What does SWIFT partnering with R3 mean for Ripple and XRP?

Announced during the Paris Fintech Forum earlier today, SWIFT CEO Gottfried Liebbrandt stated his company has partnered with R3 that will see SWIFT making use of R3’s Corda platform, but what does all this mean for Ripple and XRP.

Starting at the top, global payment network SWIFT revealed its plans of launching a proof-of-concept of a gateway called GPI Link that will enable blockchain technology firm R3 to link to GPI payments from their own platform. This essentially means that obligations that exist for a Corda user can now be settled using XRP.

CEO of R3, David Rutter commented on their trial with Ripple several months ago:

“The tradition of holding numerous currencies across multiple accounts in different countries is costly and inefficient. This is a legacy issue from a time when the technology did not exist to offer a viable alternative; however, digital assets and distributed ledgers can now enable real-time exchange of currencies between parties anywhere in the world without the need for a third-party intermediary. This prototype paves the way for a major overhaul of how banks process and settle cross border payments.”

David Schwartz, Chief Technology Officer at Ripple explained on Reddit several months ago what something like this would mean for the future of the company. He stated that the primary reason Ripple is working in the payments space is that the current payment technology isn’t good enough to fully realize the benefits of XRP. Now, instead of fighting SWIFT for the development of a more sophisticated network, Ripple will instead be able to dedicate more reources to the execution of their XRP strategy.

Senior Vice President of Global Transaction Banking at CIBC summed up the benefits in a statement, saying, “A more efficient global payment system is all about making payments faster, easier and more transparent for businesses and consumers. Using innovative technology to rethink traditional processes is exactly what’s needed to give businesses everywhere an easier way to send and receive payments, and we are very active in making that a reality for our clients.”

But this news doesn’t only mean good things are coming to Ripple. For SWIFT, with 10,000 banks in its network, to use XRP may be just be what the market needs to get out of the current bear market, and may even pave the way for regulatory clarity that the industry so desperately needs. Additionally, mainstream media will have the opportunity to report on the real-world adoption and legitimacy of blockchain and cryptocurrencies.

All this means that, once the news broke, XRP surged around 9.74% in less than an hour. At the time of writing, XRP is up 9.06% and trading at $0.318.

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Starbucks to Allow Bitcoin Conversion to Dollars for Coffee Payment

Starbucks, popularly known as the one-stop store for coffee in over 28,000 locations around the world, has made plans to allow its customers to convert Bitcoin to Dollars. The fiat money can then be used to pay for coffee at any of its stores. Consequently, this is will expand the crypto market since more people will be transacting with the digital asset.

Media Outlets Believed That Starbucks May Begin Selling Bitcoin

In November, several media outlets reported that Starbucks might be willing to sell Bitcoin at its stalls, come 2019. It was also said that Bakt, an Intercontinental Exchange is going to partner with the company to offer its financial services to them. Here, the use of Bitcoin as a method of payment will be proposed to Starbucks.

While the latest turn of event digresses from what was expected, it is still exciting to crypto enthusiasts that Starbucks still has plans in that direction. They may not directly exchange coffee for Bitcoin due to federal regulations and the volatility of the virtual currency, but they will still be encouraging its use.

Enabling Customers to Convert Bitcoin to Dollars

Accordingly, customers will be able to convert the Bitcoin stored in their wallet to Dollars at any of the company’s coffee location. This will create an avenue for cryptocurrency to be a part of people’s daily life. It can be attributed to the fact that most people can’t go through the day without coffee. Also, Starbucks may be their favorite stop to get their supplement for the day.

Crypto enthusiasts have analyzed how this may significantly impact on the cryptocurrency market especially the trading volume of Bitcoin. Based on analyses, if at least 1 percent of those who patronize Starbucks stores trade their Bitcoin for dollars, it could help to stabilize Bitcoin’s price. This is because the market capitalization is bound to increase with more people involved in trades.

