PayPal Launches Internal Crypto Platform, Plus Bitcoin, Ripple and XRP, Stellar, Ethereum, EOS, Litecoin, VeChain: Crypto News Alert

From PayPal’s new crypto initiative to the ongoing burst of Bitcoin whale activity, here’s a look at some of the stories breaking in the world of crypto.

PayPal and Crypto

PayPal has reportedly launched a new internal crypto platform designed to teach its employees about token economics.

As reported by Cheddar, the blockchain-based platform allows employees to earn tokens by engaging in company initiatives.

“Employees can access their tokens through the company’s internal website and continue earning more by participating in innovation-related programs and contributing ideas. The tokens, which hold no value outside of PayPal’s walls, are also tradable among employees with each transaction being posted to, effectively, a ‘public ledger.’

…PayPal’s tokens are redeemable for more than 100 ‘experiences’ offered on the platform, including poker tournaments with a couple of their vice presidents, a trail run and coffee with CFO John Rainey, and morning martial arts with CEO Dan Schulman. Gabrielle Scheibe Rabinovitch, the company’s head of investor relations, has offered to let employees borrow her dog for a day, Todasco said.”

Bitcoin

A burst of Bitcoin whale activity continues. Some of the oldest and richest BTC addresses in existence have transferred a total of more than 424,000 BTC – worth more than $1.4 billion – to new wallet addresses.

Here’s a look at 11 noteworthy transactions, as tracked by Whale Watch.

Transaction 1
Transaction 2
Transaction 3
Transaction 4
Transaction 5
Transaction 6
Transaction 7
Transaction 8
Transaction 9
Transaction 10
Transaction 11

None of the crypto has been moved to an exchange, leading to speculation that the wallets could be linked to a large company like Coinbase, that’s moving its assets around for security.

Ripple

Ripple’s chief market strategist Cory Johnson joined a panel on BEFAST TV to discuss where blockchain technology is heading.

Johnson talked about the company’s efforts to push adoption of its cross-border payment solutions and its initiative Xpring, which is designed to boost companies developing on XRP.

Bitcoin, XRP, Ethereum, EOS, Stellar, Binance Coin

Leading cryptocurrency exchange Binance is launching six new trading pairs on Friday.

The exchange is pairing Bitcoin, XRP, Ethereum, EOS, Stellar, Binance Coin with the TrueUSD, a blockchain-based stablecoin pegged to the US dollar.

VeChain

VeChain says it’s working with a historic tea manufacturer in Japan to give customers a new way to verify the authenticity of their purchase.

“By utilizing an advanced traceability and IoT solution, Fuji MARUMO Tea’a customers are able to verify the origin of their tea products by using a smartphone to read the NFC chips embedded on the package.”

The tea company is starting with a trial of VeChain’s technology, implemented into 100 limited edition packages of its products. The trial is a proof of concept for a “larger partnership that will be implemented upon completion.”

Litecoin

Crypto hodlers can now buy the new HTC Exodus smartphone with Litecoin. The phone was previously available only for Bitcoin and Ethereum.


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Author: Daily Hodl Staff
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Asian Markets Have a Growing “Appetite” for Ripple, Dan Morgan Says

Ripple Inc continues to focus on expanding its services and penetrating new markets. Having conquered many customers throughout America and Europe, Asia seems to be the company’s last strategic point of interest.

Asia is a complex market for many companies, even more so if they provide services such as Ripple’s that are still viewed with some skepticism by regulators. China, for example, has manifested an anti-crypto policy in spite of being one of the leading OTC Bitcoin trading markets.

Previously, Crypto Crimson reported that after a series of negotiations, Ripple achieved its milestone of establishing itself in China, and did so in a big way: Thanks to a partnership with LianLian Group and American Express, this company will allow the processing of credit card payments in a proprietary network contrary to the traditional system which used government-run network.

On Friday (30 November 2018), at the CryptoCompare & MJAC London Blockchain Summit, Dan Moran, Ripple’s Head of Regulatory Relations for Europe spoke not about Ripple’s interest in Asia, he showed the other side of the coin. For Ripple it is now increasingly evident that the Asian market is interested in technological solutions such as those provided by them:

“It’s very early days, but we see the biggest appetite in Asian markets, in terms of demand, so remittance demand, whether it is corridors that are under-served because correspondence banking is too costly… So, we feel that there is demand.”

