Connect with us

Featured news

Ripple director: Banks tapping into Ripplenet to form a network to ditch SWIFT

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

Director at Ripple, Susan Athey was spotted giving a presentation to the audience in a video that gone viral yesterday (but it was recorded in early Octobober, last month). In the video, she claimed that banks are tapping into the Ripplenet to form their very own network. The senior executive of Ripple affirmed that banks are doing so to ditch the obsolete SWIFT system.

As per Susan Athey, less-established countries feel disadvantage while using SWIFT since only a handful of large US institutions are responsible for everything. She also shed some light on the facts that messages on SWIFT do not work well alongside it being a slow network.

Big groups from Asia, the Middle East, and Japan have joined RippleNet already. In Susan opinion, that hints smaller countries are the earlier adopters of Ripple blockchain.

Regarding the future of currency, Ripple aims at eliminating the need of ‘hub’ for payments. If you go and book an air-ticket through a hub, you’d more likely be purchasing the ticket at a higher price. Also, if an airline has a monopoly over a hub, it can control that for its benefits.

Susan noted that it’s the kind of feeling that smaller banks and countries have when they need to rely on large US institutions as they have to pay mark-ups and face delays. That’s precisely what the blockchain firm aims to do, enabling everyone into saving money on cross-border settlements. With its blockchain tech, anyone doesn’t need to go through any hub. Susan was quoted saying,

“We’ll basically create a peer-peer network that will allow them to move money among themselves instantly without having to go through that”

The director at Ripple also affirmed that aside of those, countries are also using cryptocurrency (XRP), and right now most of them are remittance providers. As the video went viral, the XRP community jumped onto it to share their excitement and thoughts.

A Twitter user who goes by the handler @ChristianTesto1 said,

“Interesting video, but what stops a number of giant banks from buying the bulk of XRP for xRapid use and thus monopolise the cross border settlement market and shaft the smaller banks to the side? Yes they get rid of swift but then create another monster. Just a thought.”

@DiepSanh (the Twitter user who posted the video upfront) jumped in and gave a less-impactful answer to the critical question saying,

“Like Susan said in the video, for small players that are not well-served, using SWIFT will be very inefficient for them as they have to pay a premium.”

Nevertheless, Ripple has done excellent work concerning making major banks all around the world to use its blockchain. Just yesterday, the second biggest bank of Malaysia, CIMB, joined the Ripplenet. Reportedly, InstaReM is going to be the bridge between Ripple and its new member CIMB bank for the payments.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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 YouTube

Featured news

Revealed: The Mental Skills Required to Be a Successful Trader

Published

on

successful trader
READ LATER - DOWNLOAD THIS POST AS PDF

The world of financial trading, be it investing in cryptocurrencies on the market or trading stocks, can be an unforgiving one. Only the very best are able to rise to the top and turn their trading regimen into a seven-figure income, meaning that total dedication to your craft is a prerequisite. Ask any successful trader, and they’ll tell you that having the right mindset is the key to success.

A clear mind with laser-sharp focus and serious endurance will be able to see the bigger picture, spot the most profitable trades, keep track of the market, reduce risk, and compete with the best of the Wall Street pros. In many ways, successful trading is a lot like being a successful poker player.

You need to be able to play the long game, make the most of your luck, and know exactly when to strike to become a high roller. All of these require a strong arsenal of mental skills. Here are the mental skills you need to build in order to become a successful trader.

Source: Pixabay 

Caption: Successful trading in the financial market requires mental strength, resilience, and endurance. 

Continue Reading

Featured news

Why is Crypto Futures Trading So Easy Today?

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

-One-on-one interview with CEO of BEX500

Bitcoin futures trading is the most efficient way to engage yourself in bitcoin market without having to acknowledge the ownership and storage responsibilities.

Some users say, crypto futures trading has never been easier with BEX500 exchange.

Can we trust BEX500 with our bitcoin? Today, we invited Anna Myshustina (Anna), CEO of BEX500 to dig more into that.

Q: hey, Anna, thank you for joining us. You were a successful trader in futures and options, what motivated your innovation in crypto industry?

Anna: My pleasure. I have been in derivatives for 8 years. As a trader, I found many crypto futures exchanges too complicated for beginners, but not efficient for the experienced.

So, we’d like to make a change. We are the first crypto exchange to introduce [ONE Account for Live & Demo]. You can login https://www.bex500.com and register for once and for all, and it will be for both live & demo trading.

While, traders in other competitors are still forced to login live and demo with 2 different accounts in 2 addresses for “live” and “testnet”.

Continue Reading

featured

Cryptocurrency, Online Gambling, and Regulation: One of the Three Can’t Stay

Published

on

online gambling
READ LATER - DOWNLOAD THIS POST AS PDF

To say that cryptocurrency is disrupting the world of technology and finance is an understatement. Ever since they arrived on the scene in 2009, they’ve been geared toward forever changing the fintech landscape for good.

One of the main reasons the technology proved to be so revolutionary was blockchain — the backbone of most cryptocurrencies. Blockchain is the digital ledger that provides full transparency and immutability of data, all the while eschewing any kind of third-party authority meddling. These attributes can lend themselves quite handily in a whole series of industries.

But increasing regulation of cryptocurrency may lead to it no longer proving useful to particular niches. One of these endangered industries is online gambling, which could suffer tremendously from heavily regulated cryptos.

How Cryptocurrency Helps Online Gambling

Online gambling happens to be one of many that would (and does) benefit from integrating cryptocurrency. Gambling happens to be illegal in many countries, and the people there cannot access online gambling either, even though it specifically remains unaddressed by most legislation. They had no channels with which to finance casinos they wish to play in, seeing that banks or other financial services don’t want to interfere when there’s a chance of legal repercussions.

But cryptocurrency enabled casinos to accept players that had no alternative with which to engage…

Continue Reading

Elite