Connect with us

Featured news

Santander and Ripple to extend OnePay FX reach to more countries

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

Spain’s leading financial service company, Banco Santander is not only the world’s 9th most significant financial service institution by revenue, worth over 108 billion dollars, but also one of the leading financial companies leading the way in blockchain adaptability. In April 2018, Santander teamed up with Ripple and launched the world’s first mobile application that is tasked to facilitate cross-border settlements powered by RippleNet, OnePay FX.

Now what OnePay FX does is to give Santander’s clients the ability to transfer US dollar and EURO payments to the U.S and Euro Zone countries respectively. Cross-border payments that are initiated and processed on the mobile application reach their destinations within 24-hours, versus the average 3 to 5 days it takes with traditional money wire transfers.

The launch of Ripple-powered OnePay FX has allowed Santander to achieve the coveted fete of being the first bank to operationalize a blockchain-based cross-border settlement serve to retail clients in several countries simultaneously.

During the Swell 2018 conference, the head of the bank’s Innovation, Ed Metzger is quoted as saying:

“We want to let the world know about our journey with Ripple, and how we have used their technology to improve the lives of our customers.”

And following the partnership with Ripple Labs, Santander’s 140 million customers worldwide, both retail and commercial, expect a new experience when it comes to international payments. In particular, their retail clientele is looking forward to an experience that is not only secure but reliable and fast just like instant messaging with anyone anywhere in the world.

Metzger added:

“We believe that financial services are gravitating towards a world of open platforms where firms and companies partner to deliver excellent customer service for their customers, and that is at the core of what we are doing with One Pay FX.”

Thanks to Ripple’s blockchain technology, Santander can provide their customers with something new, something they never expected: a new level of security, transparency, speed, and certainty. Following their successful working relation, Ripple Labs announced the integration of RippleNet with OnePay FX on 2nd October after Santander’s testing with Ripple’s blockchain technology and other liquidity product available.

Speaking at the just concluded Swell 2018 conference, Metzger outlined the main determination of RippleNet within the OnePay FX network is to seamlessly process international payments to ensure Banco Santander’s global customers are allowed the opportunity to send and receive money with little or no hustles. Metzger added:

“One of our clients was on holiday in Italy and unfortunately packed in the wrong place. He was charged a fine which he was supposed to pay but did not have his banking card. He was able to use the mobile application to settle the fine immediately, and avoid his car from being towed away. It only takes four or five clicks to do something that could have taken an awfully long time to complete in the past.”

If everything remains constant, Santander will be able to expand and export its OnePay FX services to more countries in Asia, Europe, and South America. At the moment, the Ripple-based mobile application, OnePay FX is only available to clients in Spain, Poland, Brazil, and the UK.

Potential Resulting Product from the Santander’s Partnership with Ripple

According to many analysts, Santander’s partnership with Ripple Labs will most likely have a positive impact on Japan and South Korea. In what way you might ask?

Led by a consortium of over 60 Japanese banks, SBI Ripple Asia has been conducting pilot tests of its liquidity solutions incorporation with top financial institutions in South Korea. For instance, two of the significant commercial companies in South Korea, Woori Bank and Shinhan Bank, committed themselves to integrate Ripple in 2019.

The incorporation of Ripple’s blockchain into OnePay FX has the potential to streamline bank processes that implement Ripple-related products in the two Asian counties, Japan and South Korea.

For the global insights every crypto trader must have, apply for Elite membership!

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.

Image courtesy of MaxPixel

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Altcoins

IOTA (MIOTA) Pending Update Might Bring Huge Gains in Days to Come

Published

on

IOTA
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto space is erupting once again, and if popular predictions are correct — the growth is only starting. However, in the vast sea of altcoins that hold the massive potential to go big in the future, we would like to set IOTA aside as one of the coins that might blow up quite soon.

As always, there are no guarantees of this, as the crypto space still lacks regulations, and remains highly volatile. To see proof of this, all you need to do is look at Bitcoin, which goes up by $1,000 within a day, only to slowly drop by $700 in the following week, and then repeat the process. In other words, there is still a lot of uncertainty regarding any project, and that includes IOTA.

However, even with all of that in mind, many are quite optimistic about this particular project, especially after a recent announcement. The announcement in question indicates that IOTA is about to see a massive upgrade. In most cases, this would be more than enough of a reason to expect the coin to start performing better. But, in IOTA’s case, this is nearly a guarantee that it will.

The update is believed to carry a lot of fixes for a lot of problems that traders and investors have been reporting for a while. No crypto is perfect, and since IOTA is…

Continue Reading

Elite