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Ripple and Santander Bring Blockchain to International Payments

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Major financial institution Santander recently announced that they have partnered with Ripple to provide international bank transfers. Despite arriving on the scene fairly recently, compared with other altcoins, Ripple has proven itself to be a cryptocurrency dynamo. Their meteoric rise to relevancy began late last year and resulted in a slew of major partnerships, including Santander. Santander itself is a global banking group with branches across Europe, North and South America. While Ripple established itself as the payment protocol of choice for progressive banks, this is the first full-scale release.

Santander’s Recent Announcement

Santander’s UK CEO jubilantly announced their upcoming app at the International Fintech conference in London. The app would help facilitate cross-border payments in a matter of hours rather than a matter of days. Unsurprisingly, they chose Ripple to help facilitate this functionality. The app will initially serve four markets; the UK, Spain, Portugal, and Brazil.

They further expanded on the trial program they ran in 2016. Staff assigned to test the protocol reported their transfers taking less than a day. This is particularly impressive when you take into account the average transfer time on legacy banking networks. These outdated financial back-end networks can take days to process a cross-border payment, sometimes up to a week. Unlike traditional transfers, that require intermediaries as they travel internationally, RippleNet is processed entirely internally. As such, costs are significantly lower than comparable current networks.

Adoption at this level is advantageous for Santander but also establishes a precedent. Other financial institutions will have to provide comparable speeds or risk irrelevancy.

How RippleNet Augments International Payments

Ripple’s product suite includes three separate modules, of which Santander chose xCurrent. The xCurrent network grew out of the original RippleNet platform. Compared with xVia and xRapid, xCurrent is more focused on international transfers and thus is the perfect fit for Santander’s new app. Along with the expected advantages of a distributed ledger for currency transactions, xCurrent offers in-network messaging. This messaging is critical for end-to-end confirmations that are necessary for cross-border payments.

xCurrent also includes the Ripple produced rulebook – an attempt to set an inter-bank standard for network platforms. Legacy networks often communicate poorly with one another. Although these issues were long ago solved in the consumer computing industry, they persist in financial institutions. Standardization through Ripple’s rulebook would help alleviate these problems.

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Also beneficial is RippleNet’s internal fiat exchange, a feature available on several of Ripple’s products. Using their XRP cryptocurrency as a medium, RippleNet can rapidly transfer one currency to another. Even currencies that do not have a traditional trading pair can use XRP as a bridge currency. The fiat sold by the initial user remains within RippleNet in a liquidity pool until it is needed on the other side of a transaction.

Ripple Paves the Way for Blockchain Adoption

This is the first forward facing cross-border payment solution to use Ripple’s products. It is not, however, the only major partnership working towards blockchain integration. Western Union announced that they commenced a trial operation with Ripple’s xRapid product. The xRapid network focuses on the liquidity solutions offered through RippleNet. Ripple has also made inroads into the Asian markets with LianLian and SBI Holdings in China and Japan, respectively.

Ripple proved itself as a blockchain powerhouse, seizing the number three spot by market cap. Over the course of the past few years, Ripple’s partnerships made them stand out in a field of struggling altcoins. The future is bright for Ripple’s payment protocol, and early adopters still stand to capitalize on this fact.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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 Mike Mozart via Flickr

Altcoins

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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ZCash
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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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