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The Relationship of Ripple with Fleetcor and Japanese Banks

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Ripple
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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

HODLing Stellar Is A Good Plan For 2019

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HODLing
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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Altcoins

Reasons To Invest In Electroneum In 2019

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Electroneum
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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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