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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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