The price of cryptocurrencies has been on a low and stagnant for some time now. However, people who invest in cryptocurrencies like Bitcoin, Ethereum, Litecoin, Tron, Neo, etc. all believe they have the next big digital asset that is poised to breakout. But, for crypto like XRP, what makes this digital asset so unique and its investors very smart?
Lots of investors look for history books or excellent blockbuster news that will put Ripple on the front-line to only assure them that Ripple (XRP) will be successful. Well, in the crypto-market things doesn’t work that way; instead, you need to take a look at general principles and the basics to guide you on how to know if XRP will be successful.
Ripple meets with banking industry members in Dubai next week – What does that mean for XRP?
As we know, Ripple (XRP) is a blockchain platform that is dedicated to using its technology to solve problems that banking systems face daily. Ripple (XRP) is poised to make cross-border transactions easier and faster.
Ripple is said to meet with its banking industry members in Dubai next week to debate on the incorporation of RippleNet and xCurrent. It is important to note that RippleNet and xCurrent are already adopted in a network which comprises more than 100 banks globally.
We should also anticipate the meeting to discourse Ripple XRP since XRP is the company’s most important technology.
Ripple team published a post on their official blog, which features interesting facts:
“The decentralized network of banks across the world is over 100 strong. Next week in Dubai, members of the network will meet in Dubai, members of the network will meet to forge new connections and discuss how they use Ripple technology – sharing lessons learned and best practices”
Ripple, through its press release, made further emphasis on why such meetings are highly crucial for regional banks:
“For regional banks, events like these provide critical opportunity to create relationships that open new remittance corridors.”
Lots of rumors have emerged from crypto enthusiasts that the conference in Dubai will increase Ripple adoption on various businesses to make cross-border transactions more natural and faster.
Other supporters further said that the meeting would also facilitate the use of xRapid platform based on Ripple (XRP) cryptocurrency. Therefore, if that is true, Ripple should build a foundation for XRP to be implemented as a currency for inter-banking transactions.
Ripple lays off the “marginal improvement” of Swift GPI
Ripple recently lays off the improved technology of its rival, Swift GPI, saying that the improvement on GPI by Swift is,
“just a marginal improvement on a very old architecture.”
It is important to note that Swift GPI reduces the time in which payments can be made to less than thirty minutes in almost 50 percent of the times that it was used (100% of the times in 24 hours) – although, Swift GPI doesn’t make use of blockchain technology.
Over the years, Swift GPI has been used as the standard for payments in the Financial Industry; this week, Swift GPI announced that it would introduce more than 100,000 banks to its network to facilitate cross-border financial settlements.
Emi Yoshikawa, director of the Joint venture partnership of Ripple, disclosed that Swift’s invention, GPI, can’t match with the Fintech firm’s payments establishment.
At EmTech Hong Kong (an event fueled by MIT Technology Review ), Emi Yoshikawa stated,
“Swift was built 40 or 50 years ago. Before the internet was created. So their architecture is very old. They realize that this is a big problem and they consider us a big competitor. They’re also trying to make a big improvement based on the existing architecture, called Swift GPI. We consider it is just a marginal improvement of their existing architecture”
Although, Swift tried using blockchain earlier, in April 2017, by deploying proof of concept. The company made it clear that they weren’t entirely convinced by the outcome even though it was inspiring. With that, the head of developments and research at SWIFT made it clear to GTR that the technology is at its early stages, but his team is open to making use of the blockchain tech in the future.
However, with this in mind, it tells you two things: Swift knows that Ripple is a ‘big threat’ and xRapid is on course to take over the world. Secondly, that xRapid is vastly superior in the world today.
Ripple’s meeting with its banking members in Dubai will get Ripple the opportunity to partner with the likes of Bank of America, Standard Charter banks, and banks in Dubai and Saudi Arabia.
Also, with Ripple (XRP) partnering with these financial institutions, more banks and companies in the Financial Industry will opt for Ripple due to the high need for a more cost-effective system. When this is done, the volume will run; XRP will be favored; investors will make their money. Hopes and analysis both look good, let’s see what time brings for Ripple, though.
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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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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
Calculate your total gains…
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