More Private Companies Accepting Bitcoin for Payments

Asides from Starbucks, other privately owned companies are now accepting Bitcoin as a method of payment. IvyPay, for instance, allows Australians to pay their bills with Bitcoin, Litecoin, and other cryptocurrencies. The company’s platform also enables users to convert these assets to AUS dollars. Thereafter, it is sent to their bank account.

The Government of Texas in November also launched a platform that will allow taxes to be paid using Bitcoin. Therefore, it is the first state in the US to officially accept the digital asset. According to the Government, this is meant to give users the impression that Ohio is a tech-friendly State.

Author: Grace Joseph
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2020 Olympics: Ripple (XRP) Could Boom To An All Time High If This Happens

Change.org petition to make XRP the official cryptocurrency of the 2020 Olympics nearing 7500 signatures.

Ken Takahashi thinks that XRP needs to be the official cryptocurrency of the 2020 Summer Olympics. The 2020 summer games will be held in Tokyo and the city will be flooded with tourists and athletes from all over the world.

To aid his campaign to make XRP the official cryptocurrency of the Tokyo games, he started a petition on change.org to appeal to the International Olympic Committee.

“As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem.”

Takahashi started the petition nearly a year ago and the signatures have been adding up faster in recent weeks after Ripple’s flurry of positive news. The signature total currently sits around 5500 as more continue to add their name. Once the petition hits Takahashi’s target of 7500 it will be sent to the International Olympic Committee.

The use of cryptocurrency at an event like the Olympics is seen by Takahashi as a way to speed up processes that could get bogged down by the massive influx of people that Tokyo will be experiencing in August of 2020.

Specifically, Takahashi thinks Ripple is the coin to choose for this job because of its speed and efficiency. Takahashi also puts forward the argument that the use of one official cryptocurrency can eliminate confusion and act as a consolidating force.

The xRapid system is up and running and can aid in assuring the 2020 games run smoothly when having to deal with the exchanges of hundreds of different currencies from around the world.

While this particular petition may not be the jump starter for worldwide crypto adoption, it is an important sign to see people pushing for the implementation of blockchain payment systems for a highly anticipated event like the Olympics.

With millions of people converging on one city an official cryptocurrency can bring stability, efficiency to the exchange of different currencies and expedite millions upon millions of transactions.

Author: Stephen Brown
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Details of the TokenPay Partnership with WEG Bank AG in Germany

Deal Officially Closed, Shares Transferred, Timing in line with Whitepaper Roadmap Projections

Today we are announcing that we have officially closed a deal with WEG Bank AG, located in Germany. WEG Bank has also made an announcement of the partnership on its website. Share certificates representing 9.9% of the equity interest in WEG Bank AG have been transferred to TokenPay Swiss AG, along with options to acquire an additional 80.1% of the bank upon customary regulatory approval. The proceeds of this transaction were derived from our December 2017 token sale. As outlined in our Whitepaper roadmap we have completed this partnership during Q2 2018, in line with our November 2017 projections.

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As discussed on April 8th in one of our bank deal updates, it is important to understand the history of this deal. We were approached by WEG Bank in December 2017. The bank has an interest in offering FinTech solutions that will align itself with the new economy, while at the same time continuing to service its existing real estate client base in a traditional fashion. Our leading technology complex is what ultimately afforded us the opportunity to be selected by the bank for this partnership. We feel that the selection of TokenPay is a strong testament to our advanced knowledge and the amazing team that powers our platform.

Lichtenstein Bank Partnership

Furthermore, we have recently been approached by a bank in Lichtenstein offering a similar proposition. Our products and services are in high demand and we intend to fully capitalize on the strong secular tailwind afforded to us by the rapidly growing FinTech industry. We plan to meet with this bank in June and hope to be able to form a similar partnership to the one we have formed today with WEG Bank.

