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Standard Chartered Plans on Extending the Use of Ripple (XRP) Network

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A multinational company based in London, England, who provides financial and banking services, Standard Chartered, announced their plans to extend their use of Ripple (XRP) Network. Their plan is to provide payments across the border for additional five pairs of countries by the year’s end.

Standard Chartered, a banking company from England, is known for operating a large network that has over 1,200 outlets and branches. The company runs its business in 70+ countries of the world while providing jobs for more than eighty-seven thousand employees.

The company is using Ripple

Recently, however, this company decided that their influence can expand even further through a partnership with Ripple (XRP).

Ripple is known for making connections if nothing else. It connects exchanges of digital assets, banks, various corporations, as well as many payment providers. They all come into contact with each other through RippleNet, which allows them to transfer money in an instant pretty much anywhere around the globe.

The bank’s decision to publicly announce its use of Ripple’s network came with a goal of unlocking a new trading corridor worth $15 billion. The corridor in question is between Singapore and India, and it is expected to be unlocked in November of this year.

Basically, the system’s use is mostly for increasing the payment speed. The corporate supply chain of the bank includes a lot of sellers and buyers, and the ability to process their transactions with more speed will be of great use for improving the company’s business practices.

Plans for the future

Bill Winters, the CEO of Standard Chartered, is a banker from America. He replaced the company’s previous CEO, Peter Sands, back in June of 2015. His plans to expand the bank’s business through the use of Ripple’s network were discussed in the bank’s report regarding the Q1 for this year.

In it, he dedicated special attention to the bank’s investments regarding the innovation and similar initiatives. He stated that the company is using blockchain tech in order to streamline payments across the border. This is, however, only a part of the first corridor that will provide payments live, and in real time.

The corridor in question will be between India and Singapore, and it was initiated by the company during the previous year.  There are plans to expand these new capabilities to additional five pairs of countries, and that is expected to be achieved during this year.

Ripple seems to like this idea very much, especially since it includes blockchain tech and decentralized currency. It will allow the bank to use their technology in a somewhat centralized structure. The bank will, of course, take advantage of the fast transactions, but will also manage to keep transactions under control through the use of centralized structures.

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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.

Image courtesy of LM TP via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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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…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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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…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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