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The Crypto Rivalry between Ripple and SWIFT

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The Cryptocurrency market has evolved quite a bit from its fledgling stages of 4 years, With Bitcoin, Ethereum and Ripple almost exploding in value since. Ripple has been at the forefront of the Cryptocurrency market for years now, with the organization starting to gain traction globally by establishing various partnerships across several industries. One of the most talked about sector for Ripple implementation is cross-border payments, which was regarded as one of the plus points for Ripple. With blockchain technology making major in rows into our daily lives, it is not surprising to find that it is starting to replace more traditional and longstanding options in the industry, one of them is SWIFT. SWIFT is a major inter-banking messaging service that handles half of the world’s high-value cross-border payments.

Ripple and Cross-Border Payments:

The payment industry received a welcome news when in early April, Ripple announced that they are teaming up with Spanish Bank Santander for implementing cross-border payment services for their clients in UK, Poland, Brazil etc. Santander became just one of the 100 financial institutions that have agreed to use Ripple’s technology and Santander’s new blockchain based system called Xcurrent, does exactly that.

Blockchain which largely uses a distributed ledger technology brings the power of decentralization, which indirectly also results in quicker, cheaper and secure payment processing services. The introduction of Ripple’s technology would certainly challenge the dominance of SWIFT, which itself is limited by centralization. Crypto-enthusiasts argue that SWIFT’s centralized system results in a lack of transparency, which Ripple provides.

How SWIFT Reacted:

The news of Ripple’s dominance has certainly let to the SWIFT board taking notice. According to Swift’s head of banking Harry Newman, they are in the work of transforming their existing 1998 model into a more contemporary system.  Many reports have indicated that SWIFT have recognized the viability of blockchain implementation and are working towards integrating it into their own systems.

Recent Developments:

The relationship between Santander Bank and Ripple started to flourish when it was announced that a new app will be released for international payments.  The app in question is called “ONE Pay FX” which promises quicker payment processing as mentioned earlier.  The system is supposed to be a marked improvement from the older system that used to take up to 5 days to do the same. With Ripple’s ONE Pay FX, Santander clients can now transfer funds internationally within a few minutes, with the app boasting a speed of 1500 or more TPS.

The fruition of the ONE Pay FX venture will result in marked improvements and probably drive the competition out if implemented correctly. According to both parties, this app succeeds both in terms of speed as well as transparency. It is also radically cheaper than other similar services offered. Thus, the app aims to address gaps in previous systems, by delivering improved user experiences, especially for mobile phone usage. When commenting about this, the Ripple team said: “It is what consumers require and expect in today’s market — whether it’s sending a secure message to a friend, hailing a rideshare or sending money across borders.”

Final Thoughts

In terms of market valuation, Ripple is doing very well. At the time of writing (07/06), Ripple was priced at $0.683681 USD with a market cap of $26,828,685,633 USD, firmly placing it in 3rd position behind Bitcoin and Ethereum. With Ripple’s un-daunting push for securing tie-ups and partnerships globally, the rivalry between these two companies is unlikely to settle down any time soon. Ripple looks to be the undeniable leader in the Cryptocurrency market, however, with CEO Brad Garlinghouse expressing his optimism of Ripple replacing Bitcoin as the major global currency. Given the current scenario, things look very bright for Ripple at the moment.

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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.

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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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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