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Can Ripple (XRP) Save $16.5 Billion for Financial Institutions? - Global Coin Report
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Can Ripple (XRP) Save $16.5 Billion for Financial Institutions?

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Ripple
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Ripple being the third-best currency in the market, still makes up for one of the most talked-about currencies in the crypto community. Partially, this is the case due to the successful penetration of Ripple’s technology xRapid into the systems of various financial institutions across the globe.

Ripple claims that with xRapid, they will be saving over 16.5 billion dollars in fees that could be spent with better purpose. However, financial institutions like Western Union claim that they have yet to see if xRapid can indeed save the mentioned billions or at least millions in fees as Ripple originally claims.

Ripple Claims xRapid Able to Save Billions in Fees

In one of the latest insights shared with the crypto community, Ripple has stated that their foundation is able to save over 16 billion dollars with xRapid, stating that this is the amount that goes on paying for transaction fees while making global payments.

The team Ripple has stated in their release that the foundation is aiming at bringing something more constructive to the world rather than just providing a service of making fast global transactions.

That is how they mentioned the Internet of Value, making entering into the IoV as one of their main objectives.

The team reminded the community that their main goal was to offer a possibility to the world where “money can move like information”, which they succeeded thanks to the technology inspired by blockchain.

The second factor in establishing IoT is to enable transactions that cost “little to no fees” at all.

Ripple has further added that they have done an extensive research that proves that xRapid would be able to cut costs that are made in fees in oppose to the global remittance market.

In their research, the team has concluded that the global remittance payments are marked as one of the largest business today as the total number of the payments made globally sum up at the figure of 600 billion dollars per year.

The team has further added that the fees paid for the 600 billion dollars made with global payments come to a sum of around 30 billion dollars, with the World Bank stating that an average fee per payment on an annual basis would be 500$ when divided to end users.

Ripple has further stated that while observing the global remittance industry and trying to establish the Internet of Things, it is very important to consider enabling benefits for individual users while aiming at creating a global impact in the industry of finances and financial services.

That being said, Ripple has stated that in accordance with the research, they have concluded that the majority of users making global transactions are actually hardworking individuals working abroad and sending money to their families.

Because of them (the hardworking individuals), Ripple is aiming at cutting on fees with xRapid, that way saving billions in fees.

The team has stated that with xRapid, they would be able to save billions in the top remittance countries where increased activities revolving around global payment services are in bloom, meaning Mexico, China, Pakistan, Philippines, and India.

However, Western Union, which is one of the first financial service providers to have tested Ripple’s xRapid, claims despite the above-described research made by Ripple, that they have yet not seen any sign of savings when it comes to cutting fees with xRapid.

Ripple’s xRapid to Cut Fees: Western Union Waiting for Proof

It has been 6 months since Western Union started with testing of Ripple’s xRapid, however with the latest statement made by the CEO of Western Union, Hikmet Ersek, it’s been said that Ripple’s xRapid has not yet shown any signs of saving money on fees with their technology.

While the CEO clearly stated that they are still experimenting with xRapid, they have yet not witnessed any signs of the probability for the reduction of fees. Hikmet Ersek added that he is aware of the fact that Western Union is often criticized for not being cost-effective, adding that during the testing of xRapid they can claim the same for xRapid for now.

The statement goes directly against Ripple’s research that shortly explained the potential of xRapid in the matter of saving billions of dollars in fees that go for remittance payments.

Western Union, as previously stated, will only accept xRapid for their payment services in case xRapid would be able to cut on expenses and make their payment system more cost-efficient.

In defense of Ripple and xRapid, the CEO of Western Union added that it is still too early to claim with certainty that xRapid isn’t working on cutting fees with global payment, so Hikmet Ersek added that they have yet to see the true potential of Ripple’s technology, which most certainly brought relief to Ripple foundation.

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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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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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