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Own some XRP? HODL it! Bank of America could adopt Ripple at a jiffy!

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Ripple XRP Bank of America

Ripple has been a very complex project from the very beginning. It includes Ripple Lab’s blockchain technology which is meant as a means to do international transactions cheaply and quickly, and also the cryptocurrency that is known as XRP. Neither the blockchain nor the coin is intended to be for retail users, but financial institutions and many banks around the world are taking it seriously and adopting it.

Not so long ago Banco Santander (substantial global presence everywhere and considered to be the world’s best bank right now) announced they would adopt Ripple’s xCurrent platform for their international transactions across the USA and the EU. And it seems that Bank of America might make use of Ripple’s tech very soon too.

This is not official news yet but rather pieces of text that somebody posted on Reddit claiming they are quotes from a presentation of development day. Here are the Reddit bits:

“Ripple provides an opportunity to reduce the complexity of integration to enabled partners, standardize data protocols and formats and eliminate errors and reconciliation through use of blockchain distributed ledger technology”

The Redditor continued to state in the presentation that,

“Pilot to enable more efficient cross-currency payments by reducing lengthy/unknown settlement times, eliminating multiple layers of cost and providing greater transparency over FX, fees, and data shared between originator and recipient.”

So there’s no announcement that Ripple’s XRP will get adopted by the Bank of America (if they use the Ripple platform they need to use some to pay for transfer fees). But they may be getting ready to embrace the blockchain technology to do their international transactions instead of the traditional, slow, expensive and error-prone SWIFT system.

Whatever happens with Bank of America, Ripple is already in position to leave the SWIFT system behind. It has over a hundred banks and financial institutions and once just a few critical partners as Santander and Bank of America are on board, everybody else will have to follow to stay in business. Ripple will undoubtedly be the world’s banker then.

You could ask yourself (rightly so) why all those good news are not making Ripple’s XRP’s value skyrocket (it’s going up slowly already, though). There are several reasons. First of all, Bitcoin is still too important, investors still consider it the chief coin, and it’s been going down over the last couple of weeks. And went Bitcoin suffers, every other coin does as well.

The other reason is that Ripple’s tech and the XRP currency are not the same. Ripple’s success can and will create demand for XRP, but this could be very slow because Ripple’s banking partners can use the platform to transact in any currency, crypto or fiat they choose. Adopting XRP is not mandatory except for transfer fees which are very cheap anyway (fractions of a hundredth of a cent).

But Bitcoin will recover, it will go beyond the $10,000 mark sooner or later and when it does the whole market will go up as well. Because Ripple has carved a niche for itself and it’s already proven to be useful in real-life, it will probably go above ten dollars per coin in just a couple of months.

And it will only get better in the long-run. Keep in mind that the international transactions market is worth $20 trillion and Ripple could take it over. It will have to face IBM and Stellar Lumen’s competition for that, but even if they only get a sizable fraction, they will do great.

Consequently, it is worth noting that Bank of America is not going to be Ripple’s only high-profile customer. The crypto already has big fishes like Mizuho Financial Group, Santander, Western Union, MoneyGram, and Credit Agricole (and these only are some of the big guns of its 120 customers) in his net.

At present, XRP is still very cheap, so this is a perfect time to get it in bulk. It could rise just in the same spectacular fashion Bitcoin has. All in all, considering all the powerful alliances Ripple has formed and its potential, it all makes sense to have patience and HODL your coins (and enjoy the lovely sweetish fruit of success shortly).

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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 Pxhere.com

Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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