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Ripple investors look for a boost as another xRapid partner confirmed

Published

5 years ago

on

Ripple

As much as working and living far from is hard, sending your loved ones money home should not be. Ripple’s xRapid is the solution that is determined to make the cross-border transactions not only less costly but also faster. A lot of companies are trying to integrate this project to make their transactions efficient.

Yesterday, it was confirmed that SendFriend, the only international remittance platform based on the distributed ledger (blockchain) is using Ripple xRapid blockchain technology.

Boost for SendFriend

The primary objective of SendFriend is to reduce the costs as well as improve the overseas workers’ lives who send money back home to their families. To ensure that they make smooth delivery of their services, the blockchain-centered remittance service has leveraged Ripple’s xRapid.

SendFriend being the only with a distributed ledger technology allows the transfer of funds across the border with its app. It merely slashes the remittance cost up to 65% by leveraging the blockchain technology.

The firm is backed by several top companies such as MIT Media Lab, Barclays, TechStars, MasterCard Foundation, and Mahindra Finance. The partnership ensures that instant cross-border transactions are as good as they say.

Also, the firm is an award winner of MIT Media Lab Translational Innovation Alliance and consists of a team that has Ex-MoneyGram as well as Ex-world Bank staff members who both seem to be passionate to bring transformation to individuals with technology.

According to David Lighton, a well known American banker, as well as the CEO of SendFriend, the partnership with xRapid will allow them on the back end to be highly efficient with the capital. He added that there all would be real-time settlements without any pre-funding or packing money in the receiving corridor as well as managing all the foreign exchange risks.

As things stand, it seems that several companies are on the move to integrate xRapid; all credit to its raw speed that has impressed almost everybody. Ripple blockchain tech is bank-friendly which makes it easier for most banks to have a thought about it. Perhaps, for SendFriend, it’s now the smartest move to enable their customers sending money to the Philippines cheaply and quickly than before.

Also, CCID (China’s Center for Information and Industry Development) released an update of their list ranking cryptocurrencies just recently, where they named Ripple as ‘innovative’ project, which tells the company is making accountable waves now as people around the world are starting to see it as a genuinely innovative entity that’s poised to solve real-world problems. And, what Ripple’s xRapid is solving is a trillion dollar problem, the cross-border settlements.

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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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Bitcoin

Bitcoin Price Outlook Ahead of Powell’s Speech

Published

2 days ago

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September 27, 2023

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Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.

Economic Concerns

Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.

The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.

Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…

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Crypto

Ethereum Price Faces Rejection at $1,620 in the Wake of Market Challenges

Published

4 days ago

on

September 25, 2023

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Ethereum price has been struggling in recent weeks on the back of its unstable on-chain performance and global economic uncertainty. The general market performance has not helped much either, as most altcoins have failed to hold an upside momentum. Ethereum, one of the most valuable assets in the cryptocurrency market, has dipped by nearly 3% in the past week and more than 5% in the month to date.

Fundamental Analysis

Ethereum price has been on a consistent bearish trajectory over the past few weeks against the backdrop of a dull crypto market and a stronger dollar. The dollar index, which measures the performance of the greenback against six major currencies, has been hovering around its highest level since December 2022 since Thursday. At press time, the dollar index was trading higher at 105.720. A stronger dollar tends to be bearish for risk assets, particularly cryptocurrencies.

Investors have been assessing the economic outlook, considering what could be next for interest rates and the economy, ahead of a string of key economic data due later this week. Investors will be looking at the data from the housing sector, as well as the CB Consumer Confidence data slated for Tuesday. Additionally, the quarterly GDP data for Q2 is expected to be published later Thursday, concurrently with the initial jobless claims.

The Fed’s favorite inflation gauge, the personal consumption expenditure index (PCE), is also expected to be published on Friday. Various…

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Altcoins

Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

Published

7 days ago

on

September 22, 2023

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Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.

Fundamentals

Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.

The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.

Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…

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