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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).

Currency Market

12 Peers Capital Markets Purchases DigitalBits XDB Token

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12 Peers Capital Markets , a broker-dealer and capital markets firm has announced its support for DigitalBits, a blockchain protocol focused on consumer digital assets such as loyalty points, rewards, and branded stablecoins.  The traditional market brokerage firm has purchased the DigitalBits XDB token, after recently announcing “a new found investment thesis focused on identifying blockchain projects that improve efficiencies across global markets,” it said in today’s announcement.

DigitalBits is an enterprise-grade blockchain protocol for supporting consumer digital assets, specifically branded currencies.  The company believes that branded currencies play an integral role in driving consumer behavior, but many of these programs are dated by today’s technological standards.  “These limitations have stifled value transfer, resulting in the accumulation of large amounts of idle capital – in 2017 US corporations held in excess of $100 billion in unused points liability,” the DigitalBits experts explain.  

The DigitalBits blockchain supports tokenization of existing and new consumer digital assets.  The XDB Foundation, which was formed earlier this year, is a neutral agnostic non-profit organization to enhance the DigitalBits blockchain and ecosystem, engage partnerships and building a robust ecosystem for users. Commenting on the 12 Peers Capital Market announcement, XDB Foundation’s Managing Director Michael Gord said that it is great to see traditional firms show interest in blockchain technology. …

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Currency Market

AllianceBlock Completes TGE, Lists ALBT Token on Uniswap

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Big day for the Dutch-based AllianceBlock project today. After more than two years in development, the stealth mode is finally off.  AllianceBlock announced its completion of the Token Generation Event (TGE) . The newly generated AllianceBlock token (ALBT) was also instantly available on Uniswap – an automated liquidity protocol that has been gaining traction recently. Unlike centralized and most decentralized exchanges that match buy and sell orders to determine prices and execute trades, Uniswap uses a simple math equation and token pools, plus ETH to execute trades.

AllianceBlock Uniswap
 

Just weeks ago AllianceBlock reported wrapping up its private sale, which was 1,200% oversubscribed and helped raise $0.5 million. The next step for AllianceBlock is coding the platform and expanding the ecosystem.  The team is gearing up for the mainnet launch, which is set for the second quarter of 2021. The AllianceBlock platform is based on the Prometheus Protocol, which is a multi-layered architecture designed to solve some of the biggest problems of the traditional finance (TradFi) industry while funneling potentially trillions of dollars of traditional capital into the DeFi industry, the company says.

AllianceBlock is raising the bar high – it is building a “globally compliant decentralized capital market” by utilizing a blend of several decentralized technologies. To help bridge traditional markets and DeFi, the company is focusing on three cornerstone issues — compliance, security, and user experience, which are…

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Could The Rise of Yearn Finance Harm the Long Term Viability of Bitcoin?

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Cryptocurrency

Even in the highly unpredictable world of crypto, 2020 has made for an exceptionally volatile year so far. 

The summer months have been punctuated the unprecedented rise of the decentralized finance (DeFi) movement followed by heavy falls across the cryptocurrency landscape. 

The jewel in the crown of DeFi, yearn.finance, was catapulted to values upwards of $38,300, and a market cap of over $1.1 billion just months after its launch. Backed by advanced and practical DeFi applications like smart contracts and blockchain-based insurance, DeFi tokens like YFI are supported by exciting and tangible technology.

Given their advanced frameworks, could this mean that the DeFi boom for yEarn and its counterparts will harm the long term viability of more speculative traditional cryptocurrencies like Bitcoin? Or could the world’s oldest and most famous cryptocurrency push back against the brave new world of decentralized finance?

Why Yearn.Finance is Different

YFI is certainly a cryptocurrency with a difference. Writing for Forbes, Joseph Young has attributed the rise of Yearn.Finance to four major components: a unique supply, an active community, a respected developer, and innovative products. 

Significantly, yearn.finance developer, Andrew Cronje, rebranded and relaunched yearn.finance with a suite of new and cutting-edge products. He also released YFI with no premine, a significantly limited supply of just 30,000 tokens, and no founder reward. 

These factors made the…

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