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Reasons Behind The Recent Ripple (XRP) Bull Run

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Ripple

Ripple is the third largest cryptocurrency and one of the most meritorious investments whose market capitalization hit $122 billion USD in January. This incredible bull run crowned Ripple co-founder Chris Larsen as the 8th wealthiest man on earth. The Ripple team has shown their inclination towards payment systems and are still working on revolutionizing Ripple’s unique features and products. Ripple has been delivering their promises since the very beginning of its partnerships in Silicon Valley. Its popularity, increasing adoption, and its smart and consistent development team are some of the reasons why investors find it a promising investment.

Aim for Ripple

Ripple has a simple goal of becoming the most preferred payment solution. Current banking systems are slow, have limited transparency and expensive and hence, cannot function as a global payment system. But Ripple has every feature required to be an ideal global payment system. The idea is to reduce entry barriers and enable a better global payment system which is known for its wide-scale activity.

Features and products

The name of the global payment system created by Ripple is called RippleNet. Its function is to create a global network of banks using which anyone can send or receive payment by the help of Ripple technology. The RippleNet will soon have real-time messaging, gross settlement (means sending funds or securities between two banks) certainty for all transactions made and clearing. In order for it to work, Ripple has been forming a partnership with several banks so that the users around the world can interact with the bank with the help of the RippleNet enabled bank.

RippleNet has three more products which are as follows:

  • xCurrent: Payment Processing

It enables payment processing between banks while increasing its speed, transparency, and efficiency.

  • xRapid: Liquidity Source

xRapid can be thought of as a pool of funds that banks can access in order to transfer funds easily without having to pair up transactions.

  • Xvia: Global Payment transaction system

This is a web services layer that allows corporates the ability to safely make real-time payments with rich data attachments.

Ripple and Banking

Banking clients of Ripple are their strongest proposition. They didn’t just come up with a revolutionary idea, but the Ripple team has literally shown how it’s done. Being a two-sided company, which needs supply as well as demands, the execution of their idea, was complex ‘supply’ in case of Ripple are the banks and ‘demand’ are the users or businesses. Ripple first fulfilled their supply side and kept adding one bank after another which resulted in an increased number of customers. The list of banks that are now with Ripple is growing each day. AK Bank, Axis Bank, UBS, SBI Remittance, Mizuho, Standard Chartered and newly added Santander are just a few of the influential partnerships formed by Ripple throughout Q1 of 2018. This is one of the major reasons behind Ripple’s high price point and growing community of believers.

Rumors surrounding Ripple and Apple Pay

One of the best rumors surrounding Ripple at present is pairing up with ApplePay. There are indications that Apple has decided on implementing Ripple’s interledger protocol into ApplePay. Being one of the greatest technology corporate in the world, if this rumor turns out to be based on reality then it could take Ripple to the moon in the blink of an eye. Since Ripple tech enables faster and more secure transactions which is the most sought-after feature for each payment system that exists in this world. If this collaboration happens then soon all Mac users, as well as iPhone users will be able to use it. This collaboration would also mean that Apple pay will soon decide to accept cryptocurrencies as payments which would give not only Ripple a nudge, but all cryptos will enjoy the Bull run caused by it.

Ripple Listing on SBI Virtual Currencies

The cryptocurrency exchange of the Japanese company, that provides financial services, known as ‘SBI Holdings’ made an announcement on 11th April.  They announced the launch of an exclusive listing of Ripple (XRP) during the launch period of the platform. The beta launch began on January 30th. This exchange was created in order to align the process of trading for cryptocurrency for individual traders as well as institutional customers which are based in Japan. Mr Yoshitaka Kitano, the most respectful figures in Japan and the world of banking, who represent the head of the consortium of around 60 different banking institutions and the CEO of SBI Holdings tweeted about his belief in Ripple and the technology behind it and predicted that it’ll soon reach close to $10 USD by the end of this year. Now Ripple has become their choice as a safe alternative for executing high-level overseas operations and broke their previous partnership with Huobi.

Conclusion

Although Ripple is still on the way towards bringing a definite change in the banking and payment systems all around the world, this blockchain project will always be regarded as one of the best performers of all time. With the original idea, a smart business strategy and loads of accomplishments have put a Ripple in the place of third cryptocurrency giant. At the time of writing, the price per unit is close to $0.88 standing with a market capitalization of $34 Billion. Around $722 million worth XRP has exchanged hands within the last 24 hours. There are indications of a bullish week ahead of Ripple as it keeps hitting headlines and proving to be a true game changer.

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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 Lee via Flickr

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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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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