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.
For the latest cryptocurrency news, join our Telegram!
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
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
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…