“These exchanges will allow xRapid payments to move from one cryptocurrency- into XRP- and back into another currency quickly and efficiently.”
Now, with the aim of enhancing cross-border payments globally, Ripple has confirmed that it is all set to move to the production stage and unveil its xRapid payment platform for financial institutions.
This new xRapid platform by Ripple will be powered by XRP to enhance transaction speed. It is important to know that during one of Ripple’s tests, it affirmed that banks saved up to 40-70 percent in costs for cross-border transactions. Ripple’s new platform will ensure this and more for crypto enthusiasts and financial institutions.
Ripple and its team have done lots of tests for global transactions, and now the blockchain firm is set to move to the production part in the next month after being in the beta phase, according to Ripple’s chief, Cory Johnson. Johnson added that the company’s recent progress is important for xRapid and xCurrent:
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchanges partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Moving forward, about ten companies are entirely interested in Ripple’s xRapid project, and 3 of them have plans to use xRapid for their cross-border transactions fully. The ten companies are Western Union, Mercury FX, Currencies Direct, IDT, Viamericas, Cambridge Global Payment, Cualix, SBI Virtual Currencies, Zip Remit, and MoneyGram.
Mercury FX stated that XRP is very fast and reliable. Meanwhile, Western Union stated that Ripple’s xRapid is costly for them; as a result, Ripple’s SVP of products Asheesh Birla declared a new means for companies. He said,
“The thing with Western Union is that they’re such a big firm that’s been in the business for longer than most payment companies out there. Really, for Western Union to take advantage of xRapid, they would have to move all their volume over to something like xRapid because they already have fixed costs and optimized liquidity flows. So right now, we’ve reoriented our target customer providers, and that’s what we’re looking to bring into production as soon as possible.”
Ripple’s Market Overview
For the last couple of days, XRP has been surging about 2 percent in the market daily (after ugly fall when it dropped below $0.30). Today, the coin failed to hold its recent support level $0.33, and stands at $0.321 at the time of writing, according to CoinMarketCap.
Ripple’s coin, XRP, is expected to move to the marginal level above $0.350 and this may occur before the week runs out. That’s because the spike is a negative trend as a result of the increase in the price of BTC which is currently trading above $6,400 after a little correction to the resistance level at $6,275 as many crypto purchasers can’t be able to sustain the daily levels in the crypto market.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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Smart MFG Tech Announces its First Liquidity Mining Rewards Program on LINKSWAP
Manufacturing Industry 4.0 company Smart MFG Tech has announced that it is launching its MFG Liquidity Mining Rewards on LINKSWAP today. LINKSWAP is a decentralized, community-governed Decentralized Exchange (DEX) and an AMM platform, which was created by YF Link (YFL). The team at YF Link says it aims to address “the pain points of second-generation AMMs” by offering such features as Reduced Impermanent Loss, RugLock, SlipLock that are not offered by other platforms.
Smart MFG Tech has said that the first integration of the MFG liquidity mining rewards will use the LINKSWAP LP (Liquidity Provider) Rewards service. It will allow LPs to deposit their LP token(s) (UNI-V2) to the participating rewards pool (ETH|MFG) and earn MFG rewards seamlessly. Smart MFG said it will continue to work with the YF Link team to provide support for other pairs and expand services.
LINKSWAP’s Rewards is a liquidity mining service that enables LPs to earn rewards for providing liquidity in a participating pool. YF Link has implemented a custom frontend solution for Smart MFG LP rewards pool on LINKSWAP. This will allow LPs to add liquidity to Smart MFG’s existing ETH|MFG pool on UniSwap v2 and deposit their LP token(s) (UNI-V2) to their LINKSWAP rewards pool (ETH|MFG).
Smart MFG explained how the rewards can be earned:
“LPs get a share of the transaction fees on Uniswap v2. This is calculated by how much liquidity is provided relative to the percentage…
Building Your Nest Egg Brick By Brick: Are Micro-Investments Here to Stay?
No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?
That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate.
Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day.
However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:
With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:
What is Micro-Investing
Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…
Decentralized Insurance Platform Bridge Mutual to Launch BMI Token on Polkastarter
Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes…