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Ripple (XRP) Snatches Facebook’s Former Payments Exec and Appoints Her as Senior VP

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Ripple (XRP) has released a new announcement this Wednesday in which it stated that it hired Kahina Van Dyke as its new Senior VP of business and corporate development. Van Dyke has previously been known as a director for global payments at Facebook, as well as a veteran of the banking industry.

Ripple makes new hirings

Ripple (XRP) is the third biggest crypto according to market cap these days, and the company behind it has just hired a banking expert as its new Senior VP. Kahina Van Dyke, who also worked as Facebook’s payment executive, has just joined Ripple as business and corporate development’s Senior Vice President.

The announcement came on Wednesday, July 11, together with another statement that said that David Schwartz, a known cryptographer, will become the company’s new CTO.

The new hirings came in the middle of Ripple’s new campaign to persuade the financial industry that XRP is just what they need for an improvement of cross-border payments. This is exactly where Van Dyke will get the opportunity to shine since her responsibilities will include coming up with strategic partnerships and focusing on the solutions for international payments.

According to her own statement, Van Dyke has started working for Ripple in order to eliminate the friction when it comes to international payments, and she plans to do this by applying Ripple’s tech to change the entire industry. She also stated that the most challenging problem with payments right now is the outdated technology. The current system is nearly 40 years old, and it cannot meet the modern needs.

International payments systems in need of improvement

These days, the cross-border payments often need days to be processed, and at large fees, as well. While this was a cutting-edge technology some 30 years ago, it is no longer good enough. The modern culture is a fast-moving one, and the banks will have to open up to new technologies in order to stay capable of providing their customers with what they need.

To do this, the banks will have to change their attitude toward cryptos, which is something that they seem reluctant to do. As a result, the improvement of cross-border transaction systems has been very slow, while the modern culture continues to speed up. Right now, the financial industry is slowly but surely getting more an more familiar with these technologies, but they still hesitate to use cryptos in everyday operations.

As for Ripple, the company claims that XRP can serve as a liquidity source, which would eliminate the obligation of the financial institutions to maintain capital when it comes to foreign reserve accounts. However, the recent statement by the Western Union claims that their XRP experiments did not result in any major savings. Ripple has responded to this, saying that their experiments were simply too small for the change to be apparent.

The addition of Van Dyke comes at the perfect time, considering her 20 years of experience when it comes to fintech and banking. Van Dyke held some pretty impressive positions at Facebook, as well as Mastercard. She has experience in creating new financial services and payment solutions and has even managed various partnerships while at Facebook. Those include major companies like PayPal, Western Union, Citibank, Visa, and others.

Ripple makes new steps towards decentralization

Additionally, Ripple has also promoted a cryptographer, David Schwartz, to the position of the company’s CTO. Creating a global network that contains so many financial institutions that are becoming more and more blockchain-oriented is a large task, which is why Ripple has decided that the company needs a fresh perspective. Because of this, Schwartz is to replace Stefan Thomas as a CTO.

According to Ripple, Schwartz will be tasked with leading a team that will have to find a way to bring the XRP ledger to further decentralization. This is an important part of Ripple’s development, especially since the SEC has stated that digital assets cannot be influenced by a central authority. If Ripple cannot achieve decentralization, the only thing that SEC can do is register it as a security – something that this coin has been working hard to avoid.

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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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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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