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Bank of America allegedly approaches Ripple for a possible partnership

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Ripple

Ripple as a whole has been multifaceted right from the start, and this is because it is not really built for retail services, but to provide a means whereby financial institutions can have the possibility of making transactions easier and faster.

Due to the prospects behind Ripple, a more significant partnership (much better than the ones it had with systems like Banco Santander and American Express) has emerged and guess what? It involves the Bank of America.

The speculation arose after the Bank of America representatives met in closed doors with Ripple (XRP) people to discuss a possible partnership last week.

Before now, Banco Santander formed a partnership with Ripple. Santander announced that it would be using Ripple’s xCurrent to perform its global payments. Now, the Bank of America is allegedly following the suit in a bid to use its technology.

So far, some of the financial institutions that have recently partnered with Ripple include MUFG Bank, Siam Commercial Bank, WestPac, and SBI to name a few. Ripple seems to be a force to reckon with on global payments, and many other financial institutions are beginning to acknowledge its importance.

In the bid to make cross-border payments easier, faster, and cheaper, Ripple has three systems: xCurrent, xRapid, and xVia. However, xRapid, got launched not too long ago, and at the time it was launched, the price of XRP had a slight surge in its market value. Ever since the launch of xRapid, lots of financial institutions such as MoneyGram and Western Union have affirmed its credibility and commended Ripple’s technology.

It is important to note that xRapid is specially made for financial institutions that want to reduce the costs on liquidity. xRapid not only helps to reduce liquidity costs, but it also protects financial institutions from the obsolete hassles of cross-border payments.

It is possible that in the coming days, we may see another surge in the price of XRP following the announcement of the Ripple’s partnership with the Bank of America. Of course, if the news gets confirmed, it will be huge.

Although the actual commencement date for the everyday use of Ripple’s xRapid remains unclear, still it is evident that the Bank of America, Banco Santander, and others, are in line on how to make use of Ripple’s blockchain within their payment infrastructure.

They aren’t quite a number of digital assets that are offering what Ripple’s XRP does, even if they are, they do not have the solution to offer the best use-cases as Ripple.

In fact, even though some crypto-enthusiasts frown at Ripple once it’s mentioned, the digital asset – no doubt – has excellent prospects and use-cases. This is what the Bank of America is probably seeing and isn’t concerned about what the odds are. In that case, we should expect a lot to occur in the coming days.

XRP Price overview

Following the rumors of the partnership with the Bank of America, the price of Ripple’s XRP started moving steadily and is in the green (by a fraction) while other major cryptocurrencies are trading in red right now. At the time of writing the price of XRP stands at $0.5198 with a market capitalization of $20,902,329,639.

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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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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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