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Ripple CEO: Next year banks will provide custody solutions for digital assets

Published

5 years ago

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Ripple

In recent time, there have been massive developments surrounding Ripple and blockchain technology. This continuous development could not be perceived as practical when anyone could talk about it last year.

Last year, the Chief Executive Officer of Ripple, Brad Garlinghouse mentioned how financial institutions like banks were going to integrate Ripple in their payment settlement, but his Public Relations team thought he was projecting little too high. In his statement at the SG FinTech festival 2018 that happened recently, Brad highlighted some of the series of developments that have taken place in the digital currency world.

Recently we have seen Ripple being implemented in the financial systems of major banks around the world and now its clients can send money across the border using the blockchain technology with ease – thanks to its framework.

Ripple, since being implanted in 2012, has been offering superior innovative implementations that have never been experienced leading to the continuous improvement of financial systems across the globe. This has had a positive effect on financial systems as transactions are done faster and efficiently enhancing customers trust in financial institutions and systems.

Considering the recent partnership between the Pan European Infrastructure, Target Instant Payment Settlement, and Ripple, it is expected the combination of the two efficient and effective systems are going to have positive outcomes.

Many Ripple clients, as well as European clients, will be able to utilize digital currencies as a medium of transacting virtual assets between digital platforms thereby increasing the use of digital money all over the world. It clearly shows how fast and advance in technology Ripple is moving.

The Pan European infrastructure is implemented in the Central Bank of Europe which currently is the head of the financial sector for European nations that use and implement European monetary policies in the region. It is composed of 19 countries that are member’s states of the European Union. The Euro is also termed as the most reliable currency in the world.

The sole purpose of the Target Instant payment system will be to create an instant platform that will enable the transaction of digital currencies all over Europe using the Central Bank of Europe.

The Central Bank will act as a  pathway that will facilitate the regulation of the transfer of settlement from one place to the other hence enhancing the transmission of cryptocurrency across the border, the world, and Europe. The current development will make it easier for many users to switch to Ripple blockchain as compared to other payment systems with time.

Ripple Blockchain Next Year

According to the CEO, financial institutions and banks will provide custody solutions for digital assets in the coming year. These custody solutions are products that are offered by the third party for storage and security purposes. Its introduction is with the expectation that it acts as the missing link between fund managers and investors who are seeking entry into the market.

With the development of banks, there will be more investors that will be willing to use digital currencies in their daily transactions.

If there is a possibility in the near future for IMF and Ripple Blockchain partnering and integrating their systems, it will spell good tidings in the entire blockchain and cryptocurrency ecosystem.

These could be very beneficial to the digital and financial world as it would mean that the instant digital payment system will be performed in the IMF system thereby being recognized globally and be utilized by users from different nations to transact their digital currencies across borders creating a great revolution.

With these continuous changes taking place, no one can disagree that Ripple will have a brighter 2019 considering everybody’s interest is in the adoptions and partnerships that are set to revolutionize the digital world in a big way.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

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December 29, 2023

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

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December 27, 2023

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

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December 22, 2023

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

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