Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Ripple Expands Custody Services: Ripple enhances its custody offerings by acquiring Standard Custody & Trust Company, a digital asset custodian based in the United States.

2. Ledger Partners with Coinbase: Ledger collaborates with Coinbase to streamline crypto transactions, offering users a seamless experience through the integration of Coinbase Pay into Ledger Live application.

3. Blockchain Association Opposes Digital Asset Legislation: The Blockchain Association voices opposition to proposed legislation by Senator Elizabeth Warren aimed at regulating digital assets, citing concerns about potential national security risks and adverse implications of the Digital Asset Anti-Money Laundering Act (DAAMLA).

4. Ethereum Community Divided Over ERC-404 Tokens: The Ethereum community debates the adoption of ERC-404 tokens, a hybrid standard blending features of ERC-20 and ERC-721 tokens.
   
   All this and more in today’s headlines!

📰 News Highlights:

🔒 Ripple Expands Custody Services with Acquisition [Source][Source][Source]

Ripple, the payment network renowned for XRP, has finalized the acquisition of Standard Custody & Trust Company, a reputable digital asset custodian headquartered in the United States.

Standard Custody & Trust, backed by a New York BitLicense, brings substantial regulatory compliance and expertise to Ripple's custody arm. With its limited purpose trust charter and money transmitter licenses, Standard Custody complements Ripple's objective of fortifying its regulatory licenses portfolio.

Monica Long, President of Ripple, expressed her optimism about the acquisition, emphasizing the potential to provide enhanced services to customers. This acquisition underscores Ripple's steadfast commitment to evolving into a comprehensive solution provider for enterprises seeking to tokenize, store, and exchange value effortlessly.

While financial specifics of the acquisition were not disclosed, it coincides with the resignation of Metaco CEO Adrien Trecanni. Metaco, acquired by Ripple in May for a reported $250 million, has played a pivotal role in augmenting Ripple's presence in the custody market. Notably, Standard Custody & Trust operates as a subsidiary of PolySign, a digital asset infrastructure company co-founded by Ripple's Arthur Britto.

💳 Ledger Partners with Coinbase to Simplify Crypto Transactions [Source][Source][Source]

In a bid to streamline crypto transactions, hardware wallet provider Ledger has forged a strategic partnership with Coinbase, a leading cryptocurrency exchange. This collaboration aims to simplify the process of purchasing and transferring cryptocurrencies, offering users a seamless experience.

Through the integration of Coinbase Pay into Ledger Live application, users can now receive their purchased crypto assets directly on their Ledger devices, eliminating the complexities associated with transfers between exchanges and wallets.

The collaboration comes amidst a growing trend towards self-custody solutions, fueled by increased crypto adoption. Ledger seeks to empower users with greater control over their digital assets, providing a secure and user-friendly platform for managing crypto holdings.

🚫 Blockchain Association Opposes Digital Asset Legislation [Source][Source]

The Blockchain Association has taken a firm stance against proposed legislation by Senator Elizabeth Warren aimed at regulating digital assets. 

In a letter signed by 80 individuals, including former government and military officials, the association raised concerns about the potential national security risks and adverse implications of the Digital Asset Anti-Money Laundering Act (DAAMLA).

According to the letter, the proposed legislation could drive a significant portion of the digital asset industry overseas, undermining U.S. strategic advantage and stifling innovation. The association urged lawmakers to reconsider the bill, citing its potential to hamper law enforcement efforts and impede job creation in the crypto sector.

🔄 Ethereum Community Divided Over ERC-404 Tokens [Source][Source]

The Ethereum community finds itself at odds over the adoption of ERC-404 tokens, a groundbreaking standard that blends features of ERC-20 and ERC-721 tokens.

While proponents hail ERC-404 as a game changer with potential applications in fractionalized NFTs and real-world asset tokenization, skeptics question its compatibility with existing ERC standards.

Created by pseudonymous developers under the Pandora project, ERC-404 tokens have garnered attention for their ability to merge fungible and non-fungible token characteristics. However, concerns have been raised about the lack of formal inclusion in the Ethereum Foundation's ERC standard and potential security risks associated with experimental protocols.

💡 Feature of the Day: 

⚠️ PlayDapp Hack Continues [Source][Source][Source][Source]

South Korean NFT and game development platform PlayDapp remains embroiled in a hacking incident that has resulted in significant losses for users. 

The platform, which suffered a private key leak, has halted its smart contract operations as it endeavors to mitigate the damage caused by the hack.

Despite concerted efforts to address the security breach, hackers persist in exploiting vulnerabilities, leading to the minting of illicit tokens and a depreciation in the platform's native token value.

PlayDapp has enlisted the support of blockchain security firms, exchanges, and law enforcement agencies in its response to the ongoing attack.

As the investigation unfolds, users are advised to exercise utmost caution and monitor developments closely to safeguard their assets.

Today’s Sponsor:

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😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com