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ComBank partners with Ripple for blockchain powered transfers

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Earlier this week, the banking-world got introduced to the news that The Commercial Bank of Ceylon, had agreed to partner with RippleNet, a global settlement platform leveraging Ripple’s Blockchain technology that enables both inward and outward blockchain technology-powered settlements to take place. These inward and regulator accepted outward blockchain transfers are virtually instant and super secure.

By partnering with RippleNet, The Commercial Bank of Ceylon guarantees payments get done and received promptly by their customers with an end-to-end tracing and tracking solution. The whole process of transferring payments is completed in a transparent and tamper-proof manner that also allow the transfer of lower monies that are reasonable due to the low charge rates that are associated with them, the Bank’s management disclosed.

Ripple blockchain technology allows users to have a simplified and seamlessly experience by offering a straightforward payment settlement process; thanks to the removal of numerous steps in the systematic process. Blockchain technology has also made it easy to move funds on a real-time basis, contributing to improved productivity.

Also, while traditional money transfer regulations require a third-party to handle the authorization and release of payments, Ripple blockchain tech removes this middleman requirement that consumes time. Blockchain’s decentralized structure is one of the core reasons why the money transfer process takes place at super-fast speeds while costing less.

Worth noting, the Ripple technology possesses attributes that prevent any unauthorized entity from accessing the payment data and is additionally equipped with an anti-fraud attribute that makes it cumbersome for hackers to gain access into transactions.

Thanks to its advanced technology, the Ripple network links banks, payment providers, and financial institutions ensuring users enjoy a seamless experience in sending and receiving money globally.

Back to ComBank, The Commercial Bank is one of the significant financial players in Sri Lanka in the area of money transfer, offering customers a wide range of services. Some of the services they provide include ‘e-Exchange,’ which happens to be the bank’s own advanced real-time online currency transfer service rivaling other giant providers such as Ria, Express Money, and MoneyGram in the country.

Following Ripple’s backbone technology, the blockchain is positioned to bring innovation in the area of cross-border money transfers given that The Commercial Bank is going to implement this its services in Sri Lanka. Other financial players are also warming up to the idea of partnering with RippleNet.

To those who do not know, one of the core strengths associated with The Commercial Bank is its island-wide network that is comprised of 263 branches, many of which operate even during public, mercantile, and bank holidays in Sri Lanka.

Receivers of money transfers sent to the Bank enjoy multiple benefits such as steadfast customer care services for money transfers and SMS alerts facilities once funds are received and are ready to be disbursed. Other benefits include over 50-holiday banking centers and hypermarket counters.

Ripple’s partnership with The Commercial Bank is not a little fete, as the bank is the only Sri Lankan financial institution to be rated among the leading 1000 banks globally for eight consecutive years straight. ComBank has won over 50 local and international awards from 2016 to date.

ComBank influence seems to be international as it overseas operations that incorporate Bangladesh, where the financial institution run 19 outlets. In Myanmar, the bank has a representative office in Yangon and the Maldives; the bank has a fully committed Tier I Bank that enjoys a majority stake. ComBank also has Microfinance business in Nay PyiTaw, and in Italy, the Bank operates its money remittance service.

It is without a doubt that the partnership between Ripple and ComBank will be beneficial to both parties as they both bring a lot of goodies on the table. It is a space worth watching.

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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.

Image courtesy of Rawpixel/Pixabay

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Revealed: The Mental Skills Required to Be a Successful Trader

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The world of financial trading, be it investing in cryptocurrencies on the market or trading stocks, can be an unforgiving one. Only the very best are able to rise to the top and turn their trading regimen into a seven-figure income, meaning that total dedication to your craft is a prerequisite. Ask any successful trader, and they’ll tell you that having the right mindset is the key to success.

A clear mind with laser-sharp focus and serious endurance will be able to see the bigger picture, spot the most profitable trades, keep track of the market, reduce risk, and compete with the best of the Wall Street pros. In many ways, successful trading is a lot like being a successful poker player.

You need to be able to play the long game, make the most of your luck, and know exactly when to strike to become a high roller. All of these require a strong arsenal of mental skills. Here are the mental skills you need to build in order to become a successful trader.

Source: Pixabay 

Caption: Successful trading in the financial market requires mental strength, resilience, and endurance. 

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Why is Crypto Futures Trading So Easy Today?

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-One-on-one interview with CEO of BEX500

Bitcoin futures trading is the most efficient way to engage yourself in bitcoin market without having to acknowledge the ownership and storage responsibilities.

Some users say, crypto futures trading has never been easier with BEX500 exchange.

Can we trust BEX500 with our bitcoin? Today, we invited Anna Myshustina (Anna), CEO of BEX500 to dig more into that.

Q: hey, Anna, thank you for joining us. You were a successful trader in futures and options, what motivated your innovation in crypto industry?

Anna: My pleasure. I have been in derivatives for 8 years. As a trader, I found many crypto futures exchanges too complicated for beginners, but not efficient for the experienced.

So, we’d like to make a change. We are the first crypto exchange to introduce [ONE Account for Live & Demo]. You can login https://www.bex500.com and register for once and for all, and it will be for both live & demo trading.

While, traders in other competitors are still forced to login live and demo with 2 different accounts in 2 addresses for “live” and “testnet”.

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Cryptocurrency, Online Gambling, and Regulation: One of the Three Can’t Stay

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To say that cryptocurrency is disrupting the world of technology and finance is an understatement. Ever since they arrived on the scene in 2009, they’ve been geared toward forever changing the fintech landscape for good.

One of the main reasons the technology proved to be so revolutionary was blockchain — the backbone of most cryptocurrencies. Blockchain is the digital ledger that provides full transparency and immutability of data, all the while eschewing any kind of third-party authority meddling. These attributes can lend themselves quite handily in a whole series of industries.

But increasing regulation of cryptocurrency may lead to it no longer proving useful to particular niches. One of these endangered industries is online gambling, which could suffer tremendously from heavily regulated cryptos.

How Cryptocurrency Helps Online Gambling

Online gambling happens to be one of many that would (and does) benefit from integrating cryptocurrency. Gambling happens to be illegal in many countries, and the people there cannot access online gambling either, even though it specifically remains unaddressed by most legislation. They had no channels with which to finance casinos they wish to play in, seeing that banks or other financial services don’t want to interfere when there’s a chance of legal repercussions.

But cryptocurrency enabled casinos to accept players that had no alternative with which to engage…

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