Connect with us

Blogs

Ripple (XRP) Makes it to the Middle East

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

Ripple (XRP) just can’t seem to stop with positively surprising the market despite the negative market trends that have been dominating the crypto community for quite some time now. Although we can see XRP going up in the market while trading in the green at this moment, the more interesting news revolving around Ripple Foundation is having another important bank joining the RippleNet. That means that Ripple just got tested by the first bank in Kuwait for instant cross-border payments. Here are the results of the conducted tests.

Ripple to Be Used in Kuwait for Cross-Border Payments?

The first commercial bank in Kuwait, Kuwait Finance House, also known as KFH, is said to have included Ripple’s technology in numerous tests, while it was also confirmed that the staff at KFH will be testing Ripple for instant cross-border payments.

Ripple is already known for being one of the coins that has been most commonly introduced to the real-life use, especially targeting financial institutions and banks as Ripple’s systems xCurrent and xVia are specifically made to support fast transactions that move promptly from one party to the other within only a few seconds, while also having the advantage of a fully secured ecosystem that makes possible for thousands of different transactions to be processed within a matter of seconds at extremely low fees when compared to the traditionally used banking systems.

So, as it was most probably expected due to the well-known reputation that Ripple carries across the financial industry, all conducted tests made by Kuwait Finance House on the behalf of testing Ripple for cross-border payments turned out to be successful.

Kuwait Finance House Announces Joining the RippleNet

Due to the series of successful tests that have been conducted on the behalf of testing Ripple for instant cross-border payments, Kuwait Finance House, which is considered to be the pioneer in the terms of representing the first commercial bank in Kuwait, has announced that they will be joining the network known as RippleNet.

That means that Ripple Foundation now has another bank added to the map of the RippleNet, but also means that Ripple has made a giant leap towards the mass adoption in the Middle East.

With being added to the system of Kuwait Finance House, Ripple will be officially entering the market of the finances and financial technology in the Middle East, that way broadening the influential field of Ripple Foundation.

In a word, the Kuwait utilization of Ripple’s technology makes another important milestone for Ripple and the team behind this foundation.

While Kuwait Finance House is implementing Ripple’s system for instant cross-border payments that should become available for their customers any time soon, Ripple has acquired another multi-billion partnership that will most certainly broaden its influence in the Middle East.

Although it is yet not certain whether the bank will be using xCurrent, xRapid that requires the use of XRP or xVia, however, more details on the upcoming KFH/Ripple integration will be provided with the further development of the situation.

Due to the event of successfully testing and implementing Ripple’s technology in it their banking system, KFH stated that they are happy to have Kuwait Finance House to become the first bank in Kuwait to be utilizing Ripple and its technology for instant payments.

How is Ripple doing at the Current Moment?

After a brief sluggish trend in the market, we can once again witness a sudden bullish return of the majority of currencies as we can see all cryptos going up against the dollar.

XRP is following up with this trend as no exception to the latest wave of rises, so we can see it rising up against the dollar by 1.78% while trading in the green.

In addition to rising against the dollar, XRP is also going up against BTC, which means that Ripple is currently doing better than Bitcoin by 0.40%.

Following the latest change in the market, Ripple can now be traded at the price of 0.60$, with great chances to reach the first objective of 1$ very soon in case the benevolent currents of rises remain in the market for some time.

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 Pexels

Altcoins

HODLing Stellar Is A Good Plan For 2019

Published

on

HODLing
READ LATER - DOWNLOAD THIS POST AS PDF

HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

Continue Reading

Altcoins

Reasons To Invest In Electroneum In 2019

Published

on

Electroneum
READ LATER - DOWNLOAD THIS POST AS PDF

2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

Continue Reading

Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

Published

on

Bitcoin ETF
READ LATER - DOWNLOAD THIS POST AS PDF

The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

Continue Reading

Elite