Banks have been fans of XRP for a while now, Ripple Regulatory Officer - Global Coin Report
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Banks have been fans of XRP for a while now, Ripple Regulatory Officer

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In a tweet that has now gone viral, Sagar Sarbhai, who is responsible for government and regulatory relations for Ripple in the APAC and the Middle East, explains that banks have actually been fans of Ripple for a while now.

Often, many investors and traders worry about certain aspects of a project, such as whether the demographic is large enough, or whether mass adoption is likely. Mr. Sarbhai instead reveals that in 2016, Ripple had the foresight actually to give twelve separate banks some XRPs.

They also made sure that the banks were in all different parts of the world, and that there was no pre-existing relationship between any of them, in an effort to make sure that this experiment was as unbiased as possible.

Ripple found out that since there were so many regulations regarding the fact that they have to record assets meticulously, and there was no way they could actually account for these new digital assets – that banks, although they loved how efficient and convenient the technology was, recognized that the regulation wouldn’t allow for them to legally use Ripple.

Ripple had to go back to the drawing board and figure out how exactly to combat this problem. They came up with XRapid as a way to deal with regulation and instead ended up partnering with payment providers. The entire point of XRapid is to have the Ripple project finally come to fruition in the form of real crypto utility, and also provide liquidity to the markets.

XRapid is already working with all sorts of money transfer companies, such as MoneyGram, Western Union, and others. Given the fact that the remittance industry, where foreign workers send money back to their families, is ITSELF a sector that is worth hundreds of billions of dollars, and is an integral part of multiple countries – this could be massive for Ripple, which has previously ran to over $3 off of speculation, and without actual utility.

The momentum is strong with Ripple, which is probably why Sagar Sarbhai tweeted out his 2016 conversation to provide context to the positive way that the market is responding to Xrapid, probably as a way to show investors and traders that this has not been overnight and that the team has been focused on a relationship with since the inception of the project.

Brad Garlinghouse, the CEO of Ripple, has also said in June that major banks would be using XRapid as 2018 ends and also believes strongly that dozens of banks would be adopting XRapid in 2019.

He also stressed that he believes that this would indeed happen as long as Ripple remains a real solution to real problems. Given the fact that it transfers money more efficiently than traditional banks, and that it could save banks massive amounts of money by serving as a “bridge” between currencies – that certainly seems to be the case.

Ultimately, this is all fantastic news for those who are holding Ripple long-term, and time will tell whether “dozens” of banks do end up using and adopting XRapid . Sarbhai stated in his most recent interview with CNBC that the official XRapid commercial launch could happen “in the next month or so”.

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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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Luuk Wouters on Unsplash

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Lotto Nation is Revolutionizing the Traditional Lottery Industry

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As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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