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China gives Ripple customer LianLian's JV AmEx approval for card payments - Global Coin Report
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China gives Ripple customer LianLian’s JV AmEx approval for card payments

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Ripple has succeeded in entering into the Chinese e-commerce market after China today approved LianLian’s joint venture, AmEx, to process card payments in the country.

The approval makes AmEx the first U.S payment company to have a direct access to China’s e-commerce market. China’s endorsement gives AmEx the opportunity to resolve payments and transactions in Yuan, through the use of its Joint Venture: The LianLian Group (who is a Ripple customer).

AmEx is a global payment platform just like Visa and Mastercard. The company’s JV (joint venture) in China, LianLian Group, partnered with RippleNet earlier this year to provide a faster global payment service to the Chinese e-commerce market.

The venture is also a licensed company which now has about 150 million registered users in China today. LianLian makes use of Ripple blockchain to settle China’s e-commerce payments. Not only that, LianLian Group now settles Chinese cross-border payments through the use of Ripple’s xCurrent.

Interestingly, China has a growing e-commerce market approximated to be more than $627 bln last year. However, the cross-border payments into the country have been estimated to attain $1.32 trillion this year. AmEx decision to enter China’s market has been regarded as a bold step, as a result of China’s strict policies against ICOs, digital assets, and foreign card-payment platforms.

AmEx recent stride in hitting China’s market first is a step forward for Ripple Net

As regards to China’s strict policies on foreign card-payment companies, Visa, MasterCard, and other companies alike have lobbied for more than a decade now to enter China’s e-commerce market – which approximately has six billion cards in circulations, and it is projected the number would increase by ten billion in the year 2020.

Before now, all foreign card companies in China had been enforced to work with the existing state-monopoly consortium known as, UnionPay – But Ripple’s partner, AmEX, has now become the first payment company to work without UnionPay.

Concerning the approval, China’s central bank stated that this is a vital step forward to expose China’s bank card market to foreign investors. The central bank further affirmed that the recent stride would ease the country’s e-commerce market in an arranged manner for other payment institutions.

Overall, the current approval means that RippleNet will be foremost on China’s cross-border payments and settlements, since LianLian, AmEx venture Group, is in partnership with RippleNet. It also implies that AmEx will be processing card payments by using Ripple’s blockchain technology.

Also, AMEX and LianLian are Ripple xCurrent customers officially, but anything can be connected to xCurrent using a multi-hop – so that way, they potentially can connect xRapid at some point in the near future, too.

Talking about some basics, Ripple’s xCurrent and xRapid are products of RippleNet. xCurrent is software used by major financial institutions to resolve cross-border transactions; it is also used to track these payments once they are done. xRapid, on the other hand, is aimed at financial institutions that want to minimize liquidity cost, at the same time offering a better customer experience.

No doubts, despite China’s strict policies on cryptocurrencies, Ripple has been able to spread its tentacles over there, and it is in the right direction.

Consequently, we should be looking out to either AMEX/LianLian Join Venture entering into a liquidity agreement with a multi-hop enabled system in China, or the Chinese government lifting the ban on cryptocurrencies in a few months to come.

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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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Altcoins

2019 Will Be a Big Year for Luxcore

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With the recent surge of Bitcoin in the last few weeks, many traders are hoping for a more profitable year than 2018.  Even if that comes to fruition, my advice over the past year remains the same.  Traders must look for companies and projects that offer blockchain solutions with real-world use and complete transparency.  One company that meets both of those requirements is Luxcore (LUX).

What is Luxcore?

Luxcore is a blockchain solutions and services ecosystem that focuses on developing security and privacy products.  The Luxcore platform utilizes the PHI2 algorithm powered blockchain to build a wide variety of product offerings.  One of the platform’s primary goals is to help close the gap between regular consumers and enterprise users by introducing specific use-cases for each group of users.

Exciting Roadmap for 2019

As mentioned earlier, one of the absolute requirements of building a successful blockchain project is to be fully and completely transparent.  Luxcore certainly meets that requirement with the introduction of their most recent roadmap.

The roadmap does a great job of showing which projects are in development, how far along each project is, and the expected completion date of each project.  With this, LUX traders and potentially interested consumers can follow along and monitor the status of projects that they are especially interested in.

Since many crypto projects have inevitably disappointed the market, offering…

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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Crypto Market is Not Free from the Bearish Trend Yet

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Investors and traders are still speculating over the bullish trend that shook the market this past seven days. However, amidst the joy of the price hike in the industry, some people are still cautious. A crypto trader with the twitter handle of BTC_Macro is advising other players in his tweet to be careful. According to him, the bearish cryptocurrency market is not over yet.

In the tweet, the user admonished players in the market not to listen to the people saying that the bears have given up. It went further to say that Bitcoin may still plunge uncontrollably anytime even if it breaks the $6K mark. When this occurs the twitter user continues, any scenario may occur. The advice is that players in the crypto market should be on the neutral side. According to the user, it is not safe to be on the bullish side or the bearish side. Instead, players should be on their toes without bias.

How Trader reacts to price movements

Over time, it has become evident that many traders usually go against the market majority during bearish or bullish trends. Well, there is usually some logic backing up the reactions.

It is true that we have seen the longest bearish trend in the history of cryptocurrencies. Everybody who has a stake in the crypto market is expecting the day of the bull’s rise…

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