Connect with us

Altcoins

Ripple gets closer to conquer the remittance sector as Saudi NCB partners with it

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

We can all agree with the fact that Ripple is highly recognized as a cross-border payment solution for financial institutions from all around the world, a field in which the company has been putting the most significant efforts to become the leader of the remittance services at a worldwide level.

In this sense, Ripple has managed to build several relationships of extreme importance with some of the most reputed institutions in the financial landscape such as Banco de Santander, American Express, Western Union, and others. However, the path is long, and still, there’s so much to make for Ripple to achieve its vision.

With relation to this, on September 13th the company made an important announcement that may bring it closer to its goal.

A strategic alliance has been sealed with nothing but the National Commercial Bank (NCB) of the Kingdom Saudi Arabia (KSA), one of the biggest markets for remittance services in the whole world. Let’s take a look at all of the details of the integration of the NCB to the Ripple net and how will this boost the company towards succeeding on its vision.

A big remittance market

As mentioned above the Kingdom Saudi Arabia remittance market is one of the biggest around the world, so the latest partnership represents an incredible win for Ripple that now is getting closer to conquer the sector.

According to data obtained from the world bank, 308 million dollars entered the country, and 37 billion dollars were sent outside in remittances just in the year of 2016; so we can have an idea of how big the market is and the heights that it could have at the moment.

About this, the main reason for the incredibly high flux of remittances being sent outside the country is that the KSA is one of the most significant labor markets in the world, meaning millions of people from different parts of the planet work there and send money back home to their families.

Just in 2017, 11 million workers from more than 100 different countries and regions were working in the KSA and using domestic financial services to send their money home. In this sense, Ripple states that “both large corporates and small to medium enterprises (SMEs) are responsible for significant payment volume.”

The NCB is the largest financial institution in the middle east to manage digital assets, the organization was founded back in 1953 and operates 512 branches across the KSA with more than 3 million customers.

The partnership with Ripple comes after the conclusion of a pilot programme developed by the Saudi Arabian Monetary Authority (SAMA) which signed an agreement back in February with Ripple, specifically for the xCurrent solution that the company offers.

The agreement was to “help banks in the KSA improve their payments infrastructure using xCurrent.” In this sense, the product would be used “to instantly settle payments sent into and out of the country, with greater transparency and lower costs.”

In relation to this, the Ripple’s Infrastructure Innovation Global Head, Dilip Rao, stated that,

“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers. SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”

Conclusion

The National Commercial Bank of the KSA will start to function on the Ripple net at the end of the fourth quarter of the year, a moment in which it will be able to make transactions with a bunch of other institutions already transacting on the Ripple net.

The partnership will allow NCB users to enjoy faster, more transparent, and cheaper cross-border payment transactions. The first connections will be with financial institutions in North America and Asia, starting with Singapore for the latter one.

Without any doubt, this represents a massive step for Ripple in the domination path of the remittance sector. Even though the Ripple NCB partnership is still in the testing phase, but as things look, we call be sure that by the end of the year we will hear about the milestones of the partnership. And luckily for XRP fans, this might influence as well the price of the XRP token. So stay tuned.

Check out the new Global Coin Report YouTube channel as we address all the highlights in crypto and the financial markets. With guests from all over the cryptosphere bringing you news, editorial, and of course, money making opportunities.

For the latest cryptocurrency news, join our Telegram!

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.

Photo by rawpixel on Unsplash

Altcoins

Why Binance May Be Crucial for Tron (Trx) to Reach $1

Published

on

TRON
READ LATER - DOWNLOAD THIS POST AS PDF

TRON (TRX) has been one of the most popular crypto projects in the past year. The coin has received a lot of attention from the entire crypto community, and although the impressions may differ —  the fact is that TRX is one of the most talked-about coins, even today.

However, while the project managed to achieve a lot in less than a year — launch its MainNet, start multiple massive projects, launch dozens of dApps, hundreds of smart contracts, its own DEX, new token, and more — its price remains quite low. Undoubtedly, one of the reasons for this is its massive supply. TRX circulating supply is over 66 billion coins, while the total supply is over 99 billion.

Even so, the coin is believed to be massively undervalued, with its current price sitting at $0.028129, according to TradingView. This price, together with a market cap of $1.88 billion, pushed the coin out of the list of top 10 largest cryptocurrencies, and it currently sits at 11th spot. But, many believe that this is not a permanent position for TRON. In fact, its community believes that it is only a matter of time before TRON rises through the ranks, and its price hits $1. And, the way for the coin to achieve this is believed to be through Binance.

TRON and Binance

Binance is one of the world’s…

Continue Reading

Altcoins

Why Tron (TRX) Price Won’t Remain Low for Long

Published

on

TRX
READ LATER - DOWNLOAD THIS POST AS PDF

TRON (TRX) has been one of the most popular cryptocurrencies in recent years. The project has achieved a tremendous amount of success in less than a year, and while the first birthday of its MainNet is approaching, TRON certainly continues to impress to this day.

With that said, its price is still noticeably low, and many would agree that the project is heavily undervalued. The low price even allowed other projects to push it out of the top 10 list, with TRX currently being the 11th largest cryptocurrency by market cap. However, it is likely that TRON will not remain undervalued forever, and that its price might soon see a surge that its entire community has been waiting for, for a long time now.

Why TRX might see growth soon

As many undoubtedly know, TRON is a lot more than just a cryptocurrency. It has developed a massive ecosystem, which offers a development platform for coins, smart contracts, and dApps. It also acquired BitTorrent last year for its Project Atlas, which will allow torrent users to earn crypto through participation in content sharing.

For this purpose, it also launched BitTorrent (BTT) token, which saw its launch on January 28, 2019 on Binance Launchpad. This was dubbed the most successful ICO in history at the time, although several coins launched since then have broken its record.

In addition,…

Continue Reading

Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

Published

on

cryptocurrencies
READ LATER - DOWNLOAD THIS POST AS PDF

For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

Continue Reading

Elite