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Ripple Prime head Marc Asch to step down, Noel Kimmel named successor

Marc Asch, the head of Ripple Prime, is stepping down about a year after the prime brokerage, formerly Hidden Road, was acquired by the crypto company best known for its cross-border payments business.

“We’re extremely grateful to Marc for everything he did as founder of Hidden Road, now Ripple Prime,” a company spokesperson said in an email.

“As he moves on at the end of the year to pursue new opportunities, Noel Kimmel, SVP, Ripple Prime is stepping up to lead the business and team within Ripple,” the spokesperson added.

California-based Ripple announced its $1.25 billion acquisition of Hidden Road in April 2025. CoinDesk first reported that the prime broker was in talks to be acquired. It completed the deal and renamed the business Ripple Prime that October.

Ripple Prime provides institutional clients with prime brokerage, clearing and financing across digital assets and traditional markets, including foreign exchange, derivatives and fixed income.

The business expands Ripple’s reach into institutional trading and uses the company’s dollar stablecoin, RLUSD, as collateral for some prime brokerage products, according to Ripple.

Ripple, which has a close association with XRP, has expanded into custody, stablecoins, prime brokerage and corporate treasury management.

Alongside Hidden Road, Ripple’s acquisition push included a $1 billion deal for treasury software provider GTreasury and a $200 million deal for stablecoin payments platform Rail in 2025, broadening the services it offers banks, asset managers and corporate clients.

Hidden Road was founded in 2018 by Asch, who previously worked at Steve Cohen’s hedge fund firms SAC Capital and Point72 Asset Management.
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Formation Securities Plans Solana Tokenized Stock Trading Venue for Early 2027

Formation Securities has notified the U.S. Securities and Exchange Commission (SEC) of plans to launch a tokenized securities venue on the Solana blockchain in early 2027, joining a growing number of firms seeking to bring traditional stock trading onto blockchain networks.

The company announced Monday that its planned platform will allow verified investors to trade tokenized shares around the clock using stablecoins and other eligible assets, while retaining the voting, dividend, and other shareholder rights associated with conventional equities.

Formation expects to initially support shares of Exodus Movement (NYSE: EXOD), Forward Industries (NASDAQ: FWDI), and Galaxy Digital (NASDAQ: GLXY)—all crypto-native firms. Tokenization providers Superstate and Securitize are expected to supply securities for the venue, which will use trading technology licensed from Solana-based decentralized exchange Orca.
The platform intends to operate under the SEC’s Innovation Exemption, introduced in September, which permits qualifying venues to facilitate secondary trading of tokenized securities through permissioned automated market maker liquidity pools, subject to regulatory conditions.

Unlike conventional stock exchanges, where trading and settlement are handled through established financial intermediaries, Formation’s system will record transactions directly on Solana. Investors will hold tokenized securities in digital wallets, with transactions designed to settle immediately and simultaneously onchain.

Formation said its approach will preserve companies’ relationships with shareholders, while transfer agents continue maintaining official ownership records.

“Tokenized stocks will succeed only if public companies see the value in them, and we intend to build this market together with issuers,” said Formation Securities President Christopher Montagano, in a statement.
#Write2Earn #sol #solana $SOL

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Solana perp volume explodes 65% amid shrinking spot activity

Sol jump in tracked perpetuals trading is concentrated at GMTrade, a derivatives venue that accounts for about 77% of reported weekly turnover in DefiLlama’s Solana table

Spot trading moved the other way, leaving a narrower demand picture than the derivatives headline suggests

In the Nov. 10 snapshot, the Sol dashboard reports nearly 9 billion in seven-day perpetuals turnover, up 65.29% from the preceding week. GMTrade, listed by DefiLlama as GMX Sol, contributed nearly 7 billion, with a displayed weekly increase of 105%
Over the same dashboard’s 7day comparisons, spot decentralized exchange turnover fell 5% to 9.9 billion, and stablecoin market capitalization fell 4.38% to 14.5 billion

DefiLlama’s Pacifica page attributes its total value locked to Sol but classifies its 2.6 billion in weekly perpetuals turnover as “off-chain,” a turnover outside the Solana table.

Concentrated turnover and trading rewards
Dividing GMTrade’s reported weekly turnover by the table’s total gives an approximately 77% share. The rounded totals and growth rates also imply that GMTrade’s weekly increase was roughly as large as the entire table’s gain.

GMTrade’s trading documentation allows $SOL exposure backed by either wrapped sol or $USDC collateral. A dollar of leveraged turnover cannot simply be counted as a dollar of new sol buying.

GMTrade’s GT documentation describes points earned through trading, liquidity provision and referrals, with conditional treasury buybacks offering a route to $USDC.

