2026-01-10 Saturday

Crypto News

Indulge in the Hottest Crypto News and Market Updates
Ripple offers $200,000 to those who find bugs in coming XRP Ledger lending protocol

Ripple offers $200,000 to those who find bugs in coming XRP Ledger lending protocol

Ripple is offering $200,000 to security researchers who find bugs in its XRP Ledger blockchain lending protocol before it launches. The firm has partnered with bug bounty platform Immunefi on the initiative, which will run from October 27 until November 29.Bug bounty programmes are a popular way for developers to crowd-source security. Projects publicly post the code behind their protocols and offer cash rewards to those who can find bugs, with greater rewards for those who identify more critical vulnerabilities.Jasmine Cooper, Ripple’s director of product, said she expects the bounty programme to root out any key weaknesses in the lending protocol before developers can build on it.“Partnering with Immunefi allows us to work with some of the top security researchers to help strengthen this new layer of XRPL’s DeFi infrastructure,” she said in a statement.Ripple’s lending protocolLast month, Ripple announced a new institutional DeFi roadmap for the XRP Ledger blockchain.Among the plans is a native lending protocol, which will be built into the blockchain. It will enable institutions to open lending markets, allowing them to borrow assets from XRP holders.“If there’s one large untapped asset that the XRP Ledger has, it’s the XRP Army,” Cooper told DL News at the time. “There are tens of thousands of XRP holders out there that do not have an opportunity to gain yield on that XRP.”Unlike most DeFi lending, the loans on the Ripple-built market will be uncollateralised, although institutions will have the ability to offer safer overcollateralised lending through offchain agreements with lenders.The bug bounty comes after the XRP Ledger, which Ripple helps develop, suffered a security breach in April. A hacker compromised a key piece of software used by developers, implanting code designed to steal the password-like private keys that grant access to crypto wallets.In August, blockchain research firm Kaiko gave the XRP Ledger a security rating of 41 out of 100, the lowest score among the 15 blockchains the firm analysed. Code bugsCode bugs have previously cost DeFi protocols billions of dollars combined.Cetus, Sui’s largest decentralised exchange, was the victim of an estimated $223 million hack in May, according to Halborn, a crypto security firm. In 2023, a hacker exploited a code bug in lending protocol Euler to steal $197 million; however, these funds were later returned by the hacker. Many DeFi projects have bug bounties in place to try to prevent such attacks. The hope is that by offering a cash reward, hackers will be less incentivised to exploit a vulnerability should they discover one, and can claim a lump sum of clean cash instead. Ripple’s lending protocol is in its final stages of development and will be put to a vote among the XRPL blockchain’s validators this month, who will decide if it will be added in a coming upgrade.If all goes well, the new protocol could be deployed around the start of next year.Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at [email protected].
Share
Author: Coinstats2025/10/13 22:00
Crypto.com Gains UAE Approval for Stored Value Facility License

Crypto.com Gains UAE Approval for Stored Value Facility License

The post Crypto.com Gains UAE Approval for Stored Value Facility License appeared on BitcoinEthereumNews.com. Key Notes Crypto.com is now the first VASP in the UAE to secure In-Principle Approval for an SVF license. The license will allow residents to pay Dubai Government fees in crypto converted instantly into UAE dirhams. The exchange reaffirms its commitment to strong compliance standards. Foris DAX Middle East FZ-LLC (trading as Crypto.com) has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) for a Stored Value Facilities (SVF) license. This makes it the first Virtual Asset Service Provider (VASP) in the UAE to achieve this recognition. Once the final license is granted, the company will be able to process Dubai Government fee payments directly in UAE dirhams or dirham-pegged stablecoins. Users will pay using their preferred digital assets, which will instantly convert the funds into dirhams for settlement. Foris DAX Middle East has become the first Virtual Asset Service Provider to receive In-Principle Approval from the Central Bank of the UAE for a Stored Value Facilities license. Read more here 👉 https://t.co/3QtL8ZocSJ pic.twitter.com/AKou3miYYU — Crypto.com (@cryptocom) October 13, 2025 Eric Anziani, Crypto.com’s President and COO, commented on the development, calling it a key step toward making cryptocurrencies useful in daily transactions. He also praised the UAE’s forward-thinking approach to digital finance. Crypto.com reiterated its commitment to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) obligations. Crypto.com’s Regulatory Readiness in the UAE Crypto.com already holds a Dubai Virtual Assets Regulatory Authority (VARA) license and operates through its local entity, Foris DAX Middle East FZE. It currently offers services like exchange, brokerage, lending, and investment. The company has built a strong regional presence, establishing Dubai as a key operational hub for global retail and institutional services. To deepen local integration, it has also partnered with Emarat and Tawasal, enabling new payment…