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With Regulators Paying Close Attention to Ripple, Can XRP Still Achieve Cross-Border Payments?
At this point, the case of whether XRP should be considered a security or a currency has become quite common. Even though Ripple has been working hard to prove that there is no relations between XRP and a security, class-action lawsuits have been issued to Ripple over claims that XRP is a security managed and controlled by Ripple.
The regulators are paying close attention
Obviously, this has brought a lot of attention to Ripple from regulators. While on one hand, the company continues to illustrate that its XRP does not even qualify to be a security, most onlookers and XRP holders are left with unanswered questions on the other hand.
Already, the SEC has declared that Bitcoin and Ethereum are not securities. However, the verdict is still out on other coins like XRP. Given that Ripple’s XRP is the third largest cryptocurrency, everyone is waiting to see the SEC’s ruling.
Ripple owns most of XRP tokens and is the main issuer of the tokens. Meanwhile, William Hinman (head of Corporate Finance Division at the SEC) says that a commodity qualifies to be a security as long as it’s issued by a centralized third party and bought by investors with an expectation of profit.
How is XRP performing with respect to its agenda amid regulatory attention?
Well, these uncertainties and contradicting opinions on the matter have introduced a lot of confusion among XRP holders. However, the biggest concern for XRP holders still remains to be the performance of XRP and whether XRP is still on track towards achieving cross-border payments soon.
Apart from XRP, Ripple is also known for its other products and services including xCurrent, and xRapid. All these services compliment Ripple’s overarching agenda to provide on-demand liquidity, and fast cross-border payment services using XRP token.
The general expectation among XRP holders is that XRP eventually gains value and achieves adoptability once banks and commercial institutions start using the XRP to facilitate payment. In this regard, David Schwartz, the chief cryptographer at Ripple, believes that there is still a long way before banks will start to use decentralized ledger technologies like Ripple to settle cross-border payments.
This comes at a time when Ripple has already made tremendous achievement in terms of partnerships with over 100 banks and financial institutions across the globe. Most holders of XRP remain high spirited hoping for XRP’s performance in the market to improve going forward even as its price keeps moving back and forth around the $0.5 mark.
Banks want privacy and speed
Schwartz further explains that even though financial institutions understand and appreciate the potential of decentralized ledger technologies, they are particularly seeking technologies that will keep transactions private while processing large volumes with accommodation for a variety of currencies and assets. As it stands, Blockchain is yet to achieve such levels of scalability and efficiency.
With so much attention being drawn to Ripple and XRP by regulatory bodies, it will be interesting to see how the company maneuvers through the courts to maintain focus on achieving its agenda. Hopefully, the verdict on Ripple XRP will be out soon and if an agreement document between Ripple Labs and Financial Crimes Enforcement Network is anything to go by, Ripple’s case might be determined sooner. According to the settlement agreement document between Ripple and FinCEN, XRP is identified as a currency and not a security. This could give ripple a fighting chance and release the regulatory pressure that the company is currently facing.
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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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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. One of the ways to have a successful…
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…
Altcoins
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…
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