Everyone is watching Ripple Labs as their FinTech juggernaut surges forward towards widespread adoption. Announcements are coming at a furious pace, with more financial institutions signing on each week. The lure of low cost, near-instant transactions across borders and between banks seems too good to pass up. The Ripple payment protocol has been big news since their surge in price at the end of last year. Their stated goal of revolutionizing the financial industry’s network technology has been realized faster than any other cryptocurrency’s end game.
Their integration of the XRP token has given them an edge over other international payment systems. Blockchain technology allows for rapid verification of transactions in an automated environment. That alone reduces the fees associated with foreign exchange transfers. The further use of XRP as a bridge currency facilitates remittances that would normally require fairly exotic trading pairs. Users no longer have worry about finding a buyer for their currency. It is traded instantly for XRP, and the network stores the fiat for future liquidity.
xRapid and the Future of Cross-Border Payments
Ripple’s upcoming xRapid system furthers the cause of the XRP as a bridge currency. Financial institutions that connect to RippleNet have access to the liquidity pool provided by xRapid. Rather than storing their own fiat currencies, they buy into a shared pool managed by the network. It’s as simple as selling currency for XRP, and then cashing out XRP for a different currency. Larger financial institutions won’t even have to maintain forex supplies at all – they can simply keep a large store of XRP and accept local currency for use on location.
Western Union, one of the largest sources for remittances in the world, has recently announced that they are looking into xRapid technology to run their network. If they decide to adopt Ripple’s software, it would be a major triumph for not only Ripple Labs but cryptocurrency as a whole.
xCurrent’s Inter-Bank Network
A re-branding of Ripple’s original inter-bank financial network technology, xCurrent provides a solution to disparate bank software. One of the largest hurdles for upgrading the bank transfer network is overcoming the differences between code bases. Each bank or financial institution will have their own intra-company software that rarely works well with outside systems. That requires a complex procedure every time that money needs to change hands. This leads to the multiple day long bank transfers that everyone is familiar with.
xCurrent bypasses this by connecting each bank to each other within the Ripple system. Banks can then message transaction details, and confirm that a transaction has been processed after it is complete. Ripple Labs is furthering this product by introducing a standardization Rulebook. It is hoped that this rulebook will further integrate different banking systems and increase the efficiency of the network.
Itaú Unibanco, the largest bank in Latin America, has recently announced that they are signing on to the xCurrent system. They are not the first bank to join adopt the software and more join each week as Ripple appears poised to expand throughout the globe.
xVia and the New Dawn of Remittances
Compared with the other two options, xVia is more focused on individuals than corporations. Although run by financial institutions as well, xVia’s focus is on providing access to remittances. In a similar fashion to the xRapid liquidity network, xVia allows the immediate conversion of fiat currencies through RippleNet.
This is particularly groundbreaking for emerging markets. Expat workers in foreign countries can access the RippleNet through their banking institution and send remittances home for a fraction of the cost of traditional transfers. This all happens directly on the RippleNet system – which provides far greater security than traditional transfers. The money arrives in their home country in the form of local currency, without the hassle of exchange at either the point of sending or receiving.
In the past week, two separate groups have signed on to the prototype xVia system. Beetech and Zip Remit both operate online exchanges and remittance services for emerging nations. Beetech is Brazil-based, and the only online exchange that has gained approval from the central bank of Brazil. Zip Tech is Canadian.
Ripple Simmering and Ready for Growth
Ripple showed their potential in 2017 and based on the constant string of announcements, they haven’t rested on their laurels in 2018. The entire crypto-sphere is stable and waiting for a breakout moment, and Ripple more so than others. The value of their product is unassailable, and if they don’t outright spur the next bull run – they will almost certainly outperform their competitors when it happens.
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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.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…