Brad Garlingouse, Ripple’s CEO, explained how Ripple’s XRP currency is getting momentum. It seems the momentum is strong enough to take it above the USD 1 mark (maybe even $5). Ripple keeps securing essential partners in the financial world and making a difference, so it’s not to be underestimated.
Ripple keeps securing big hits in the financial world and building momentum up
The last couple of weeks have been slow for every coin in the cryptocurrency world (last 24 hours have been extremely bearish). Bitcoin alone has lost over a thousand dollars per token, so it seems an adjustment will come soon in the form of a bull run. Ripple is trading today at $0.58 (down by 10.17% in last 24 hours), and it could be the coin that leads the new recovery because this month has seen them make several successful announcements.
CNBC recently interviewed Ripple’s CEO, Brad Garlinghouse. He announced twenty new production deals with new firms, and this comes after the company achieved a record first quarter.
— Ripple (@Ripple) May 29, 2018
The newest partner is the National Bank of Kuwait. It’s one of the largest banks in the middle east, and it will be adopting Ripple’s xCurrent platform to do their international transactions. This is even more impressive since just a few days before that the Kuwait Finance House (the country’s second-biggest bank) also joined Ripple Net.
Ripple’s technology (and sometimes the coin as well) makes international business easy, reliable and quick to settle. It’s incredibly cheap as fees are fractions of a cent and every payment happens in minutes instead of days, as it happens with the SWIFT system. In short, it’s changing the game for everybody.
That’s not just my opinion but also what financial institutions such as Banco Santander and Currencies Direct think now. Chief Product Officer at London-based Currencies Direct has said: “Trial with XRP was a resounding success” as they used them to exchange currencies among several banks in Europe and North America.
It’s been an exciting month for Ripple and XRP could go through the roof
— Thomas Ripple (@XRPHODLER) May 30, 2018
Two other Financial Tech firms also signed up with Ripple recently. InstaReM (from Singapore) and BeeTech from Latinamerica. They have adopted xCurrent and xVia to make payments across borders happen in real time. In his CNBC interview, Brad Garlinghouse said,
“There’s a very high correlation between the Ripple XRP price and the bitcoin price, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that. It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases.”
“If you own XRP, you don’t own rights to the profits or any dividends to the company. XRP has real utility.”
Ripple’s XRP is now the world’s third-largest cryptocurrency, and its real-world partners and applications already have turned it into one of the most influential as well. The project’s goals are clear, and the organization is moving towards them decisively.
All in all, let it be, short-term, medium or long – Ripple’s price is bound to hit the roof. Thanks to the popularity of network, media penetration, mainstream society penetration, consecutive hits in the financial world, and investing interests worldwide. Don’t be surprised when this currency’s value explodes.
And yes, there is no need to be panic on the latest price fluctuations, Ripple is not alone, the whole crypto market has suffered (the probe of Coinbase, itBit, Kraken, and Bitstamp is more likely to be blamed). The market has lost almost 20 bln over the last 24 hours, every single crypto is in red – and the whole market will go up again, soon. Fingers crossed!
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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.
Image courtesy of Pxhere.com
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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