Ripple (XRP) is gaining stability, and in the process – it’s getting more recognized. Reports say that it might enter five new partnerships soon.
The latest reports claim that Ripple (XRP) is getting more and more recognized on the territory of Asia, as well as the EU. Some of the news from these areas even claim that five additional companies are planning to enter a partnership with this digital currency. The plan seems to be to tap into Ripple’s xVia API, and make a well-defined, new corridor that will be used for sending funds throughout RippleNet.
The companies are getting serious
The next couple of days have already been planned out for the payment originators, and they include multiple tests of RippleNet’s potential, as well as its xVia tool. By sending their money through Ripple, the companies will significantly reduce the cost of their future transactions, but at the same time, they’ll achieve much better speeds. Not only that, but the payment traffic’s end-to-end visibility will also increase.
The reach of the altcoin is constantly getting bigger, and the team behind its development is constantly working to make it even bigger every day. Their efforts are what allows cryptos like Ripple to expand their influence, and take advantage of the new businesses that wish to expand to the world of digital currencies.
Asheesh Birla, the senior vice president for product at Ripple, stated that remittance companies will be able to reach out to their users much better through xVia’s potential. According to Birla, the companies’ customers often run into the same problem, which is the fact that they need to create connections to networks and banks around the globe. This is a long process, and not at all cheap, at that.
Birla claims :
xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.
The API connection, which is a standard one at this point, will not only lead to the significant increase in the efficiency rate but will also reduce the level of failure.
The five companies are not the only ones enjoying RippleNet
If the reports are true, then the five mentioned companies will be an excellent new addition to the RippleNet. However, they wouldn’t be the first ones to have done so. Back in February, Zip Remit, which is based in Canada, as well as Beetech from Brazil, have also published their intent to connect to RippleNet through xVia. Both of those are remittance companies, just like the five who got the same idea.
Ripple’s popularity and success are increasing at an unbelievable rate. It is almost as if there are no other altcoins on the market. Entering partnerships and various collaborations is something that is necessary for the altcoin. According to Ripple’s CEO, Brad Garlinghouse, if things keep going the way they are now, Ripple might enter partnerships with more than half of the biggest banks around the world within the next five years.
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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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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.
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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.
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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.
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