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ComBank partners with Ripple for blockchain powered transfers

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Ripple

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.

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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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