Ripple, XRP, has shown multiple times that you don’t get to be ranked as the third best coin over nothing. So, once again this currency with its blockchain ecosystem is showing supremacy and numerous technological capabilities by having sealed amazingly promising partnerships already at the beginning of 2018. Let’s see who partnered up with Ripple and how can this case affect XRP’s status and price.
Moneygram partnered up with Ripple
Moneygram is one of the top global payment services and the fact that this service provider partnered up with XRP, tells us a lot about this currency’s potential in form of the technological abilities its ecosystem has. Moneygram has managed to see a massive potential Ripple is holding, not only within the world of cryptocurrencies but wider into the mainstream banking systems. Moneygram and Ripple have announced their partnership weeks ago on January 11th, 2018.
This way, Moneygram is working on solving the issue that appears with liquidity and of which most banking institutions suffer on daily basis. For now, Moneygram is using XRP through a model that requires working with accounts that are necessarily funded, but they are working on improving this model. For now, all global payments with XRP through Moneygram will be done through the xRapid system. This way, Moneygram is looking forward to solving liquidity issues as well as process all transactions at lower fees and much faster. XRapid, in this case, represents a ledger of XRP liquidity system that allows fast and cost-effective processing of global payments.
IDT and Mercury FX with Ripple Technology
24th January of 2018 seems like a great day for Ripple as this currency managed to get two new partnerships on the board.
IDT and Mercury FX, which are both dealing with global payments, have partnered up with XRP for the same reason Moneygram have. The idea behind this partnership is to provide their users with faster and cost-effective global payment method that would be able to transfer money anywhere in the world in a matter of only three seconds. According to the Ripple’s CEO, this payment method is way faster than making payments with Bitcoin as it allows easily processed transactions going on in real time and within global proportions.
SBI Holdings and Ripple
As of January 30th, Ripple has established another valuable partnership. This time they partnered up with SBI holdings, which represent a group of Japanese companies set to launch the SBI virtual currency. SBI will use XRP as the only digital value supported within their system as of launching of this digital currency. That way, SBI will be joining the xRapid system which should allow all users to obtain near full liquidity during cross global payments. That way, SBI is planning on establishing a strong and stable connection for making transactions between users in Japan and the rest of the world. Moreover, SBI holdings are looking to establish a system within their own banking system that would allow instant conversion of XRP to other currencies as well as JPY.
LianLian International and Ripple Partnership
RippleNet has acquired another great partnership, this time partnering up with LianLian International. This company is one of the biggest payment service providers in China and with this move they have made a groundbreaking change in the world of mass global payments. This partnership was concluded a couple of weeks ago, on February 14th, 2018.
This partnership has a strategic significance for LianLian International, given the fact that China has a massive growth in the trading economy thanks to their link to Amazon, eBay, and Ali Express. The goal of this partnership is to enable fast and easy payment methods between China and the rest of the world. LianLian is planning on implementing Ripple’s xCurrent. XCurrent is a solution that works on powering up cross transactions between China, Europe, and the United States with unshaken security, which is at the same time LianLian International’s ultimate goal.
Bank Testing and other Projects
Ripple is really stepping up the game in oppose to the most of its competitors as it is getting more and more acknowledged by the institutions that have been running on more traditional systems when it comes to global payment methods. Now, these institutions are looking at Ripple as their alternative to faster and more secure global transactions, slowly leading this coin to the mainstream waters and merging the two worlds: the traditional centralized institutions and the blockchain decentralized ecosystem.
Even though these two would probably be unimaginable working together only a couple of years ago, we are now witnessing groundbreaking changes where Ripple as a blockchain based decentralized value is being used as an alternative to traditional, much slower global payment methods.
Ripple has also successfully gone through a series of tests in over 60 banking and financial institutions in Japan and South Korea. So, it is expected that XRP will be implemented into more than several banking systems in order to support global cross payments in near real time.
Ripple is also working on improving its technical capabilities where they will be adding extra features to enable even stronger security while also working on implementing its system in financial institutions in China, Brazil, and India.
By broadening its outreach and becoming more available for usage, Ripple is also looking at having XRP’s price consequently raised.
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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.
Image courtesy of Mike Mozart via Flickr
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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