Connect with us

Featured news

China gives Ripple customer LianLian’s JV AmEx approval for card payments

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

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

Altcoins

Reasons To Invest In Electroneum In 2019

Published

on

Electroneum
READ LATER - DOWNLOAD THIS POST AS PDF

2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

Continue Reading

Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

Published

on

Bitcoin ETF
READ LATER - DOWNLOAD THIS POST AS PDF

The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

Continue Reading

Blogs

TRON (TRX) Back In The Crypto Top 10

Published

on

Tron
READ LATER - DOWNLOAD THIS POST AS PDF

For three weeks now, the crypto market was in a free fall. There was one moment when it seemed like the coins are finally bouncing back, and Bitcoin managed to climb back to $4,200. However, this uptrend was only temporary, and the coins dropped once again as December started.

Not a lot of coins are doing well these days, and almost every single one is trading in the red. Bitcoin is currently priced at $3,864, and the total market cap of the crypto space is barely over $123 billion. As expected by many, the bearish trend is still active, and seemingly at full strength. However, there are a few coins in the vast crypto space that are actually managing to grow in these unfriendly conditions, with the most notable one being TRON.

TRON on the rise

At the time of writing, TRON is also trading in the red. Although, only hours ago, this was not the case. Even now, TRX is losing only around 0.50% of its value, while all other coins around it are dropping by 4-5% on average.

TRON’s increase, while it lasted, was not big. However, considering the current state of the market, it was easily enough for the coin to make a big step, and actually improve its position on the list of largest cryptos. After months of waiting at the 11th spot,…

Continue Reading

Elite