Ripple has always been identified more as a payment solution than as a cryptocurrency itself, and this is for sure one of the more widespread perceptions in the crypto world. As a matter of fact, the conception is not that far from reality considering the incredible efforts the company has made to fight in the remittance payment sector, an environment in which Ripple has managed to create the most solid relationships with many financial institutions from all around the world.
This time, the endorsement comes from nothing else than RBC Capital Markets, one of the most reputed financial institutions in the world.
RBC Capital Markets gave a recent declaration in which speaks about the payment solutions Ripple has, and how do they think Ripple provides an outstanding service that may help the entire sector to reduce the costs and increase the effectiveness of cross-border payments as we know right now. Let’s discover all of the facts behind the declarations of RBC Capital Markets!
Reducing costs, the primary attribute of Ripple solutions
RBC Capital Markets recently declared that the remittance market has been ruled so far by traditional remittance firms such as Western Union, and bank entities from all around the world.
However, they said as well that it was remarkable how these solutions still have a lot of friction regarding transparency, costs, and effectiveness, and for them, that’s precisely where Ripple enters the picture to serve as a crucial piece of the puzzle.
It is to be acknowledged that the blockchain has brought new variables to the table that somehow are just new in the financial industry. We can talk like this about decentralization, incredibly high transparency in transactions processes, and of course, the most remarkable of them all, the elimination of the middleman as an essential part of a payment process.
With relation to this, Ripple has gathered all of the attributes that the blockchain offers, and have merged it all in each one of the solutions that the company provides.
RBC Capital Markets has stated Ripple offers one of the cheapest solutions when it comes to cross-border payments. The company said Ripple helps to reduce the costs of transactions, and not only that, but Ripple can also improve “transparency of Forex rates and fees, before the transaction is originated, and can reduce the cost per payment for financial institutions.”
In the detailed report that RBC Capital Markets published, the company highlights the importance of the open source Ripple has created, a P2P (peer to peer) decentralized protocol that is here to stay.
Ripple has joined forces with several bank institutions at the moment, and for that, they are offering xRapid, xCurrent, and their token XRP. The most important to mention in this sense is that Ripple provides its three solutions, and they give you the chance to select the one that suits better in accordance to your needs.
For instance, if what you’re looking for is to source liquidity, xRapid would be a perfect choice. The company said,
“banks can consolidate their liquidity into one XRP account instead of holding local currency in accounts around the world” and with this, they can “minimize the number of intermediaries.”
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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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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…
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