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Ripple XRP Set To Become The Transaction Leader

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Ripple is always focused on improving the transaction system and the fact that it is powered by the open-source C++ application called Rippled has made the cryptocurrency popular with the financial institutions worldwide. Ripple CEO, Brad Garlinghouse had recently said that by the end of 2018 the major banks will use Xrapid as a liquidity tool.

He talks about mass adoption of Ripple’s cryptocurrency XRP by the major financial institutions when interviewed by CNBC at Money 20/20 Europe, held in Amsterdam. When asked about XRP being the third largest token in the market according to capitalization, his reply was, “I think what we’re seeing is the overall growth of this space, and there are going to be many winners.” When compared to Bitcoin, he argued that XRP is much faster than Bitcoin and also incredibly cheaper on a per transaction basis.

Swift Challenge

It seems that Ripple’s constant efforts to handle cross-border payments will challenge Swift. Originated in 2012, Ripple has always supported faster, cheaper and reliable transactions using the blockchain technology. Swift, on the other hand, is a 45-year old interbank messaging service that has been in the charge of nearly half of the world’s high-value cross-border transactions. Swift has a co-operative system and the ownership lies with its thousands of member banks. Ripple had caught the attention of the payments industry in the second quarter of this year when it had collaborated with Banco Santander. They plan to launch a service based on the platform’s blockchain messaging technology, XCurrent that will allow Banco Santander’s customers in Spain, Brazil, Poland, and the United Kingdom to make payments in many currencies all over the world. XCurrent has enabled the banks to conduct transactions from one currency to another within a matter of seconds.

In the words of Ed Metzger, head of innovation, technology and operations at Santander UK, “There were some pain points experienced by our customers when making cross-border payments that we wanted to address with the new OnePay FX service.”…“We have had very positive feedback and good take-up. It gives the customer much more certainty over how much money will arrive in the destination account.”

This presents a challenge to the longstanding domination of Swift. The issue with the system of Swift is that when making a cross-border transfer it would go through multiple banks before reaching the recipient address. This would make the process time-consuming. Also, the transaction costs would increase due to the presence of so many intermediaries. In response to this challenge, it seems that Swift would test the potential of blockchain technology itself and also focus on improving its own messaging system. Swift has already introduced an upgraded service, Global Payments Innovation, which is currently being used by nearly 165 banks. GPI accounts service in some quarters like US-China has ensured that payments are confirmed within just 30 minutes of being initiated. However, Swift has been unable to hide its skepticism about blockchain technology.

Harry Newman, head of banking at Swift, “[Blockchain technology] is not straightforward to scale and it is not yet appropriate to do so.”…“All the announcements [by banks about their blockchain payments projects] made to date, they are either in-house or bilateral projects between banks. As you bring scale you get escalating complexity.”

The response of Ripple can be seen in the number of partnerships with financial institutions (Fleetcor, SBI Holdings, Banco Santander etc.) it has achieved since last year. There is also the speculation that Bank of America will the list and team up with Ripple. Hints have already been dropped in Reddit posts. Blockchain and cryptocurrency and its use for Trade Finance were hot topics on the “Development Day” of Bank of America, held on 17th May 2018. A presentation had quoted about Ripple’s capability of bringing a paradigm shift in the transaction system. At the moment, nothing can be said about the intentions of Bank of America as to whether it will embrace Ripple or not.

Price Analysis

CoinBase has shifted to Japan so there are high expectations that CoinBase will list Ripple (XRP). Then, the traders/investors will be able to buy Ripple (XRP) from one of the world’s most trusted exchanges. Ripple’s XRP has yet to experience soaring prices in the second quarter of 2018. This may be due to Bitcoin’s fluctuating prices or because of the fact that the platform is given more importance than the coin. At the time of writing, according to coinmarketcap.com, the price of XRP shows $0.67 USD (1.64%) approximately. The market cap shows nearly $26,335,301,929 USD while the volume (24h) is over $302,235,000 USD. (As of 6th June 2018) Ripple (XRP) shows a bullish trend largely despite the sell odds being stacked against it. It is to be seen when Ripple will again break the $1 line. Ripple continues to maintain its rank at the 3rd position.

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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.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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