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How Ripple (XRP) Will Surely Respond To The Launch of SBI Virtual Currencies Exchange

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Ripple (XRP) and the SBI Holdings Group have enjoyed a fruitful partnership for over 2 years now. What has resulted in the partnership is the formation of SBI Ripple Asia that has spearheaded the adoption of Ripple technologies in the region as well as innovation in the industry of fintech. So far, Ripple has access to over 61 banks in the consortium that makes up SBI Holdings.

It is, therefore, no surprise that the SBI Group wants to release a cryptocurrency exchange that plans to utilize XRP as the centerpiece for trading on the platform. The exchange, known as SBI Virtual Currencies, has updated its website and is now live for trading for users who had pre-registered back in October 2017. One thing to note is that XRP is the only cryptocurrency on the site that has been described in terms of what it is and its capabilities. The exchange will later add Bitcoin Cash (BCH) as the second traded digital asset on the platform.

This means that the CEO and President of SBI Holdings, Yoshitaka Kitao, was serious when he said that once the exchange is ready, it will feature primarily XRP and the exchange will eventually be number one. The exchange had been scheduled for launch this summer and the XRP HODLers and the entire crypto-verse is applauding and excited with the launch today, June 4th.

One thing to remember is that the country of Japan is home to over 3.5 Million crypto traders and HODLers. These traders are between the ages of 20 and 40. This will be the target demographic of the new crypto exchange by the SBI Holdings Group.

With respect to the cryptocurrency markets, they are still showing some upward mobility in terms of gains since the entire market came to its knees on Tuesday, the 29th of May. On this date, the total market capitalization of the crypto markets came to a recent low of $303 Billion and Bitcoin (BTC) was trading at $7,100 levels. The crypto markets have since regained $40 Billion at the moment of writing this and the total market capitalization stands at $345 Billion.

Bitcoin (BTC) is now trading at $7,629 and looks like it is on its way to levels close to $8,000. With respect to Ethereum, the coin is now valued at $621. Our beloved Ripple (XRP) is currently valued at $0.67 and up 3% in 24 hours. The aforementioned launch of the SBI Virtual Currencies exchange is what many Ripple HODLers were waiting for this summer.  Expectations of the platform are high in terms of assisting XRP to reach the $5 levels everyone is asking about.

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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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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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