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Standard Chartered Plans on Extending the Use of Ripple (XRP) Network - Global Coin Report
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Standard Chartered Plans on Extending the Use of Ripple (XRP) Network

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Ripple
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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

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

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Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

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The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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Bitcoin
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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

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The possible reason for the rally

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