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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

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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Altcoins

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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Altcoins

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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