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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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3 Coins with the Largest Potential in 2019

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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

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Do or Die: 3 Crypto Projects that Really Need to Deliver Soon

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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.

The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.

However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.

1) Ethereum (ETH)

Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…

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3 Cryptos To Blow Up In The Next Bull Run

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cryptos
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It has been an entire year since the last real bull run in cryptos and most traders and investors are ready to experience the excitement of their favorite coins blowing up once again. Ever since January 2018, all that the crypto market was experiencing were price drops, with minor attempts at recovery, which would only lead to another decline in prices.

However, there are several reasons to believe that this situation might change in 2019. Naturally, many are hoping to see it happen sooner, rather than later. One such reason is the natural progress of the crypto market. According to analysts, the market moves in cycles, which include bearish and bullish behavior alike. With the last bearish trend taking up the entire year of 2018, it is now time for the more positive development to take place.

Another reason includes large projects that have a goal to deal with problems that the crypto market has been facing, such as high volatility, scalability, and alike. If developers were to find solutions to problems like these or at least provide a better alternative to the current situation, this could encourage investors to become even more active within the crypto space, which can lead to a lot of positive development.

Finally, there are projects that aim to bring institutional investors to the crypto market, by solving issues that institutions are most…

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