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

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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.

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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

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Aluna.Social
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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.

Mission Statement

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,…

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CoinFlip Scores Big with BRD Wallet Partnership

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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…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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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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