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South Korean Bank to Use Ripple for Overseas Transactions

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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.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.

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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Hodium
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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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