Connect with us

Blogs

Mitsubishi Partners with Ripple (XRP) to Test the New Payment System

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

The recent announcement by Mitsubishi Corporation and MUFG (Mitsubishi UFJ Financial Group) states that there are plans to use Ripple technology in order to achieve cross-border payments. According to Mitsubishi, achieving the international remittance via Ripple (XRP) will be both faster as well as less costly.

Mitsubishi plans to test Ripple’s services

Ripple (XRP) has been known for entering large partnership for a long while now, and that trend doesn’t seem to end. Just recently, MUFG and Mitsubishi Corporation announced that they too will use one of Ripple’s products. The plan is to achieve much faster, as well as cheaper international payments.

Another announcement revealed that Standard Chartered, which is UK-based, will also participate in the process. As for Mitsubishi, the company plans to take this process and bring it to the point where it can become practical for everyday use.

The statement also uncovered that the transaction will use Singaporean dollars. The currency will be sent from Thailand to Singapore. After that, one of Mitsubishi’s subsidiaries will use an account in the Ayutaya Bank to transact the funds to a previously-established account owned by Mitsubishi Corporation Affiliate. The account will be located in Standard Chartered’s base in Singapore, which also explains the participation of this company.

Further comment regarding the process stated that the current practice when it comes to international money transfers is to use the SWIFT network. This process, which was once praised for what it allows, is now deemed too old. A common complaint says that it takes too much time, as well as a lot of fees, which is of little surprise, considering that it goes through numerous banks on its way to the final destination.

Ripple continues to advance

According to the statement, Ripple’s distributed ledger tech was tested, and the results also showed that it can completely eliminate the possibility of fraud. It was also established that it works much faster, and at much lower costs than other, more traditional methods of money transfer.

Thanks to this, but also its other products, Ripple has caught the eye of many large corporations across the world. It already announced ten new partnerships back in 2017. These largely include financial institutions like SEB, YES BANK, MUFG, Cambridge Global Payments, BBVA, Akbank, eZforex.com, Axis Bank, as well as Star One Credit Union.

Bank of Tokyo’s General Manager, Hirofumi Aihara, has commented on the announcement of these partnerships back in 2017. He said that the company is glad to have an opportunity to work with Ripple. The partnership was expected to lead to finding new methods of payment transfers via blockchain. That way, the customers’ experience would be improved. As a demonstration of the bank’s commitment to this new technologies, he also announced that they will be joining Japan Bank Consortium, which would allow them to work with other banks of Japan toward the larger use of Ripple’s products.

For the latest cryptocurrency news, join our Telegram!

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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite