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Santander and Ripple to extend OnePay FX reach to more countries

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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.

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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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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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