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Asian Conglomerate Tencent Set To Inject Huge Sum into Ripple

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Tencent

Tencent Holding Limited is one of Asia’s largest and most high-worth companies which have been on a trajectory of constant growth and evolution. Tencent Holding was founded in 1998 and the current market valuation of the company stands at 580 billion dollars. It is a financial conglomerate and its subsidiaries specialize in services and products pertaining to technology and the internet. They also specialize in artificial intelligence and other technology-based services in mainland China and in various areas throughout the world. In fact, Tencent has emerged as the first Asian company to have crossed 500 billion dollars valuation. Recently it has declared that it is set to invest about 2 billion dollars into the Ripple project.

Market status of Tencent

Tencent is currently ranked as one of the largest investment corporations in the world as it exercises one of the influential technological-based positions in the world. Tencent has an extensive reach in social media platforms and the gaming industry as well. Some of the other services that Tencent specializes in are payment services, internet services, mobile games, social networks, web portals, music access portals, e-commerce, multiplayer online game, and smartphones. Their messaging apps such as Tencent QQ and WeChat are well-known throughout China and are expanding at an increasing rate all over the globe. The Tencent music app boasts of a paying subscriber base of about 120 million and has a regular user base of 700 million.

In the backdrop of this financial status that Tencent has earned, it is planning to make an investment of around 2 billion dollars into the Ripple project. The primary objective behind this could be that the financial conglomerate wants to assimilate their already popular apps and services with the digital payment strategies offered by Ripple.it is also likely that Tencent plans to purchase some coins that could enable transaction on their platforms of messaging.

Sources have confirmed that Tencent will offer the quoted sum of 2 billion dollars and transform them into XRP coins over the period of upcoming 12 months. Tencent’s vision is to integrate the technologies of Ripple on its WeChat and similar other so that it is in a position to give stiff competition to its market rivals like the payment services of Amazon and Alibaba. The social media space is set to become more interesting with this investment from Tencent as Telegram is also slated for a subsequent second round of its ICO pre-sale. Even though no one has the knowledge about the particular date of the second round of ICO presale, but it is guaranteed to raise a total of 1 billion dollars before it goes full public through a final round of crowdfunding venture. Due to the buildup of the excitement in the crypto-verse and social media, there is great optimism that cryptocurrencies are set to keep on expanding and consolidating their reach despite frequent turbulences in the crypto market and the current FUD.

Tencent has its focus set on using Ripple’s xVia, which is restricted for use strictly amongst corporate payment providers and commercial institutions like banks. Tencent will be using Ripple’s xVia as a quintessential tool for its products which will be made available for access in the mass market.it is products like xVia offered by Ripple which has led to more and more banks showing interest to use the digital payment solution offered by the platform of cryptocurrency. There are over 80 banks and commercial service providers (specialize in the money remitting services) which have signed up for the payment solutions of Ripple. Western Union and Moneygram are two such financial companies leading at the forefront.

What makes Ripple’s payment solutions appealing to banks?

The 3 primary reasons behind the banks and financial institutions getting tempted to opt for the payment solutions of Ripple are the following:

  • The payment services enjoy completes security on the Ripple blockchain
  • Extremely cost of transactions (0.0004 dollars at each transaction)
  • Extremely fast rates of transactions (3.3 seconds)

Even though the regular SWIFT transfers have a few vulnerabilities and flaws. Every intermediary bank that deals with a wire-based transaction can extricate a fee directly out of the payload of the wire that essentially consists of the bulk of the assets being remitted. This extrication of the fee usually happens without the prior approval or even knowledge of the person holding the account. On the other hand, such issues are eradicated completely with the payment solutions of Ripple. Hence the Ripple-enabled digital payment services are extremely beneficial to the customer. Since the whole process of transaction takes place on the blockchain, every expense is documented and traced on the ledger, which makes the exploration of suspicious charges quite easy.

Conclusion

Even though this investment will help the banking and financial industry in general, but this did not particularly bring much change in the price of Ripple in the cryptomarket as of 15th March 2018, Ripple was trading at 0.67 dollars which was a plunge of a margin of 13.67 % from a period of 24 hours prior to that. There is optimism that the valuation of XRP will reach 10 dollars by the end of 2018.

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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 FEI KUANG via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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