereum Virtual Machine (EVM).

FinTech Acquisition Corp Mutually Terminates Merger Agreement With eToro

FinTech Acquisition Corp. V (Fintech V) – a special purpose acquisition company focused on financial services – has agreed to call off its merger agreement with eToro. The social investing network said that the companies failed to satisfy certain closing conditions by June 30th, making them unable to complete the transaction. According to a press::Listen

FinTech Acquisition Corp. V (Fintech V) – a special purpose acquisition company focused on financial services – has agreed to call off its merger agreement with eToro. The social investing network said that the companies failed to satisfy certain closing conditions by June 30th, making them unable to complete the transaction.

  • According to a press release from eToro on Tuesday, one such condition related to the company’s registration statement. Having been left unsatisfied, the merger agreement has been terminated, effective immediately.
  • Announced in March, the merger agreement would have allowed eToro to go public. The firm provides a trading platform for stocks, commodities, ETFs, and cryptocurrencies to over 27 million registered users.
  • Fintech V is a blank-check (SPAC) firm backed by the banking entrepreneur Betsy Cohen. The chairman showed disappointment over the failed merger agreement, which he blamed on “circumstances outside of either party’s control.”
  • Meanwhile, eToro CEO Yoni Assia maintains that the firm’s underlying business remains healthy, despite the undesirable outcome of the deal.
  • “We remain confident in our long-term growth strategy and excited for the future of eToro,” he said.

  • As the agreement to terminate the deal was mutual, neither party will need to pay a termination fee to the other.
  • When the merger was announced, the estimated equity value of the combined entities stood at $10.4 billion.
  • In November, eToro delisted Cardano and Tron from its platform due to regulatory concerns, which disappointed Cardano founder Charles Hoskinson.

Ripple And FLUF World Collab To Launch The Root Network

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