Ripple nears completion (and revelation) of its XRP-powered platform
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Ripple nears completion (and revelation) of its XRP-powered platform

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Ripple XRP

Earlier this week, three exchanges, Bittrex, Bitso, and Coins.ph. partnered with Ripple (XRP) to foster their cross-border transactions for banks across the world. Ripple stated:

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.

Image courtesy of The Roaming Platypus on Unsplash

Currency Market

Why Blogging Is The Best Strategy To Drive Awareness About Your Crypto Startup

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Driving awareness about your crypto startup is vital as it will lead to the success of your business. One way to create awareness is to blog. Blogging is carried out by many companies and as is an excellent way to reach out to your audience and the community of individuals you are targeting. Blogging provides a unique space where you can explore topics and ideas related to your industry and where your audience can interact with you. You can also flaunt your expertise which will make your blog more credible as individuals would come and visit your site for advice. Well written content can also help you climb up the search engine ladder along with keywords. Here are a few reasons why blogging is one of the best strategies to drive awareness about your crypto startup.

Image Source: HubSpot

Blogging can boost your traffic and organic rankings. If you can understand how search engines work you will be able to understand the value that regular blogging can bring to your startup and how it can create awareness. Majority of the major search engines thrive on fresh, relevant content. When a business creates a blog, mostly what it is doing is providing search engines such as Google, new content for its index. What this…

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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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blockchain

Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

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Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.

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