If you are following the trends of the crypto market, you must be aware how South Korea’s announcement of a ban on cryptocurrencies has resulted in catastrophe, bringing down the prices of almost all the currencies, small and large. In the thick of the chaos, with the coins dropping to their lowest value since December, the price of Ripple, except for a couple of instances, has been fairly constant. Although the price of XRP showed fluctuations, its value was less volatile, drawing new investors to its ecosystem.
Bank Trials with Ripple
Ripple (XRP), which has been a lucrative medium of payment, has witnessed many profitable tie-ups recently. It added another golden feather to its cap as South Korean Woori Bank finalized its plan to commercialize its Ripple based platform. Apparently, it has completed the first trial of the blockchain technology which anticipates revolutionizing cross-border remittances. After the success of the first trial in January, Woori Bank is all set for the second phase. According to the sources, the bank is planning to launch its DLT payment following the examples of 60 Japanese Banks which are joining the trials initiated by the SBI group.
Apart from the news of Woori Bank’s tie-ups, XRP has created quite a buzz among the Japanese banks, bolstering XRP’s status in the crypto market. The Japanese banks which are planning to integrate Ripple into their financial systems have opted for similar trials. The recent experiments with the blockchain technology have underscored how decentralized platforms if strategically deployed, can create a medium of faster and cost-effective transactions. Such prospects, which have captured the attention of many financial institutes in the past, can be a boon to the Korean economy. With Woori Bank latching itself to Ripple, the future of the blockchain technology looks quite bright. One big reason why the developers decided to choose Ripple is that it has already earned a great reputation in these countries. By implementing blockchain system into traditional banking institutes, all transactions can be processed faster and at much lower rates.
Japanese banks haven’t made it official whether or not they are going to implement Ripple in the future. As of now, the banks are testing with a basic form of Ripple to determine its efficiency when integrated into the financial systems.
Appropriation of Ripple by Woori Bank
The developers associated with the Woori Bank project have affirmed that many banking institutions are seeking to employ Ripple to their banking system for faster global transactions.
The representatives of Woori Bank have announced that their trials are going great, and if everything goes well, the system will be ready for global transactions by the middle of 2019. They also claimed that similar trials with Ripple are going on in Japan, where many traditional banks are working to introduce blockchain-based systems. According to the reports, Shinhan, the second largest bank in South Korea, announced their interest in the trails.
The success of the bank trials can only mean one thing; Ripple, as evident from the recent experiments, is ready to hit the mainstream banking waters in 2019.
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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.
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
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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