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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

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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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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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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