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XRP Captures 50% of India Crypto Market

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Ripple’s strategy for advancing XRP in the global crypto market seems to be starting in India. Its representative recently talked about this and explained what Ripple is trying to achieve.

Ripple owns half of India’s crypto market

Asheesh Birla, Ripple’s Senior Vice President of Product has talked about Ripple’s recent acquisition of a large number of market shares in India. Birla explained this on a panel at Wharton School of Business and stated that the plan is to eventually root in the economy on a global scale.

According to Birla, Ripple currently owns about 60% of the total supply of XRP tokens. The company’s next goal is to try and convince banks and financial institutions of India to open their doors to RippleNet. Doing so will allow them to connect to over 70 other banks and financial institutions from around the world, that have already entered into a partnership with Ripple. The only condition is that the banks of India will have to use Ripple’s tech for payment processing.

If successful, Ripple will effectively gain up to two billion users, and the question of whether Ripple can even handle that many customers arose. He continued to explain that the plan, at first, was to approach the three biggest banks in India. This move would effectively bring Ripple around 80% market share. However, the realization that within five years, over a billion people will become phone-banked in this country, Ripple decided to start targeting telecommunication companies and mobile phone providers.

This allows Ripple to tap into around 50% of India’s market. This is the percentage that has either already joined Ripple, or is expected to do so soon enough.

Stepping stone for reaching world marketplace

Ripple’s newest actions brought it a lot of success, and they are currently making more than one deal per week. Birla stated that this is a dramatic advancement and that Ripple is selling its products to banks left and right. According to Birla, the current trend is to disrupt the banks. However, Ripple has decided to take a different road and has instead started working with them.

The Ripple (XRP) community blog pointed out that the situation in India might not be as good as everyone is expecting, especially when it comes to regulations. The RBI (Reserve Bank of India) has especially led a turmoil when it comes to this issue.

However, it would seem that Birla’s recent talk has changed the author’s mind about the situation. Not only is the author not worried, but has even turned bullish regarding the reach and advancement of the RippleNet. All in all, this might represent a historic moment for Ripple, and cryptos in general. A lot of work has yet to be done, but Ripple is definitely on its way to dominating the world market.

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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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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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