Recap: Ripple and Santander connect to Apple Pay and use Touch ID - Global Coin Report
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Recap: Ripple and Santander connect to Apple Pay and use Touch ID

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Ripple

Not too long ago, Banco Santander’s UK branch has released new publicity in which it boasts about its strategic alliance with Ripple. The picture says that international transfers are now done over blockchain technology (from 10 to 10,000 pounds) and that it connects to Apple Pay and uses Touch ID. It also explains that time and cost are “drastically reduced” and that new types of transactions around the globe are enabled through Ripple. This is huge.

Banco Santander is not a Wall Street or a Swiss bank. It’s Spanish, so it’s not considered to be among the classic clique of the world’s banks. That being said, it’s huge. It has a presence all over the world, and it’s considered to be the best bank on the planet as of now. That’s just context.

More important is that Santander is using Ripple’s technology in production. Many banks (more than a hundred) around the world have announced an intention to use Ripple’s blockchain and software to process their international payments, but they are not committed.

They’re adopting the technology in tests in order to find out if it really suits them, and can be easily integrated into their current services. Not so with Santander. Santander is in the Ripple wagon 100% and it’s already experiencing the benefits.

For crypto enthusiasts (especially Ripple fans) this is very significative news. Every transaction performed by Santander on behalf of its costumers over the Ripple blockchain creates demand for XRP. This drives the price up. Just remember that in the current horribly bearish market we’ve seen for nearly a year now (with the three last weeks being truly bloody) Ripple’s XRP has been the coin that’s performed the best.

Yes, it’s lost value too. But everybody is losing value, and Ripple’s red numbers are in the one-digit region, while everybody else’s is in two numbers. Let’s put it in words anybody can understand: over the last couple of weeks, XRP has outperformed everybody, including Bitcoin. It even became the second largest digital asset by market capitalization. This resilience comes, in part, because of Santander’s use of XRP to settle international payments.

Let’s review this partnership’s history briefly.

Last March, both Ripple Labs and Banco Santander announced that the Spanish giant was experimenting with several of the RippleNet liquidity products and creating pilot programs based on Ripple’s blockchain. This made Santander notice the levels of certainty, transparency, speed and low cost that are just impossible using the traditional financial tools.

Ed Metzger, Santander’s innovation head talked at Swell (Ripple’s yearly conference) about the way in which the bank will use Ripple’s xCurrent to improve their customer’s experience. He noted,

“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”

What is OnePay FX, I hear you ask? It’s a mobile app developed by Santander, deployed for its customers, that went online last October 2nd. It was initially available in Spain, Brazil, the UK, and Poland. Mr. Metzger explained further that the app allows customers to process international transactions seamlessly, quickly, cheaply and easily.

Metzger added that,

“One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his banking card. He was able to use the app to immediately pay the fine, and stop his car from being towed away. It’s four or five clicks to do something that would have taken an awful, awful long time in the past.”

While many of Ripple’s impressive strategic partnerships are still in the test stages, some of them are already working real-time in the real world. Santander is the poster boy in this context. It’s validating Ripple’s products and tokens. So don’t hate Ripple. It’s making crypto useful to people who don’t even know they’re using it. This is why XRP has stayed stable in the current market debacle, and that’s why it will stay so in the future.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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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AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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Bitcoin

The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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Enhancing the DigitalBits Ecosystem through the XDB Foundation

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The DigitalBits ecosystem welcomed a new benefactor in the form of the XDB Foundation, a non-profit organization dedicated to providing support for DigitalBits. The main objectives of the XDB Foundation include the DigitalBits Ecosystem Support Program, supplying both financial and non-financial assistance to qualified entities and projects within the DigitalBits community, with a focus towards innovation and speeding ecosystem growth.

Michael Gord, MLG Blockchain and GDA Capital founder, has been appointed to the role of Managing Director of the XDB Foundation.  “I am excited to see the launch of the XDB Foundation and to be joining the DigitalBits ecosystem in this new capacity,” says Gord. “In the coming weeks, the XDB Foundation will share additional updates regarding its key initiatives.  Over the past 2 years, we have seen DigitalBits achieve various milestones and with this next chapter I’m excited to see the XDB Foundation contribute as the new project lead supporting education, research and development, and ecosystem growth and adoption.”

Michael Gord’s first initiatives within blockchain started with establishing the McGill Students’ Cryptocurrency Club, McGill Students’ Fintech Association, Bitcoin Canada and providing leadership on the global expansion of the Blockchain Education Network.  Notably, he is also a key contributor to the Kerala Blockchain Academy, one of the largest innovation hubs for blockchain technology worldwide. 

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