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The Relationship of Ripple with Fleetcor and Japanese Banks

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Ripple

Ripple is constantly on the move to make more business corporations acquaintance. Fleetcor Technologies is going to create an international payment system in collaboration with Ripple. This partnership will pave the way for acceptance of Ripple in commercial transactions.

On 1st March 2018, Fleetcor had announced that they have joined a pilot program that uses the xRapid platform of Ripple. The objective is to join the hands of Cambridge Global Payments (Fleetcor’s international payments subsidiary) and blockchain solution firm Ripple in order to process more than $20 billion B2B transactions. The xRapid software has the capability to let the financial institutions communicate with each other and share crucial information regarding payments in real-time. This results in hassle-free instant settlements. The telecom giant IDT and Mercury, the financial services provider have already checked out xRapid for international transactions. Prior to these three institutions Cuallix, a Mexican giant has been using the platform of Ripple since 2017 to make and receive payments.

One reason behind the popularity of Ripple among such companies may be due to the cryptocurrency’s favoring of the blockchain centralization model. Almost all the crypto coins unlike XRP, favor the decentralized nature of blockchain.

Ripple, however, is still developing the features of xCurrent and xRapid. So, even if the platforms have advanced properties, it will take some time to utilize them fully in real-world applications. Moreover, banks that have partnered up Ripple use these platforms to reduce their workload rather than XRP.  Brad Garlinghouse, CEO of Ripple said:

“For Ripple to grow, it needs large banks to buy its payment software and use its XRP cryptocurrency, a major challenge considering it must convince financial institutions to change how they’ve been doing business for years. The biggest obstacle in convincing banks to use Ripple’s services is that many banks have other IT-related projects that are a greater priority for them than Ripple”.

Ripple is also currently working with 61 Japanese banks on an application. Their objective is to reduce the time of public transactions. Thus, with the help of blockchain technology, the customers will be able to settle cash transfers at any time instantly. Initially, the mobile app can be used to conduct transactions to other bank accounts within Japan.

The beta testing is proposed to start in April 2018 while SBI Sumishin Net Bank Ltd., Resona Bank Ltd., and Suruga Bank Ltd. plan to start the services to their customers by this year itself. The statement of Ripple reveals that the customers can make payments by simply using their bank account number or phone number, or by scanning QR codes without having to limit themselves by the usual time constraints that traditional bank transfers have. The current banking system of Japan processes cash transfers on weekdays only up to 3 pm. Rest of the 61 Japanese banks will roll out the service after these three financial institutions.

The aim of Resona Bank is to “contribute to promoting cashlessness while improving customer convenience and reducing the cost to society,” as said by the leader of the lender’s settlements group, Yoichiro Higuchi.

SBI Ripple Asia (a joint venture of Japan’s SBI Holdings and Ripple) thus continues to come up with new ways of benefiting both the banks and its customers to make fast transactions with the help of blockchain technology.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Altcoins

Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

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

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Aluna.Social

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, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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