Featured news
China gives Ripple customer LianLian’s JV AmEx approval for card payments
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.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
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.
Image courtesy of Flickr
Crypto
BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Altcoins
Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Altcoins
Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
-
Blogs6 years ago
Bitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years ago
Another Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years ago
Standard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs7 years ago
Electroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years ago
Ripple’s five new partnerships are mouthwatering
-
Blogs6 years ago
Cryptocurrency is paving new avenues for content creators to explore
-
Blogs7 years ago
Ethereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years ago
Is Litecoin (LTC) Changing Its Game Plan By Going For Mass Adoption?