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Ripple partners leading Malaysian bank CIMB while XRP value plummets

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Ripple

Ripple (XRP) is one of the fastest growing and most reliable blockchain firms and digital assets in the world today. The digital asset, XRP, was not just created for retail purposes alone, but to help global remittances and cross-border payments.

In a bid to change global remittance and cross-border payments, Ripple CEO, Brad Garlinghouse, was recently caught with the head of a leading bank in Malaysia, known as CIMB. Interestingly, the partnership was revealed through an Instagram post from CIMB’s CEO, Zafrul Aziz. The Instagram photo featuring both Garlinghouse and Aziz captions:

ZafrulAziz caught up with @bradxrp from Ripple this afternoon at the #SGFinTechFest. Strategically leveraging on Ripple’s blockchain technology has enabled #CIMB to deliver instant cross-border remittances for our customers. Now, our SpeedSend truly lives up to its name! Being the first regional bank in ASEAN to partner with Ripple adds another great milestone in our digital journey! #futureofbanking #valueproposition #forward #CIMB #teamcimb.”

It is essential to know that the news was later confirmed through a Reddit post and from a tweet by a member of Ripple’s community who wrote,

“@CIMBMalaysia being the first regional bank in ASEAN to partner with @Ripple to deliver instant cross-border remittances via SpeedSend. Thank you, Alan, for the info.”

CIMB Group is one of the leading financial institutions in Malaysia. The Group has grown alongside ASEAN – from a merchant bank to a regional banking power-house today. The CIMB Group has a total asset of RM511.2 Billion. The Group has also stated that its total shareholders’ funds are around RM46.9 Billion, with a total staff strength of about 37,000.

It is also vital to know that remittance payments between Malaysia to other countries including Thailand and Indonesia are expensive. CIMB’s SpeedSend have been able to lower the cost of these transactions, but with Ripple’s technology, SpeedSend will not only continue to live up to its name, but it will be faster and efficient than it was before.

Not only that, SpeedSend will drastically reduce the cost of transactions to a minimal level, with the help of Ripple blockchain.

Most crypto-enthusiasts have acknowledged Ripple’s technology for cross-border payments. Now imagine this: Ethereum (ETH) clears transactions in 12 minutes (50 confirmations), with 53 cents as the fee; Litecoin (LTC) clears transactions in 2 minutes (1 confirmation), with 12 cents as the fee; XRP clears under 1 minute at worst (1 confirmation), with a fee of 0.7 cents.

Looking at the reports, Ripple (XRP) not only lowers costs but it imposes speed whenever transactions are being made.

Ripple’s XRP would more likely become the number one digital asset to be used in the ASEAN region. Subsequently, Brad Garlinghouse recently stated that the clear regulatory environment for digital assets in the ASEAN region would make the cryptocurrency thrive. He also stated that different countries contributed to this including Thailand, the Philippines, and Singapore.

The ASEAN region got more than $130 billion inbound remittance payments in 2017, and its market is regarded as one of the fastest in the world today. Now, Ripple can be able to tap into the ASEAN market and introduce its technology to foster remittance payments.

Conclusively, CIMB’s decision to partner with Ripple is a great leap forward not only for its banking system alone but its customers too, as they can now experience a better network with the latest technology (and of course lower fees).

Despite this latest achievement, Ripple’s native cryptocurrency’s price has collapsed badly alongside the whole market. Bitcoin is down by more than 12% as we write and that’s precisely the case with XRP (down by 12.26% in the last 24 hours). Interestingly, XRP is about to steal number 2 spot from Ethereum again since ETH is experiencing an even worse price decline currently.

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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.

Note: The image above was changed on request of officials from CIMB bank who reached to us via email today (November 15, 2018).

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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Currency Market

GDA Group Announces Global Fund Management

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The GDA Group, an established North American financial institution fostering the adoption of digital assets and other disruptive technologies, has launched its latest venture, Global Fund Management. The venture will provide simple and secure digital asset exposure for institutional and accredited investors.    

Our mission is to create long-term value for our investors through the identification of strategies that can generate alpha through the new digital asset class, while ensuring to also limit possible downside on any strategy. We invest across alternative asset classes through actively managed hedge funds, trading algorithms, and private equity vehicles,” said GDA Group COO Zachary Friedman. He added that “Global Fund Management looks to outperform the market and take to market the best performing fund vehicles for every niche of the digital asset ecosystem.”

In addition to providing a path for institutional and accredited investors into the digital assets realm, Global Fund Management is providing exclusive insights on a number of fast growing blockchain industry segments such as Decentralized Finance (DeFi), non-fungible tokens (NFTs), and applications in the energy sector.  

Last month, GDA Group organized a quarterly, virtually-held Family Office Summit.  At one of the largest gatherings of private wealth this year, the GDA Group and dozens of other global blockchain…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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