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Financial Giants to Tie up With Ripple (XRP) in 2018

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As evident from the talks that are circulating on the web, the financial institutions are not quite impressed with the crypto hype. With many reputed banks adopting blockchain technology to expedite financial transactions, cryptocurrencies have become a threat to the traditional banking systems. OpenCoin, Ripple’s regulatory body, has mentioned in an interview that it intends to do “for money what the internet did for all other forms of information.” Powered by the open-source C++ application called rippled, Ripple has attracted the attention of many eminent banks in the past. Considering the activities that have taken the market by storm and financial institutes inching towards Ripple (XRP), 2018 looks like a promising year for Ripple.

Ripple’s Advanced Security Features

Supported by top-notch security features, Ripple comes across as a major threat to the banks. Ripple’s regulatory protocols are pretty tight, as it actively regulates who can have access to modify the official server codes and ensures that the codes are audited. The rippled source code is digitally attested by the regulatory body to ensure full security of funds. What’s more, all sensitive data pertaining to the release are provided through a secure website that also gives the commit ID of the repository.

From the inception of cryptocurrency, digital currencies are in competition with banks. This is especially valid for Ripple, which serves as an open-source transaction network.  As aptly pointed out by ShidanGouran, the President and COO of Global Blockchain, “If big banks were to succeed in crushing one of these two currencies, Ripple would be it.”

Anyone who is updated with the recent developments in the market is aware how the trends are changing, as the banks are finally warming up to the concept of incorporating blockchain to regulate economic transactions. Darren Marble, CEO of CrowdfundX reveals, “I believe banks are keeping a close eye on Ripple. This isn’t going to happen overnight.”

Japan Welcomes Ripple

A little ahead of the G20 meeting, a meeting where central banks of the affluent countries of the world assemble to discuss global economic stability, Japan arranged a round-table conference with the central banks. The representatives of the central banks and regulatory bodies speculated digital assets and regulations.  The meeting, which was scheduled for March 8 and March 9, was hosted by the Japanese Financial Securities Agency (FSA), which initiated a multilateral research on blockchain technology last year.  The regulations can be a roadblock to the successful implementation of Ripple (XRP) in the banks. However, if the rules and regulations pave the way for Ripple, it can actualize its vision of revolutionizing financial transactions with XRP.

Ripple Waves in China

On the issue of Ripple’s entry into the Chinese financial institutions, SagarSarbhai, Ripple’s Head of Government and Regulatory Relations for the Asia Pacific, has reported, “We’re trying to get some regulatory clarity, we’ve started engaging informally with banks, FIs and payment providers, speaking to regulators and government bodies, trying to educate on what Ripple is and what our vision is.”

As revealed by the sources, Ripple has already secured licenses for XRP integration into the fintech firms. With the governments exploring blockchain technology for promoting faster transactions, 2018 seems like a big year for Ripple.

Final Thoughts

Many institutions have adopted with the blockchain technology in the past, fostering innovation. At the onset of the budding enthusiasm from the investor, the union of financial giants with the crypto technology is not entirely implausible.  While implementing blockchain in the banks is nothing new, the idea of replacing fiat currencies with their digital counterparts is still not fully ripe. Overall, with XRapid tying up with Ripple and big names like SBI and Codius disclosing their plans of latching themselves to Ripple, 2018 is transmogrifying into a promising year for XRP.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.

Image courtesy of Mike Mozart via Flickr

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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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