Dan Moran, at the CryptoCompare & MJAC London Blockchain Summit,

For Mr. Morgan, Ripple can be instrumental in providing liquidity solutions that optimize the operation of markets. Until now, solutions such as xRapid and even transaction processing using XRP cryptocurrency have been increasingly adopted by the Asian market:

“Liquidity, in terms of digital assets, most liquidity we have… is in Asian markets by some distance.”

He also commented that Asian markets need to have greater clarity regarding the legislation that regulates not only the markets for cryptocurrencies but also blockchain technologies. He also mentioned that Thailand is one of the key countries for the expansion of Ripple in the Asian continent:

Again, we see a number of pockets around Asia where they are further ahead that we are here… Thailand, I talked about. Obviously, Japan is another place …
So, you are absolutely right, it is Asia. I wouldn’t want to pin down exact markets… In Thailand, for instance, with that regulation, I think Siam Commercial Bank… is really active now in terms of settlements, digital assets activity.”


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Author: Jose Antonio Lanz
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This is how and why Ripple’s XRP tokens will be used by the banks

The controversy around Ripple and their centralization, premined coins and influence of banks aside, Ripple Labs is all about improving the speed and cost of cross-border payments.

It seems that Ripple’s broader XRP strategy is to generate demand for rapid settlement. Ripple is positioning XRP as the rapid settlement technology to go with those rapid payment systems. All of their payment technology is designed to settle with XRP.

The beginner Ripple product gets banks’ feet wet – with xCurrent and xVia where they don’t have to use XRP. Once there it is easy to gravitate to the next gear, the next product – xRapid. Like an extra gear on the car you already know. It is inevitable.

xRapid is the only Ripple product that uses XRP. Other offerings such as xVia and xCurrent are systems that currently do not require/utilize XRP.

In other words, if the 100 banks you have signed up have no interest in xRapid, there will be no change to the price of XRP.

With xRapid Ripple aims to eliminate delays in global payments while also dramatically lowering cost. xRapid leverages the technology behind the digital asset XRP, to make cross-border payments truly instant.

Some aggregated results from several pilots of xRapid indicate this Ripple net has a bright future ahead to the joy of XRP holders.

For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.

A payment journey with xRapid looks like this: a financial institution connects directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP which provides the necessary liquidity to power the final payment, and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange. Once this transaction takes place, the funds are sent out on the local rails of the destination country for payout. The transaction is tracked end-to-end, and the result is a cross-border payment that is cheaper and faster than ever before.


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Author: Torsten Hartmann
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Ripple(XRP) Finally Suffers Major Price Drop as Crypto Market Wipes Out $12B

The intense downtrend of the crypto market is finally having a toll on the best performing digital asset of the month.

Ripple (XRP), now the second most valuable cryptocurrency in the market, is no longer up in value on a monthly basis. Throughout the past 30 days, XRP has maintained the $0.5 level relatively well with minimized losses even during a period in which the price of BTC and other major cryptocurrencies fell by around 10 to 20 percent.

What Caused XRP to Drop?

As a liquidity network that provides major banks and financial institutions the ability to move cross-border payments with low fees, a large supply of XRP is crucial for the Ripple blockchain network to operate.

Similar to EOS, which implemented several controversial rules on its protocol to disallow investors from holding onto EOS for an extended period of time without using it, XRP needs to have a certain amount of XRP in circulation to guarantee seamless transactions for financial institutions.

In 2017, Ripple Labs CEO Brad Garlinghouse explained that XRP is placed in an escrow account and is distributed by Ripple Distribution to the public.

“The recently launched Escrow feature in XRP Ledger allows parties to secure XRP for an allotted amount of time or until specific conditions are met. For example, Escrow allows a sender of XRP to put conditions on exactly when a payment can be completed, so the payment remains cryptographically locked until the due date,” Garlinghouse said.

This week, around $16 million worth of XRP was moved from the Ripple Distribution wallet to an unknown wallet, injecting more XRP into the market.

