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Ripple (XRP) is the bank industry’s lady in red. Here’s why

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Ripple XRP is the third largest (or I’d say third most successful) cryptocurrency in the world by market capitalization. Ripple’s blockchain technology has found ways to make international transactions quicker, safer, cheaper, and more efficient so many banks and other financial institutions are adopting it to carry out their daily transactions. Ripple’s innovations are remarkable and they are quickly becoming the financial’s world cryptocurrency of choice.

The firm is based in San Francisco, California since 2012. Chris Larsen and Jed McCaleb are the founders. They created and developed the Ripple Payment Protocol and Exchange Network (which was called Opencoin at the beginning but was renamed Ripple labs in 2015.) The CEO is Mr. Brad Garlinghouse.

Ripple’s way vs the traditional way

Ripple’s way of doing business is very different, of course. That’s why it’s been so successful so far. Here are some of the main differences:

  • Ripple’s transfers allow for a rich information exchange between parties while the traditional keep them to a minimum.
  • The exchange in traditional transactions is carried out through the fixed correspondent method. It’s the way in which the exchange rate is chosen for any given transaction. Ripple uses an automated instant auction for liquidity, FX assuring and provision which ensures that the rate will always be better than traditional transfers.
  • Ripple (XRP) can convert currencies even in cases in which such conversion is not available in traditional methods.
  • Ripple’s method takes mere seconds to complete a transaction while the traditional way usually takes from three to four days.

Ripple: The banks’ new lady in red

Ripple’s focus on optimizing international trade and payments is unparalleled in the cryptocurrency world. That’s why banks and financial institutions the world over are going crazy over it. It makes them better banks, more efficient, safer, cheaper. XRP has become an alt-coin that’s become highly friendly and desirable for the financial community the world over.

Ripple’s transfers are nearly instantaneous and the fee it charges to banks and institutions is lower than any other coin available. Compare this to Bitcoin, which can need as much as ten minutes to complete a single payment operation. Ripple’s transfers are insanely cheap, they remove lifting fees, board rates, charges caused by the SWIFT system, Nostro accounts and all those charges that seem hidden to end users.

Adoption and partnerships

Ripple’s functionality has allowed it to secure partnerships with some of the world’s most important banks. Here are some of them:

  • Mitsubishi UFJ Financial Group, Inc. (MUFG). It’s the world’s fifth-largest bank with $2.6 trillion in assets. It was one of the first banks to join Ripplenet.
  • Credit Agricole is Europe’s third-largest bank, worth $1.82 trillion.
  • Banco Santander has a huge global presence. They developed the first mobile app that uses Ripple’s xCurrent technology to make global payments.
  • Mizuho Financial Group.
  • Axis Bank, from India.
  • Standard Chartered Bank, from Singapore.
  • Rak Bank, from the UAE.

More than seventy-five financial institutions all over the world have already adopted Ripple and some other thirty are experimenting with it.

Ripple is banking’s future: Here’s why

Members of the world’s financial community find it easy to trust those other members who are actually following regulations and guidelines to guarantee the service’s quality. The increasing rate at which banks everywhere are adopting Ripple shows they’re confident and committed to the new technology.

They’ve realized it is the best current alternative for faster, safer, cheaper payment settlements and transfers. This also works to the banks’ customers advantage as they usually prefer to trust banks over non-banking institutions they don’t really know anything about. This puts Ripple way ahead of the pack.

Last but not least, XRP remains cheap to this day so as demand grows for it, its potential for performance and growth can only explode. If Ripple’s XRP manages to be adopted by the world’s banks, it could very well leave Bitcoin (BTC) and Ethereum (ETH) behind.

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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 Pixabay via Pexels.com

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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