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.
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…