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No Choice Left for Banks — They have to Turn to Ripple and XRP

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Ripple

Cryptocurrencies’ fight for survival and relevancy itself bears more fruit with every passing day, and according to some experts, this will likely continue. Not only that, but leaders from institutions such as Mercury FX, Euro Exim Bank, and TransferGo recently gathered in London at the Ripple Regional event, discussing why this is the case.

According to them, more and more institutions will start turning to cryptocurrency in the near future, with even banks slowly losing the option to choose. After they start understanding the potential benefits of going crypto, they will have no other choice but to join the ever-growing group of crypto-friendly banks. And, which cryptocurrency is going to benefit the most, according to them? XRP.

Why banks have to turn to Ripple and XRP

According to Euro Exim Bank’s head of Compliance and Operations, Graham Bright, Ripple products may crucial for the banks to remain relevant in the future. Bright spoke of their effectiveness, stating that Euro Exim has set up a goal of making sure that their customers can get reliable, fast, and trusted service, which is also secure. He also pointed out that all of these points can be achieved by simply implementing blockchain technology.

Numerous banks around the world have already adopted Ripple’s XRP-fueled xRapid, which helped expand their businesses and improve the quality of their services. Examples of this can be observed in numerous areas of Africa and East Asia. The old technology that banks are still using for moving funds is costly and slow, which makes it obsolete in the rapidly advancing era of blockchain and crypto.

Bright stated that Euro Exim chose to turn to xRapid early in order to move funds “as quickly and as cost-effectively as possible.” This is what allowed Euro Exim to increase its own international business.

https://twitter.com/XRPTrump/status/1098622496553586688

Blockchain adoption is on the horizon

Alastair Constance, the CEO of Mercury FX, also spoke at the conference, stating that the xRapid-based payments are a lot faster and a lot cheaper than they would be if they were sent through the old system, SWIFT. However, the advantage of turning to Ripple and its products goes beyond speed and transaction costs — it also allows businesses to reach markets that were previously inaccessible.

Constance also explained how Mercury FX entered blockchain trials unsure of what to expect. The results amazed the company when it realized the potential of using Ripple technology combined with XRP cryptocurrency.

Ripple itself has been claiming that there is huge potential in this tech for a long time now, and the company expects that others will come to the same conclusion as they, Mercury FX, and others, in following years.

The demand for swift cross-border payments is constantly on the rise, with companies and individuals alike searching for ways to send payments quickly and cheaply. What’s more, sending payments via xRapid would eliminate the need for third parties, which is significantly lowering payment fees. The only conclusion is that the search and demand for blockchain-based solutions is about to skyrocket, with Ripple and XRP being at the center of the explosion.

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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

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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