If the supply of an asset is increased artificially and the demand from investors in the market remains the same, then it negatively impacts the value of the asset in public markets.

Over the past 12 hours, the price of XRP fell from $0.48 to $4.17 at its daily low. XRP recovered from $4.17 to $0.43, recording a daily loss against the US dollar of around 10 percent.

It is possible, given that XRP has been relatively successful in defending the $0.4 support level, that the unforeseen increase of the supply of XRP in circulation affected the short-term price trend of XRP.

What’s Happened to Bitcoin

Bitcoin has dropped quite substantially from its $6,000 support level, by more than 35 percent in the past seven days. But, the bottom is said to be in the $3,500 to $4,200 range, and BTC is expected to drop by over 80 percent in the short-term before entering a consolidation phase.

“Not convinced that we’ve hit the bottom yet. Check out the sell volume so far. If this was capitulation there would be a dramatic high volume sell off. In my opinion, the worst hasn’t come yet, but I’m preparing myself for both scenarios. Lose the bull versus bear mentality,” one cryptocurrency technical analyst said.

The volume of BTC has increased by around $3 billion in the past several days, suggesting that an intense sell-off from bears occurred and that BTC did not free fall without any sell pressure.


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Author: Joseph Young
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TransferWise Co-Founder: ‘If Every Bank in the World Was Connected to the Ripple Network, It Would Be Amazing’

On Monday (19 November 2018), Taavet Hinrikus, the co-founder and chairman of UK-based cross-border money transfer company TransferWise, explained why his company is not yet using blockchain technology.

Hinrikus, who, until a year ago, was the former CEO of TransferWise, presented his thoughts on the potential application of blockchain technology for cross-border payments while giving an interview on the latest episode of Fortune’s online show “Balancing the Ledger”.

TransferWise was founded in the UK in 2011 by two Estonians friends who were working in London but needed to send money between UK and Estonia. And since they found the existing solutions to the cross-border payment problem too slow and/or expensive, they decided to quit their jobs and set up their own business:

“They’re both from Estonia. Taavet was the first employee at Skype, so he got paid in euros. But he lived in London, and needed pounds to pay the bills. Kristo worked for Deloitte and lived in London. He got paid in pounds, but had a mortgage back in Estonia. He needed to pay that in euros. Every month they moved their money the old way – which wasted their time and money. So they invented a beautifully simple workaround that became a billion-dollar business.”

“Each month, they looked up the actual exchange rate on Reuters. Taavet put his euros into Kristo’s Estonian bank account, and Kristo topped up Taavet’s UK bank account using his pounds. Both got the currency they needed almost instantly, and neither paid an extra cent on bad exchange rates or unreasonable charges. There was no waiting, no stress, and no extra costs. ‘There must be others just like us…’ they thought. The rest is TransferWise.”

Today, TransferWise, which counts Richard Branson and Peter Thiel amongst its investors, has over four million customers who “move more than $4 billion dollars every month, and “11 offices, with over 1,300 employees, across 4 continents.”

In yesterday’s interview on “Balancing the Ledger”, Hinrikus explained that right from the start, he and his fellow co-founder realized that they needed to build their own infrastructure:

“So, in every country, we try to connect to the payment network… And if we are lucky, we can do it in real-time in many countries [that] we are in… You can send money from Australia to UK… it’ll be there in 15 seconds… If you are a customer of a bank, that seems like the future has arrived.”

He then explained why the SWIFT network, which is used by the vast majority of banks in the world for cross-border payments, is so slow:

“Banks use the SWIFT network, which is great [since] the money eventually gets there, but many people touch the money in between, and everyone takes a cut, everyone keeps the money for a day. Using TransferWise, because we plug in directly in every country, we can do it really quickly, and the cost is typically 10 times less than using a bank.”

Hinrikus was then asked if his company had evaluated the use of blockchain technology and/or cryptocurrencies. He replied:

“Yes, I mean, obviously, we’ve heard this dream many times from different people. However, if you start digging into it, you realize it may look great on paper, but in reality to make use of is really hard… So, we’ve looked at different blockchain technologies, but yet we haven’t seen anything that enables us to do what we do in a way that is cheaper or faster.”

