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Fast and Cheap: Ripple’s xRapid Delivers on its Promise

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Ripple xRapid Delivers

The latest tests have shown that Ripple’s xRapid actually delivers on its promise on making cheap and fast cross-border transactions. In another new twist, it would seem that Facebook will join the crypto hype as well, according to recent reports.

Ripple’s tests show great promise

Ripple has been announcing a new product for some time now, and it would seem that its development is finally nearing completion. A product by the name of xRapid has had its first pilot test recently, where it was used for sending funds across the border, and for minimal cost.

The project was developed due to many complaints that sending the money around the world is a slow and long process, which can get quite costly. Ripple decided to combat the issue, and so far, its efforts seem to be successful. The company has just finished a pilot test where they have sent a payment from the US to Mexico.

The payment went through xRapid to a financial institution and, according to Ripple, payments such as this will be 40-70% cheaper than before. The whole process took only around two minutes, while other, more-traditional methods usually take two or three days.

The process works through a connection made between a financial institution and a crypto exchange. This connection is represented by the xRapid product. The money begins its journey in a form of a currency that is being sent by the sender. On its way, it gets exchanged into XRP, which then gets exchanged into the currency that is desired by the receiver.

The transfers are cheap, fast, and can be tracked, which is a welcome introduction of transparency for this kind of transaction.

Facebook wants in on cryptos

Another new report from inside of the popular social media platform claims that Facebook is planning on competing with Ripple when it comes to the cross-border payments. The platform is already doing its research on cryptos and even on the creation of its own coin. If they decide to go through with this project, both Ripple and other cryptos may have a real problem on their hands quite soon.

An anonymous source from within Facebook stated that the company is very serious about achieving this. Facebook’s CEO, Mark Zuckerberg, has shown his personal interest in cryptos earlier in the year.

He stated that they are taking power from centralization and giving it to the people. However, Zuckerberg is not careless and is well aware of the risks that cryptos carry due to their nature. Still, he wishes to study them and find the best use regarding services that the company provides.

Another statement from Messenger’s leader, David Marcus, uncovered that there are plans to implement blockchain technology on the platform. Marcus, who was previously one of the board members on Coinbase, as well as the president of PayPal now wishes for a new challenge after spending four years in Messenger.

It will be under his guidance and leadership that Facebook team will explore various possibilities that blockchain can offer to the platform. He is also known for being an early investor in Bitcoin, so we can expect that he knows exactly what he is doing.

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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.

Chart courtesy of Chris O’Brien via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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