Without any doubt, one of the most robust tokens in the crypto sphere right now is Ripple (XRP). At the moment of writing, Ripple is positioned at the third place in the market charts, coinmarketcap establishes the price of the coin at 0.59654 against the US dollar, with a volume of $308,576,000, and a decrease of 3.8% in value over the last 24 hours.
The token has managed to step solidly in the industry; thanks to the development of several partnerships that have granted the company with great popularity in the financial sector.
In this matter, Ripple has recently tested its platform RippleNet, showing remarkable results in the aspects of transaction speed, scalability, and cost reductions. The act was accompanied by essential corporations of the finance industry such as MUFG Bank, Ltd. (MUFG Bank), Mitsubishi Corporation (MC), Standard Chartered Bank (Standard Chartered), and Bank of Ayudhya PCL (Krungsri).
Each of the companies mentioned above announced on its webpage pointing the test and efficiency of the platform, a fact that very possibly will create a positive impact for the token in the near future. Let’s see how these endorsements can benefit the third largest coin in the industry:
The financial institution is an elite banking organization based in Japan, and with a presence in more than 50 countries across the globe. The company offers a considerable extension of product and services for businesses on a global scale.
— Bank XRP (@BankXRP) May 22, 2018
MUFG bank is related to the Mitsubishi UFJ Financial Group, Inc. (MUFG), an organization with headquarters in Japan, and around 2000 locations in the world. It possesses at least 150,000 members and provides services related to the banking such as asset management, credit cards, securities, and leasing.
By using RippleNet, Krungsri is not only able to provide a real-time cross-border payment flow for the petrochemical company, but also provide complete transparency into when the payment would be received. Interested in learning more? https://t.co/QmmBvN97rc
— Ripple (@Ripple) December 18, 2017
Krungsri is also a Mitsubishi UFJ Financial Group’s (MUFG) member, the largest financial organization in Japan. It has a 74-year trajectory and is currently among the top 5 organizations related to finance in Thailand. Krungsri offers as well banking-related services through 700 branches and at least 35,000 service points at a national scale. The firm Is the biggest card issuer of Thailand and the main supporter of Fintech projects in the region.
Mitsubishi Corporation (MC)
Mitsubishi Corporation was established back on July 1, 1954. As the company describes itself on its website, they are “engaged in a wide variety of activities on a global scale.” The company creates and market a broad repertory of products “including energy, metals, machinery, chemicals and living essentials”.
The same way, they are involved with different activities in the industry such as natural resources and infrastructure investment.
The Standard Chartered Bank is one of the biggest of the banking services with a 150 years trajectory in the industry. The company regularly moves in more than sixty markets of the sector, possessing at least one thousand branches and more than three thousand ATMs. Besides, the company is listed in different exchanges among we can name exchanges from Bombay, Hong Kong, and London.
The result of these relationships
In the frame of a recent test of RippleNet, alliances of these kinds represent a considerable possibility for the token to hit heights never seen before. And of course, these four are not the only partnerships that Ripple managed to make recently; these are just a few of the most important ones that can turn the things around for the coin quickly. However, more, such as the National Bank of Kuwait is already on Ripple’s boat too.
— Ripple (@Ripple) May 29, 2018
So, as the payment platform Ripple is developing gets added to these organizations to improve cross-border transactions at full, it, at the same time, will broaden the chances of Ripple relations with the fiat world, a fact that undoubtedly can change the future of the coin dramatically (in a positive way).
With these enormous successes, massives partnerships, we can even expect the Ripple (XRP) to take over Mastercard and Visa. Or perhaps, we could see Amazon teaming up with the Ripple for cross-borders payment soon? You never know.
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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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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
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