The announced Season 2 terms tie a referrer’s sellable quota to GT earned through referred traders’ trading, so earning points is different from receiving an unrestricted cash rebate

The published fee documentation lists basic crypto-position opening or closing charges of 0.02% or 0.024%, depending on whether a trade improves the balance of longs and shorts. The Season 2 announcement also described a fee-structure change.
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Strategy’s STRC hit $100, but common stock still funded last week’s Bitcoin purchases

Strategy funded its Bitcoin purchases with common-stock sales during November 2–8, even as STRC, its variable-rate preferred stock, reached $100. Strategy had said it would not issue STRC below that price, but its November 9 disclosure reported no STRC sales under its at-the-market offering program.

The allocation shows where the week’s financing went. Of $283.8 million in net proceeds from MSTR common shares, $188.3 million funded STRC repurchases, $81.9 million funded Bitcoin purchases and $13.6 million went to USD Cash, according to the weekly financing update.

That put about two-thirds of the new common-stock money into buying back preferred shares. Less than a third went into Bitcoin. STRC’s market-price recovery had yet to become reported STRC ATM financing within that week.
STRC recorded an historical intraday high price of $100 on November 4 and an unadjusted close of $99.98. Its highs on November 5 and 6 were $99.97 and $99.84, respectively.

Strategy’s July 27 policy announcement said the company would not issue STRC below $100. It also described a long-term objective of healthy, sustained trading near that level. The issuance and dividend policies were statements of intent that could change.

Strategy receives new equity capital when it sells shares and collects proceeds. In a secondary-market trade, a buyer instead pays another investor for an existing share. The market price and the issuer’s financing proceeds therefore describe separate transactions.

For November 2–8, the reported financing came from selling 2,051,348 MSTR shares. That share-sales figure includes shares sold but not yet settled as of November 6.

CryptoSlate’s November 5 coverage described renewed STRC financing as a possibility and included an unconfirmed tracker estimate that issuance might have financed 191 $BTC . The subsequent weekly disclosure reports no STRC ATM sales for the period containing November 4.
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trx treasury firm Tron Inc. posted a higher third-quarter net income, as it continued to accumulate TRX tokens and saw rising staking income.

The company booked a net income of $14.9 million in Q3, up 22% year-on-year, according to its latest quarterly report released Tuesday. Its nine-month net income reached $39.4 million, up 203%.

The company's digital asset holdings rose to $257.8 million at the end of September. It increased its TRX holdings to 723 million TRX ($229.3 million) as of Tuesday, according to a post on X.

Notably, its unrealized staking income rose 41% year-over-year to roughly $3.18 million in the third quarter. For the first nine months of the year, its unrealized staking income more than quadrupled to $9.51 million.
"Unlike unrealized gains resulting from changes in digital asset market prices, staking income reflects rewards associated with the company's participation in Tron Network staking activities," the company said.

"Our strategy is expanding beyond holding digital assets to providing additional value-add services for the Tron network. Our election as a TRON Super Representative in October represents an initial step in positioning Tron Inc. for further infrastructure integration within the TRON ecosystem," Tron Inc. CEO Rich Miller said in the report.

Fees per Chain (The Block)
Tron Inc. rebranded from SRM Entertainment in July 2025, shifting its focus from toy design and entertainment to crypto treasury management. It brought on Tron founder Justin Sun as an advisor.

TRX, which has a market capitalization of $30.1 billion, traded flat over the past 24 hours at $0.3172, according to The Block's price page. It has declined 5.5% over the last five months but remained up 11.5% year-to-date.

Meanwhile, Nasdaq-listed shares of Tron Inc. closed flat at $1.45 on Tuesday. The stock has risen 17.9% over the past month but remained down 33.5% over the past six months.#Write2Earn #TRX $TRX

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XRPL Leads as RLUSD Hits New ATH Weekly Volume of $11B+

The XRP Ledger accounted for the largest share of activity as Ripple’s RLUSD stablecoin reached a new all-time high in weekly volume across its supported networks.

Notably, the milestone confirms the growing level of $RLUSD activity on the XRPL despite Ethereum holding a much larger share of the stablecoin’s circulating supply.

$RLUSD Records Its Highest Weekly Volume Since Launch
Data shows that $RLUSD’s combined weekly volume across the xrp Ledger and Ethereum reached $11.716 billion in the week ending November 1, 2026.
This marks the highest weekly volume the stablecoin has recorded since its launch in December 2024. It also breaks the previous record of $8.285 billion, which $RLUSD recorded in the week ending October 25, 2026.
XRPL leads as $RLUSD sees ATH weekly transfer volume
Interestingly, the XRPL accounted for most of this activity. Of the total $11.716 billion in weekly $RLUSD volume, the xrp Ledger recorded $6.699 billion, representing approximately 57%. Ethereum, meanwhile, handled $5.017 billion, accounting for 42.82% of the total.

