At the moment of writing this, the crypto markets can be considered as becoming more and more immune to SEC announcements about rejected ETFs and postponements. Perhaps the crypto-traders and enthusiasts have realized that life was easier when they concentrated on the technological developments of their favorite projects and forgot about financial institutions determining their value. This is the case with the XRP community who have chosen to focus more on the possibilities of Ripple payment solutions of xVia, xCurrent, and xRapid.
The genesis of the Ripple ‘Convergence’ Theory
The idea of the ‘Convergence solution’ of merging all three Ripple software products came about when the Director of Talent Acquisition at Ripple, Jim Chauncey-Kelly, made a few comments on Interview Now on the 9th of August. The comments have since been deleted, but other publications captured what he had said:
Earlier in the year, a big part of what my team was focused on was hiring a lot of engineering. This was probably our biggest push because we are building a software called Convergence that syncs together all of our 3 major products into one seamless format.
For example, if American Express (one of our clients) wants to send $500 to a bank in Thailand, there is an immediate quote of what that exchange is and the money goes through. This is something that brings together all of our products to further enhance RippleNet which is very exciting.
Tweet Negating the Claim
Jim Chauncey-Kelly would then tweet that Ripple only had three products of xCurrent, xVia, and xRapid. The tweet has since been deleted, but it stated the following:
Hi All – for clarity — we have 3 products – xCurrent (in production) and 2 more on the way – xVia & xRapid. They will be on a ‘convergence’ release soon. There isn’t a software actually called ‘convergence’.
How it Could be True
Given how large corporations like to keep mum with respect to mergers, acquisitions, new technological advancements and even products, Jim Chauncey-Kelly could have simply not been able to keep the excitement to himself about a one-stop solution that integrates the best of xCurrent, xVia and xRapid in one simple product.
Given the fact that xVia is an API base gateway that helps payment providers and banks who want to send payments across various networks using a standard interface; xRapid and xCurrent can be categorized as the ‘various networks’ that can be interconnected using xVia.
xRapid is known to use XRP to source instant liquidity to settle payments in record time. Whereas xCurrent is a software solution that enables banks to settle cross-border payments with end-to-end tracking instantly.
xVia can connect two such banks with one using xRapid and the other xCurrent. It is as simple as plug and play. Therefore, the Convergence solution could become a reality with time for there exists a ready gateway in the form of xVia.
Current market analysis of XRP
As earlier mentioned, the crypto markets have developed some sort of immunity from the constant bad news from the SEC. Looking at our favorite digital asset of XRP, it is currently valued at $0.329 and up 1.68% at the moment of writing this. If the current momentum is maintained, it could be a matter of weeks until we see the much awaited $1 value once again in the markets.
For the latest cryptocurrency news, join our Telegram!
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 Pexels
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…