ComBank partners with Ripple for blockchain powered transfers - Global Coin Report
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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.

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How to Use Cryptocurrency Sports Betting

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The advent of cryptocurrencies revolutionized virtually every industry, including online gambling. Although the cryptos were initially volatile and a reserve for high-risk takers and speculators, they have stabilized and are now trusted for everyday business transactions. For instance, unofficial statistics reveal that about 60% of bitcoin transactions are related to betting. However, what are the advantages and disadvantages of crypto sports betting? How do you bet with crypto? How do you choose the right cryptocurrency bookmaker? Here is everything you need to know about it and the best crypto sport betting bookmakers

Advantages of Bitcoin and Cryptocurrency Sports Betting

  • The anonymity of the user during wallet transfers and account creation among some bookmakers which shelters one from government bans on betting in some countries and some taxes
  • Higher betting limits due to the instability of bitcoin and other cryptocurrencies
  • Fast and easy deposits and withdrawals because it is decentralized cash with no intermediaries
  • Lower fees that are almost negligible as compared to other deposit and withdrawal options
  • Makes it possible for a user to exchange their crypto that may be or will be banned in their country
  • Accessibility of the bookmakers globally by surpassing local gambling laws
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Digital Money Defined and How it Works

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The advancements in modern technology revolutionized the industry such that there emerged digital money. With digital money, international payments are made simpler. The exchange rates are also relatively inexpensive and you are guaranteed with secure payments.

But, What is Digital Money?

In a gist, digital money is an electronic form of payment. Unlike cash, it has no tangible form, and payments or exchanges transpire over computers. Cryptocurrencies such as Bitcoin, Ethereum, and Ripple, are examples of digital money. You can trade in Bitcoin, purchase Ethereum, or buy Ripple through several cryptocurrency exchange platforms. Most of these platforms are relatively easy to use and some even offer a direct link on your electronic wallet accounts.

How Does Digital Money Work?

Blockchain Network

Digital money is created, stored, and exchanged in its individual blockchain network. A blockchain is all about digital information stored in a public database. When a user requests for a transaction, the transaction is broadcast over a peer-to-peer (P2P) network that is composed of computers which are also referred to as nodes. The nodes are integrated with algorithms that can verify the validity of the transactions.

Once the transaction is verified, it is combined with other transactions, which eventually creates a new block of…

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BTC Surged Above $9.5K, will it Continue to Explode Towards $10K?

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After declining as low as $8,600 on May 25, Bitcoin is currently gathering upward momentum and hit near $9,500, representing a 3.5% gain on 1 day. With the price breaking out once again, there is a confluence of signs suggesting BTC could rally past its monthly high of $10,000 in the near future.

However, Bitcoin has seen six lower highs in a row in the past 12 months, which indicates a bearish cycle spanning over a long period of time. If BTC fails to break above $10,000, it increases the probability of the resumption of a correction.

In addition, BTC may be showing a rough inverse head and shoulders pattern, which is regarded as a textbook bottom indicator. Therefore, if BTC failed to break $10,000 this time, it may drop to at least $6,800 to form the pattern.

As a result, we can predict that Bitcoin may soon perform a retracement after hitting the $10,000 and change its direction to the upside movement after retesting the support at around $6,800 – $7,100. So how can we profit from the upcoming huge price volatility? BTC futures trading

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