Connect with us

Blogs

South Korean Bank to Use Ripple for Overseas Transactions

Published

on

Ripple

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release