The result is particularly noteworthy because Ethereum holds a larger portion of $RLUSD’s circulating supply.

For context, the $XRP Ledger currently holds $860.6 million worth of $RLUSD, representing just 32.3% of the stablecoin’s circulating supply. Ethereum boasts approximately $1.797 billion, giving it a 67.62% share of the supply.

XRPL Records Monthly Volume Lead Over Ethereum
The latest weekly record follows another strong performance by the xrp Ledger in October 2026. Previous reports from The Crypto Basic revealed that the network also processed more monthly $RLUSD transfer volume than Ethereum during that period.

Specifically, the XRPL recorded $20.056 billion in $RLUSD transfer volume in October 2026, while Ethereum processed $15.449 billion. This marked the third month since $RLUSD launched that the xrp Ledger recorded higher monthly volume than Ethereum.#Write2Earn #xrp #XRPL $XRP

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XRP Ledger's Payments Volume Crosses Historic 1 Billion Threshold

According to XRPScan, XRP Ledger payments volume rises again, reaching 1.16 billion XRP on November 9.

$XRP 's payment volume is up 207.4% over 24 hours, sitting far below its all-time high of 7 billion. Payments volume growth is substantial, but not record-breaking by any means, with the 30-day average at 580.6 million XRP.

Volume surges with volatility
It's important to keep in mind that it's coming due to the transition from the weekend trading session to Monday, and volume spikes are normal here. This isn't the first spike either: on October 30, the ledger moved around 1.8 billion XRP.
Late September was even busier, with payments volume reaching around 1.9 billion xrp on September 25, so the current growth is nothing new for the ledger. In October, things were essentially the opposite: volume was struggling to stay above 800 million $XRP , and on October 24 it almost dropped to zero.

$XRP 's price is volatile
$XRP price, however, is moving the other way, with the bear market getting worse over the past weeks and the asset losing a substantial part of its value.

Price is already struggling, trading at $1.09, and could be teetering on the edge of the $1 threshold, which, if broken, essentially enables a rapid decrease. xrp hasn't been below $1 since mid-August, when it dropped under that level for the first time since November 2024. If the threshold breaks this time, the drop most likely won't be a short one, as the bear market keeps aggravating.

Growing payments volume reflects growing fear among investors, who are most likely moving funds to exchanges in order to liquidate their coins. Volume is already going back down towards 300 million $XRP on November 10, though the day isn't over yet, so the spike might be short-lived.

Payments volume rises, but so does the bear market pressure, with a possibility of a further downturn that can make things worse than they already are.#Write2Earn #xrp $XRP

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Two Notable Signals in Bitcoin: “Purchases are Increasing, Wallet Numbers are Decreasing!” What Does This Mean for BTC?
The leading cryptocurrency, Btc, has continued its weak performance in recent days and is trading around the 74,000 level

However, despite the weakness in BTC, some Btc holders are not backing down and are continuing to accumulate
According to cryptocurrency analytics company Santiment, wallets holding between 1 and 10 btc have accumulated 10,076 Btc in the last two weeks.
Some Investors Continue Buying Btc!
Santiment noted that despite the drop in Btc price and the worsening sentiment among retail investors, small and medium-sized investors continued to make purchases

According to Santiment, wallets holding 1-100 btc have continued buying over the past 2 weeks, accumulating a total of 14,207 BTC. At this point, wallets holding 1-10 btc have accumulated 10,076 BTC, while those holding 10-100 btc have accumulated 4,131 BTC
In contrast, the number of wallets holding more than zero btc has decreased by approximately 108,700 since Oct 16th. Santiment stated that small investors are withdrawing from the market due to increasing pessimism
Citing historical data, Santiment said that large investors who act against the general market are generally profitable. At this point, Santiment noted that similar retail investor capitulations in the past have been seen before major market recoveries. However, he added that accumulation data alone does not confirm that the market has bottomed out
Retail Investors Are Withdrawing from the Market!
Santiment noted that while some medium and small-sized investors are continuing to hold onto their savings, the number of wallets holding Btc decreased by 109,000. This could be a signal that the retail market is giving in
According to Santiment, the number of wallets holding btc has decreased by approximately 108,700 since its peak of 59.99 million on Oct 16th. This decline is attributed to small investors closing their positions as the Bitcoin price fell below 75,000#Write2Earn #BTC $BTC