Unique Market Opportunity

The details of the transaction with WEG Bank were included in our April 15th Ecosystem Report. As noted, this deal has now been completed. TokenPay Swiss AG has strong legal and financial advocacy, owing to the leadership of Prof. Dr. iur. Jörg E. Wilhelm. As the head of the TokenPay Supervisory Board, Dr. Wilhelm is a highly regarded German and Swiss attorney, professor and businessman with an accomplished background highlighted by decades of financial compliance and corporate governance experience.

Potential FinTech Partner

Additionally, we are also announcing today that we have entered into a non-binding verbal commitment with a potential partner to bring its world renowned technology expertise to the partnership. The details of the deal are covered under the secrecy provisions NDA. However, we expect this deal to close by the end of the month. With the addition of this potential partner and all of its blockchain experience and know-how, we believe that TokenPay can become one of the leading FinTech companies in Europe.

Pre-Register for Early Access

We invite enthusiasts to pre-register for early access to the crypto-friendly FinTech platform we are building. The intention is to offer a full suite of products and services that cater to the new digital economy. Stay informed of new developments as they unfold and be one of the first to have access to our modern FinTech solutions.

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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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PayPal Makes a Move Toward Traditional Banking

Company partners with small banks to offer debit cards, direct deposit and other services

PayPal PYPL 1.80% Holdings Inc. is nudging its customers closer to mainstream banking services.

The San Jose, Calif.-based payments company has been reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet. The features include Federal Deposit Insurance Corp. insurance for balances up to government-set limits, a debit card that can be used to withdraw cash at ATMs and the ability to add funds to accounts by taking a photo of a paper check or by having employers direct-deposit earnings there.

PayPal users already served by traditional banks may not be tempted to ditch their existing checking accounts. The company isn’t paying interest on balances and is charging a fee of 1% on any check a customer deposits via a photo, in addition to fees for taking money out from ATMs other than the 25,000 inside PayPal’s network, said Bill Ready, PayPal’s chief operating officer.

But it could be a better option for certain consumers with smaller balances who are largely ignored by banks and have to rely on check-cashing centers and other alternative providers of financial services. PayPal isn’t charging a monthly fee and isn’t requiring customers to keep a minimum balance.

In contrast, Bank of America Corp. earlier this year discontinued a free checking account popular with lower-income customers, switching them into one that charges a $12 monthly fee unless certain conditions are met.

Mr. Ready said the company’s goal was to give those excluded from the banking system access to the digital economy. “If you don’t have a bank account, you can’t take an Uber ride, can’t stay in a room on Airbnb,” Mr. Ready said.

PayPal has been adding other financial functions to its website and smartphone apps that go beyond its original business of offering a checkout button that enabled shoppers to buy goods and services online. Through a series of partnerships and acquisitions, PayPal now offers consumer loans, cross-border remittances and automated savings and investment services.

A number of other technology firms with large user bases are looking at providing banking functions. Square Inc. gives out bank cards to users of its Cash App who want one, and Amazon.com Inc. has been in discussions to build a checking-account-like product for its customers.

There is a catch, though: PayPal and other tech firms don’t have a U.S. banking license. The FDIC doesn’t backstop funds stored at non-banks, and Visa Inc. and MasterCard Inc. only permit cards that run on their network to be issued by banks.

In PayPal’s case, the company turned to a hodgepodge of small banks that stay anonymous and behind the scenes. It cut deals with a Delaware bank to issue debit cards, a Georgia bank to deposit checks instantly after users take a photo of them and banks in Utah to make loans to consumers and small businesses.

“It’s mostly just a question of stringing together the supply chain,” said Thomas Brown, a partner in the global banking and payment systems group at law firm Paul Hastings LLP. “You can use technology to create the appearance of integration across accounts at different financial institutions.”

Mr. Ready said that working with several different banks allows PayPal to get products out to consumers faster and that the company has no intention of becoming a bank. He added that if its users already have bank accounts they are using within PayPal, “this isn’t an account for you.”

PayPal launched a prepaid card that offered some banking features in 2012 but charged users fees when they opened an account and when they loaded funds to it.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Author: Peter Rudegeair 
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