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.
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.”
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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…