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Ripple director: Banks tapping into Ripplenet to form a network to ditch SWIFT - Global Coin Report
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Ripple director: Banks tapping into Ripplenet to form a network to ditch SWIFT

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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.

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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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Ethereum

Is Ethereum (ETH) a Worthy Investment?

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Ethereum (ETH) is a well-known project in the crypto industry. It is the second largest coin by market cap, and likely the second most important cryptocurrency that was ever developed. In both cases, it was bettered only by Bitcoin itself, which places it quite high on the importance scale.

However, while nobody can deny the project’s importance for the crypto industry — as it is responsible for shifting the attention from cryptos to blockchain — many are starting to wonder if it is still a good investment. There was a time, not too long ago, when Ethereum was a go-to project for those who wanted to create a new cryptocurrency, smart contract, or a dApp.

The project was faster than Bitcoin (albeit not that much), and it was the record holder for the number of transactions per day, week, or month. However, its own scalability issues, plus the fact that its fees were relatively large, as well as the necessity to learn its own programming language to use it, inspired developers to create multiple alternatives. Today, Ethereum is far from being the only development platform in the industry. It is also quite far from being the best for dApp and token development.

It has several competitors these days, including TRON — a project that started on Ethereum — as well as EOS, both of which continue to grow…

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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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