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Ripple Gaining Major Partners Across the Globe

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Ripple
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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.

We will be updating our subscribers as soon as we know more. For the latest updates on XRP, sign up below!

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.

Image courtesy of Mike Haufe via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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