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Can Ripple (XRP) fix the issues central banks of AU and NZ face?

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The main mantle of financial systems is to simplify the exchange of goods and services considering the time taken. Financial systems contain different types of institutions and procedures for enabling such settlements, and in modern economies, you will find e-money, e-payments, and legal tenders as the three available payment procedures.

The legal tender is a payment medium that is accepted by all concerned parties as a physical currency that can be used to clear credits in the same units. Generally, the physical coins and notes that serve as a legal tender are issued by a central bank, that suppliers are obliged to accept for any outstanding obligation valued in the same coinage.

E-payments are becoming the preferred mode of payment by many as each day that comes with technology advancement. Unlike physical currency, these e-payments are virtual transfers from credit and deposit accounts enabled by financial organizations like credit card firms and commercial banks. The private account ledgers and electronic platforms can only be accessed and amended by their host financial organizations.

Lastly, the third payment medium, E-money, is a virtual currency in which monetary worth is stored on software or hardware, allowing individuals to pay for commodities or services from third-party traders. E-money is more or less like cryptocurrency.

Be that as it may, for many years now, Australia’s main financial institution, has been under pressure from different quarters to modernize their medieval national remittance platform to meet the needs of the current and future economy.

With full knowledge of this need, the Reserve Bank of Australia, Australia’s central bank, actualized the New Payment Platform or NPP last year that allows individuals and businesses to make real-time settlements countrywide 24/7. The NPP offers real-time retail settlements, 24-hour service availability, and industry-wide standardization; it, however, leaves behind the complete remittance information.

Possible Ripple (XRP) Integration by Central Bank of Australia and New Zealand

Although the New Payment Platform is addressing a majority of the issues that were raised by the RBA, the settlement network is limited to domestic transactions. This leaves a huge opening for blockchain technologies and innovations such as XRP.

Fortunately for Ripple (XRP), which deals with cross-border settlements, a majority of developers working on the NPP are well aware of Ripple. Just recently, through a report done by the Reserve Bank of Australia discussing blockchain technology, Ripple managed to get positive reviews from the chief Pacific financial institution, declaring Ripple as a good alternative to Bitcoin that the report regarded as unstable.

At the moment, financial institutions of Australia and New Zealand are showing interest in RippleNet with Westpac and the National Australian Bank confirming they’re joining the Ripple network. Other relevant financial institutions such as CBA and ANZ are also showing accountable interest in RippleNet by closely monitoring the blockchain technology and are rumored to be in discussion with Ripple.

Given that all the major banks in the New Payment Platform have done trials and have experienced Ripple’s security and reliability in transferring settlements through the Ripple platform, only furthers speculations of a possible adoption of xRapid and xCurrent services shortly.

Both countries look hesitant in adopting Ripple, but given what the company has to offer, they might have to barge into the demands of the 21st century by adopting RippleNet.

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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.

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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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Altcoins

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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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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