Tether Will Invest Up To 15% Of Profits Into BTC – May 17

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$26,906

Bitcoin price has lost support at the $27,000 level, slipping down into the $26,000s early morning.

Top-20 altcoins have had very mixed performance over the last day of trading, as Ether drops 1%, XRP gains 4% and Litecoin also rises 4%.

Top Stories for May 17, 2022 🔥

👉 Tether Will Invest Up To 15% Of Profits Into BTC

Stablecoin issuer Tether has announced it will invest up to 15% of its profits in Bitcoin, gradually shifting its reserves from US government debt to cryptocurrencies.

Tether will regularly purchase Bitcoin and self-custody all of its holdings. At the end of the first quarter, Tether already held $1.5 billion in Bitcoin, which accounted for approximately 2% of its reserves. The majority of its reserves, about 85%, were held in cash, cash equivalents, and short-term deposits such as Treasury bills.

Tether’s Chief Technology Officer, Paolo Ardoino, stated that the investment in bitcoin aims to enhance the performance of their portfolio and align with the transformative potential of the cryptocurrency.

👉 Lightning Labs Releases “Better” Bitcoin Token Minting Solution

Lightning Network infrastructure firm, Lightning Labs, has resumed work on the primary software for implementing the Taproot Assets protocol, which enables users to issue assets like stablecoins on the Bitcoin blockchain.

Taproot Assets is currently available on a test network, with main network support expected to come soon. Lightning Labs plans to propose finalized specifications of the protocol to the Bitcoin community through improvement proposals, aiming to enable Bitcoin-based asset transfers over the Lightning Network.

👉 Ripple Acquires Crypto Custody Company Metaco For $250M

Ripple, the blockchain company behind XRP, has acquired Swiss digital asset custody firm Metaco in a $250 million deal.

Ripple will become the sole shareholder of Metaco, which will continue operating as an independent brand. Metaco offers tokenization tools and custody infrastructure for institutions to engage in the crypto economy.

Ripple’s acquisition of Metaco expands its institutional offerings, allowing customers to custody, issue, and settle various tokenized assets.