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Ripple (XRP) Unfazed By RBI’s Ban To Partner With This Leading Bank In India

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The country of India has experienced an explosive increment in banking in the country as well as the popularity of cryptocurrencies with the general population. 80% of the adults in the country now have a bank account. Also to add is that Indians remitted $69 Billion into the country in 2017. It is with these figures that it is no surprise that the Kotak Mahindra Bank has joined the RippleNet network.

Kotak Mahindra Bank is a leading bank in India with over 1,300 branches. This makes the bank ideal in additionally using xCurrent as announced by the team at Ripple on the 27th of June. All members of RippleNet are connected using xCurrent which is a standard on the network. xCurrent enables a bank to message and settle their transactions faster, securely and in a transparent manner. xCurrent is a familiar product for many cryptocurrency enthusiasts for the Santander Bank, is using the same Ripple product for cross-border remittance payments.

The news of Kotak Mahindra bank joining the RippleNet network and using xCurrent comes at a pivotal point in the country of India. This is due to the fact that the RBI (Reserve Bank of India) issued a ban on crypto activities, starts on July 5th. This ban stops commercial banks and other registered financial institutions, from dealing with cryptocurrency exchanges and other activities including individual deposits of fiat to exchanges.

However, the ban has been appealed by crypto traders, the mentioned exchanges as well as other stakeholders. The hearing of the case has been scheduled for the 3rd of July which is a few days away and 2 days before the ban takes effect.

The Ripple company and team has shown optimism that the ban will be reversed for the RBI had openly admitted that the decision to issue the order, was rushed without them doing proper research. Also, all banks in India adhere to the Basel Norms of banking which state that each bank should have a backup remittance system that uses a different technology than the one they primarily use. This means that Ripple technology qualifies as that backup system for banks in the country.

The ruling on the 3rd of July will be a monumental one not only for India but for the entire world as such cases will set precedence for the regulatory decisions in other countries across the globe.

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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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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