Connect with us

Blogs

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

Published

on

Ripple

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.

For the latest cryptocurrency news, join our Telegram!

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

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