Many of us have been questioning how the future will look like for the third best cryptocurrency of the market by performance, Ripple (XRP). Well, it all seems we may be getting all the doubts cleared soon, as the CEO of Ripple, Brad Garlinghouse, recently responded this and other questions during an interview conducted by the internet business news channel CNBC during Money 20/20, the global event held in Amsterdam.
In general terms, Garlinghouse made very clear what are the thoughts of Ripple for the present and coming year when it comes to the adoption of the XRP token, and additionally, commented on the lawsuit a crypto enthusiast made against Ripple (XRP) claiming the company incurred in a violation of the U.S. security laws. Let’s see how it goes!
The future of XRP and other coins in the market
In the interview held by CNBC, Garlinghouse established that by the end of the year the company expects major banks to adopt and start making use of their product xRapid, a liquidity solution that integrates the XRP token. The same way, by the end of 2019 he counts with at least a dozen of banks using the token ecosystem and liquidity.
When asked about his opinions on the immense offer of cryptocurrencies in the market, he expressed that there is an incredible amount of tokens designed for no reason currently. He continued by saying that every day it can be seen a bigger deployment of Initial Coin Offerings for tokens that actually don’t solve any existing problem, which is why he considers that by the time of 10 years the offer of the market with respect to cryptocurrencies will be only a vast 1% of the current panorama.
Garlinghouse opinions on the Bitcoin vs. Ripple comparison
Garlinghouse specified he thinks some of the top cryptos in the market such as Bitcoin (BTC) and Bitcoin Cash (BTH) will have an essential role in the future of the virtual coins. He said what we are seeing is a “specialization of different types of ledgers.” However, he also cleared that if he were to compare, he would note XRP has definitely the lead in front of Bitcoin (BTC) which has proven to be slower and more expensive.
As a matter of fact, according to the website blockchain.info, the average transaction for Bitcoin as of today is 42 minutes, and the fees charged for those transactions can vary from 3 to 30 dollars. In relation to this, Garlinghouse said that 42 minutes might look too fast if we compare that to what it lasts an operation in the banking industry currently but not if we compare it with the thousand times faster Ripple, which lasts only 4 seconds per transaction.
The lawsuit against Ripple
A lawsuit was recently filed by an XRP user claiming Ripple was violating some of the laws established by The Securities and Exchange Commission (SEC). The plaintiff who is identified as Ryan Coffey lost an amount of XRP tokens on January 6, 2018, a fact that led him to establish a lawsuit arguing Ripple had primarily deployed a “never-ending ICO”.
Regarding this, Garlinghouse established that Ripple is not a security, and he specified that the fact was not going to be questioned or changed by one lawsuit. He continued by saying “Owning XRP doesn’t give you any ownership of Ripple equity,” and that’s something all of the users should be aware of.
To conclude, when he was asked if potential regulations were a concern of the company, he responded with a big no. Garlinghouse said,
“One of the reasons Ripple has enjoyed such momentum is we have been working with regulators”
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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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Smart MFG Tech Announces its First Liquidity Mining Rewards Program on LINKSWAP
Manufacturing Industry 4.0 company Smart MFG Tech has announced that it is launching its MFG Liquidity Mining Rewards on LINKSWAP today. LINKSWAP is a decentralized, community-governed Decentralized Exchange (DEX) and an AMM platform, which was created by YF Link (YFL). The team at YF Link says it aims to address “the pain points of second-generation AMMs” by offering such features as Reduced Impermanent Loss, RugLock, SlipLock that are not offered by other platforms.
Smart MFG Tech has said that the first integration of the MFG liquidity mining rewards will use the LINKSWAP LP (Liquidity Provider) Rewards service. It will allow LPs to deposit their LP token(s) (UNI-V2) to the participating rewards pool (ETH|MFG) and earn MFG rewards seamlessly. Smart MFG said it will continue to work with the YF Link team to provide support for other pairs and expand services.
LINKSWAP’s Rewards is a liquidity mining service that enables LPs to earn rewards for providing liquidity in a participating pool. YF Link has implemented a custom frontend solution for Smart MFG LP rewards pool on LINKSWAP. This will allow LPs to add liquidity to Smart MFG’s existing ETH|MFG pool on UniSwap v2 and deposit their LP token(s) (UNI-V2) to their LINKSWAP rewards pool (ETH|MFG).
Smart MFG explained how the rewards can be earned:
“LPs get a share of the transaction fees on Uniswap v2. This is calculated by how much liquidity is provided relative to the percentage…
Building Your Nest Egg Brick By Brick: Are Micro-Investments Here to Stay?
No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?
That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate.
Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day.
However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:
With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:
What is Micro-Investing
Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…
Decentralized Insurance Platform Bridge Mutual to Launch BMI Token on Polkastarter
Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes…