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3 Major Exchanges Now Support Ripple xRapid

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On the 16th of August, the Ripple company announced that it was partnering with the three exchanges of Bittrex, Bitso, and Coins.ph to further their xRapid operations. xRapid will function in conjunction with banks and remittance service providers, in the countries of the United States, Mexico, and the Philippines. Further expanding on the partnerships, each of these exchanges specializes in the individual currencies of these three countries: the USD, Mexican Peso, and Philippine Peso. Sending money between these three countries will be made simpler via xRapid that uses XRP as a source of instant liquidity rather than the traditional Forex brokers.

The xRapid payment flow using the example of the United States to Mexico will be as follows:

  1. A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex
  2. The payment amount in XRP is settled over the XRP Ledger.
  3. Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.

In the case of US to the Philippines, we replace Bitso in the above steps with Coins.ph. The same applies to the other ways of sending funds within the countries but XRP remains the constant source of instant liquidity.

Cory Johnson, Chief Market Strategist at Ripple had this to say:

“Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid. We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Further analyzing Cory Johnson’s comments, we find that xRapid is still in the beta phase of development. Full operations are still in the pipeline. Once xRapid is 100% operational, XRP will be in constant demand since the process of sending money across borders is a 24 hour, 7 days a week, 365-day affair. This demand will result in the increase in value of XRP in the exchanges once more remittances across the globe continue to use xRapid in these 3 countries.

We are also reminded that Brad Garlinghouse had famously stated back in May that dozens of banks will be using xRapid by next year. Next year is less than 6 months away, therefore, the time is now to get some cheap XRP in the crypto markets.

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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.

Image courtesy of Pexels

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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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.

Mission Statement

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,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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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…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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