Connect with us

Blogs

Ripple (XRP): Into the Mainstream Waters with South Korean Bank

Published

on

XRP

Ripple is taking off stronger as new projects and partnerships are being sealed and announced. Maybe the greatest one of them all comes in form of the recent announcement from the side of the South Korean Bank. It was announced that Ripple will be introduced to the mainstream banking waters in 2019. Let’s see what other partnerships are on the line and how can South Korean Bank push XRP up.

Bank Testing with Ripple

Besides from getting the announcement that Ripple will get into the banking system of South Korean Bank in the near future, XRP was doing great within the bank testing of over 60 Japanese financial institutions. This announcement, however, was not officially confirmed via the press, but it is considered to be a tip from a source close to the banking institutions involved in testing XRP.

The Japanese banks have decided to test Ripple for determining whether its system is applicable to the banking system they are using for global transfers. The fact that blockchain technology can offer decentralized platforms that are capable of processing fast and cost-effective transactions does suit the banks’ needs so the testing took place in over 60 Japanese banking institutions and several South Korean Banks that also participated in this program.

The reason these institutions decided to go for testing Ripple lies beneath the fact that this currency has already established a solid good reputation in Japan as well as in South Korea.

The aim is to try and apply blockchain technology to mainstream banking systems that are currently being used so that all transactions could be processed faster and at lower rates.

This way, Ripple is surely looking forward to having its dealing price increased accordingly as the tests happen to show as successful. That means that Ripple’s system is indeed applicable to the banking systems worldwide.

Introducing a blockchain digital decentralized currency, and the way it works, to any bank, is truly a groundbreaking cornerstone of blockchain technology. This is the case because banks find this technology pretty attractive, mostly due to the fact that all transactions within the blockchain decentralized platform are being processed in real time. This is pretty exciting news for all Ripple coin holders as they will surely have their piece of cake once the price starts to rise.

However, the Japanese banks haven’t still officially announced if they are going to use Ripple for sure in the future. For now, many banking institutions are using basic Ripple system in form of testing its capacity and functionality when applied to a banking system.

South Korean Woori Bank and Ripple

We all remember when it was announced that Western Union is also in the story with Ripple blockchain ecosystem and now all users and investors are getting even more excited as multiple banking instructions, including those that are online-based, are testing Ripple for their systems.

One of the banks that have announced that they will surely introduce their users to Ripple is a South Korean bank called Woori Bank.

Woori Bank representatives have also confirmed that there are more than several banking institutions that are confirming the application of Ripple system to their banking system in the near future.

Woori Bank has announced that they will introduce their users to this system of global transactions somewhere in 2019.

The bank has also shared the news that Ripple was successfully tested in Japan as well, where there are financial institutions interested in implementing Ripple system within their own systems as well.

Shinhan, which is the second largest bank in South Korea, also announced their participation in the testing.

As Ripple is passing the tests set by the bankers, it is more obvious than ever that Ripple is looking forward to a bright future of mainstreamed blockchain technology that can easily become widely available on a global level.

How is Ripple doing at the Current Moment?

Ranked as the 3rd best coin according to the global coin ranking list, February was pretty benevolent for Ripple if we take a look at its price.

Just a bit over a year ago in January 2017, Ripple was worth a bit over 0.006$ per one unit when it managed to jump up to its all-time high price of 2.47$ by the end of 2017. 2018 was a bit rocky for this currency as it had fallen down and risen up for dozens of times, leading us to the latest change in price which wasn’t as benevolent as expected.

Ripple is currently trading in the red after a drop in price that went -2.59% against the dollar. This change made XRP trade at the price of 0.90$ per one unit.

This might be the case of a recent selloff as many users probably wanted to earn some profit on the latest ups in the price.

For now, Ripple seems to be a fairly good investment since it is still trading below 1$ per one unit. However, it is not expected that the currency will continue to sink with its price due to the latest announcements of new partnerships and successful bank testing.

The analysts predict that Ripple could easily reach the price of 10$ per one unit by the end of 2018 given the fact that this currency has amazing value when it comes to technological capabilities it owns.

If it is to believe the predictions, the best time for investing in XRP would probably be now.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.

Image courtesy of Steve Boland via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

Continue Reading

Trending