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Ripple (XRP) Makes it to the Middle East

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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.

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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.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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