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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

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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