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

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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

Bitcoin

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

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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. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

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:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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Altcoins

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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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Bitcoin

Why Blockchain Projects Keep Failing

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If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.

So, What’s the Problem?

For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.

What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.

Project Success Starts at the Team Level

The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.

Unfortunately, this mentality isn’t just…

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