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Here Is How Ripple (XRP) Will Change The Financial System From Within
A while back, Ripple (XRP) was getting a bad reputation for its partnerships with Global Central Banks and other financial institutions. The theory behind the ‘noise’ against Ripple back then, was that collaborating with financial institutions was more or less an act of treason and a deviation from the written code of decentralization that is the backbone of cryptocurrencies and blockchain technology. Many were horrified that a crypto project was collaborating with the institutions Satoshi Nakamoto aimed at avoiding by introducing peer-to-peer transactions through the King of Crypto also know as Bitcoin (BTC).
But what if it was a ploy by Ripple to change the financial systems from within.
One is tempted to reference Sun Tzu and Art of War to justify the above statement, but doing so might make it sound like there is a hidden war between the crypto-verse and financial systems to extent of involving global governments.
But let us entertain the theory of working from within the system to change it.
The first way Ripple can change the financial systems from within, is the current partnerships the project has with 40 to 50 Global central banks and over 100 regular banks and money remittance service providers. All these institutions use the Ripple products of RippleNet, xRapid, xVia, xCurrent and XRP (in xRapid). Some, like Santander, have proven that xCurrent works for its fast OnePayFX mobile app. Santander has also announced that 50% of its international transactions are handled by Ripple.
This means that Ripple products on the blockchain, have managed to convince these traditional financial institutions that the Ripple blockchain ledger is the future of cross-border payments. Ripple technology has managed to completely replace SWIFT in some situations mentioned above.
Once convinced through Ripple, we might see the same financial institutions, particularly Central Banks, tokenizing their national currencies so as to keep up with the changing technologies brought about by cryptocurrencies and blockchain technology. China had earlier hinted about tokenizing the Yuan after the cryptocurrency hype caught on in the country.
What then might happen, is a futuristic Blade-Runner type of future where physical hard cash will be obsolete. Imagine that? We shall be walking around with crypto wallets linked to mobile apps and doing all transactions on the blockchain. Hopefully, by then, interoperability between the various platforms would have been operational.
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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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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. One of the ways to have a successful…
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…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
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