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Here’s Why The Ripple (XRP), SBI Deal Is So Important

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“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset… I strongly believe it will become the global standard in digital currencies.”

That’s what Yoshitaka Kitao, CEO and Executive Chairman of SBI Holdings, said in August 2017. SBI is a financial services company group based in Tokyo, Japan and its subsidiary, SBI Securities, is Japan’s largest online securities company with more than 4 million brokerage accounts.

XRP Daily Chart

XRP Daily Chart

Fast forward to January 30, 2018, and SBI launched SBI Virtual Currencies – an exchange with the following remit: to provide a respected and reliable exchange for both its institutional customers and individual digital asset buyers in Japan.

And here’s what’s important – the platform has launched with XRP as the only digital asset supported.

Why is this important?

Well, as per the report that outlined the development, SBI VC is looking to join the xRapid ecosystem — which is Ripple’s enterprise-grade solution — to help institutions source liquidity for cross-border payments between Japan and the rest of the world. In line with this, Ripple will integrate SBI VC’s APIs so that xRapid users can convert XRP to JPY and JPY to XRP instantly through SBI VC.

We’ve written numerous pieces on the various partnerships that Ripple has secured with big-name institutions and the impact that these partnerships could have on the company long term. What we’ve written less about, however, is the uptake of XRP as an integral part of what Ripple’s proprietary technology is trying to achieve and – in turn – the potential for long-term upside revaluation for XRP going forward.

This deal, outlined above, is one example of exactly that.

There’s a reason that SBI has decided to go with XRP as its launch-token and that’s that it’s one of the only cryptocurrencies that has been developed in line with a specific enterprise use case and that – and this is important – it has been validated against this use case time and time again.

Sure, we’ve seen white papers tell us why such and such a coin is going to be the next big thing in privacy and anonymity. Sure, we’ve seen companies tell us which institutions they intend to knock off the top spot in their respective industries.

What we haven’t seen, however, outside of Ripple and XRP, is a company and its underlying token perform against (and, indeed, outperform against) its own targets and the expectations of the community that supports it.

Right now, XRP goes for $1.12. That’s a close to 9% discount on its price this time yesterday and a huge 66% from highs recorded at the start of this month. Sure, these highs included the premiums that South Korean exchanges applied to the markets, but even excluding this premium, Ripple is down considerably. It’s not the only coin that is, of course. Despite that, twenty-four-hour volume is well above $1.56 billion.

In line with the overarching decline in the market, people are looking at some incredible discounted entry opportunities right now. With that said, this isn’t a time to just pick up any coin – there are some real winners when this sort of thing happens and these winners are those coins that have declined in line with the overarching market weakness but that, at the same time, have advanced fundamentally.

Ripple, as far as we see it, checks both of these boxes.

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.


Image courtesy of Ripple

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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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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