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Another Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet

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Of all the Blockchain companies, Ripple boasts of the most partnerships with traditional financial institutions. Its RippleNet Blockchain network is one of the most revolutionary Blockchains with solutions that include cross-border payments, instant transaction settlement and bi-directional messaging.

BankDhofar is the New member of the RippleNet

Ripple’s most recent addition is BankDhofar. With this move as it’s first-ever partnership with an Oman based bank was first announced on Tuesday. The partnership will add BankDhofar to Ripple’s portfolio of over 100 banks and financial institutions that are already on the RippleNet.

While announcing the new development, BankDhofar’s Chief Information Officer Dr. Tariq Taha said that the bank is pleased to be “the first bank in Oman to join and access more than 100 of its member banks and other financial institutions utilizing Blockchain for instant payments”.

This comes just a year after BankDhofar’s move to join ‘the leading Blockchain consortium BankChain’ in respect with the bank’s objectives towards enabling customer satisfaction and improving overall efficiency especially for customers that regularly send remittances overseas.

BankDhofar Providing More Transparency

Taha further mentioned in the announcement that BankDhofar is also looking to provide a more transparent and friction-less cross-border money transfer using Ripple’s Blockchain. In addition, Taha said that the bank will also enable ‘end to end visibility over the journey of the payment’ as one of its initiatives of improving customer experience.

With this new partnership, BankDhofar is looking to become one of the best leading banks in the Gulf area as it strives to innovate creative services and products that are custom made for the customers. Thanks to a variety of products that ripple offers , BankDhofar will have a variety of services to pick from including xCurrent (and end to end payment tracking software) and xRapid (a real-time liquidity provider for international transactions using the XRP token) which is set to be used by the global money transfer platform, Western Union.

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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.

Image courtesy of Nicolas Rénac via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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