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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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Can Sharding Fix the Limitations of Blockchain or is the Network Doomed?

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Performance and scalability issues have bottlenecked the future development and real-life application of popular mainchains, such as Bitcoin and Ethereum. Many methods have been employed to solve this problem, but all of them have their own pros and cons.

The Impossible Trinity – safety, decentralization and scalability, coined by the blockchain world, bars the way to the future and the industry has fought hard to figure out an optimized solution. Sharding, proposed by Ethereum, has been viewed as one such candidate.

What is sharding?

Sharding technology splits a network into smaller partitions called shards, which contain an independent state and transaction history. The idea behind this is to divide a huge amount of workload into smaller pieces to make life easier for every participating node.

If sharding were to be adopted, each node will only need to keep a part of the network’s information, instead of downloading the whole ledger, which can lead to a large data file. Subsets of nodes grouped into one shard will only process transactions specific to that shard. By doing this, the network will be able to process many transactions in parallel, and the performance will continue to increase with more nodes joining in, thus making the network highly scalable.

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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