How the Small Fight the Powerful: Legal-Funding by Crowdsourcing Crypto on Avalanche | Crypto Market Update 1.28
Crypto Litigation Markets | Crypto Market Update | Major Crypto News 1.28
If crypto were a river, its tributaries would be trickling into every market in the world’s economy. Art, sports, games, finance, and commerce are examples. The newest addition is legal financing, also known as litigation markets.
The introduction of a litigation market in crypto occurred quietly. Law certainly isn’t a sexy subject, and you’d have difficulty finding news articles. But now, individuals that formerly lacked the necessary resources to pursue civil claims now possess a means to finance action. Anyone can now help fund litigation.
By purchasing “ILO” tokens to fund litigation, token holders will stand to gain a cut of the awarded damages by the courts if the case is successful. The ILO tokens also integrate into a secondary market enabling speculative trading to retail investors. Litigation funding is a $10 billion asset class formerly limited to accredited investors.
The first “ILO” or “initial litigation offering” funds a case that saw California State Police Officers from Kern County unlawfully burn 500 acres of hemp crops worth approximately $1B of a locally licensed farm. The officers believed in escaping responsibility behind the California Government, but crowdsourcing has intervened, pledging resources from the “many” to confront the powerful “few.”
A significant change from the norm.
The blockchain platform Ryvil, hosted on the Avalanche network, sits behind the creation. “Ryval’s goal is to make access to justice more affordable,” said Kyle Roche, a trial lawyer and one of the startup’s founders. Through Ryval, Roche wants to “make lawsuits happen that maybe might not have happened.” — Vice
Ryvil holds a moral obligation to offer “ILOs” in a fair, balanced, and transparent manner to keep markets honest.
Money remains the barrier to bringing those in power to justice, and Ryvil opened the door to crowdsource lawsuits using crypto. Moreover, the platform can showcase the benefits of cryptocurrencies by straying from legacy systems created to benefit the few.
If you would like to participate in litigation markets, visit Ryvil.
Crypto Market Update
Bitcoin (BTC) steadily climbs to close the US trading session at 37.7k. Volume has increased notably this week, and evidence shows that whales are doing the buying. Small buyers are all but gone.
Ethereum (ETH) had the strongest showing since the Jan 21 crash today, climbing 5% and ending the day at $2546.
Total Market Cap (TOTAL) shows signs of consolidation that could indicate a possible setup for a downtrend outbreak.
Terra (LUNA) suffered a 38% loss in the previous week. The combination of the Wonderland (TIME) debacle and quickly decreasing reserves of Anchor hit LUNA holders hard. However, fundamentals remain intact, and the current weakness can be an excellent opportunity to pick up LUNA at a considerable discount.
Notable Gainers
LOOKS $4.91 +21%
CEL $2.34 +12%
FLOW $5.70 +10%
TIME $396.43 +20%
RNDR $2.97 +20%
Major Crypto News
Days after the Bank of Russia called for a crypto ban, the Russian Ministry submitted a crypto regulatory framework for review.
Terra Luna price suffers after Wonderland Controversy. In one of the oddest occurrences in crypto, A Twitter user exposed a core member of the Wonderland (TIME) team as co-man Michael Patryn.
Google Cloud Hiring Team of Blockchain Experts.
LeBron James and Crypto.com team up for a blockchain education initiative.
The proposed bill, “The America Competes Act of 2022,” includes damaging rules for crypto. Senator Lummins objectifies in the following Tweet.
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