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

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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.

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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

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

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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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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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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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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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