Connect with us

Blogs

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

Published

on

unifox-ad
Ripple XRP banks
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

Published

on

ICO
READ LATER - DOWNLOAD THIS POST AS PDF

Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

Continue Reading

Bitcoin

Reasons Behind The New Bitcoin Crash

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

Continue Reading

Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

Published

on

WINGS
READ LATER - DOWNLOAD THIS POST AS PDF

WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

Continue Reading

Elite