He was also specifically asked if he had looked at solution from Ripple and Stellar. He answered:

“Today… there’s not widespread adoption for any of these. If every bank in the world was connected to the Ripple network, it would be amazing. Yet, how many banks today are using Ripple in production is a very short list… In that sense, we’re big supports of Ripple or anything else… We know the Ripple team. We know the other teams. And if any of these gets enough adoption [such that] it actually materially helps us to do things cheaper and faster, we’d love to, but so far, we haven’t found one.”


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Author: Siamak Masnavi
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Ripple’s xRapid Client, FLEETCOR, About Buying Western Union Business Payments

Ripple’s xRapid –Information reaching us states that Western Union and FLEETCOR are nearing an agreement to completely sell the WU’s business payments operationsPE Hubstated on Wednesday, November 15, 2018.

PE Hub, which cited three unnamed sources, airs that Citi is the dealing advisor, stating further that the deal could reach nothing less than $600 million.

While this has not been confirmed, Deutsche Bank Analyst Ashish Sabadra said in September that FLEETCOR is a prospective purchaser of Western Union’s business payments unit.

The statement was succeeded by Bloomberg reports indicating that Western Union was doing an underground work to sell the operations that provides cross-border B2B payments services.

Sabadra maintained in the report that Cambridge Global Payments, a subsidiary acquired last year by FLEETCOR makes the firm a growing B2B payments company. Sabadra believes the acquisition of Western Union business payments assets is a step forward for the payment company.

Ripple and FLEETCOR Technologies Explores Ripple’s xRapid

1st March 2018, Ripple (XRP) announced that Cambridge Global Payments, a subsidiary of FLEETCOR Technologies, has decided to launch a pilot program that purposely intends using XRP in cross-border payment flows through xRapid.

With its over 13,000 clients across the globe, Cambridge handles around $20 billion in international transactions every year.

The company decided to make use of XRP in order to provide its clients with the state of the art cross-border payments experience that is more transparent, cheaper, and faster. The firm is also looking into xCurrent.

The purchase of Western Union’s Business Payments operation is a step closer to WU’s expected decision to use any of Ripple’s cross-border tools like xVia, xCurrent, or xRapid.

Ripple (XRP) Elbows Ethereum (ETH) Down To Third, Sits Confidently On The Second Position

The market is regaining its strength back and many coins are beginning to flaunt green colors in the market. Ripple’s XRP seems to be an opportunist of the recent bearish market and the present recover.

In the recent bearish market, while many were plunging massively, losing big from their market cap, XRP got affected slightly and lost not so much from its market cap compared to the like of Ethereum (ETH) making it displace the then known world second largest Cryptocurrency in the table.

XRP has since been the second position while Ethereum maintains the third position.

Also, while the last 24 hours has been featured with market recovery, Ripple (XRP) is placed amongst the top gaining coins in the market, spacing Ethereum (ETH) with wider margin which some referred to as an irreconcilable gap.

After starting the last 24 hours priced $0.4568 according to Coinranking, the altcoin began its upside trend trip on the rising wedge and it is yet to relent.

Xrp Price Today Takes Over Ethereum

At the early hours of the Asian trading session today, trade pair XRP/USD attained its highest price of the day, $0.4852, as at press time.

As at the time of writing this article, XRP/USD has added 3.21% to its value in the market, and it is priced $0.4715 against dollars.


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Author: Oliver Green
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In 24 Hours Nexo Sees Over $2Million In XRP Crypto-Backed Loans Requests, Considers xRapid

Credissimo supported crypto lending platform ‘Nexo’ received more than $2,000,000 in XRP crypto-backed loans requests within 24 hours, stating that it is considering the integration of  xRapid in the future.

The Switzerland-based Nexo that gives immediate cryptocurrency-backed loans to people, stated that it now accepts XRP as a collateral option for its almost immediate digital currency loans.

As cryptocurrency becomes widely accepted, blockchain-supported loans are becoming the order of the day, and are now seen as the future of short term loans for personal use or margin trading.

In this wise, many a number of crypto lovers have lauded the awesome support Nexo is giving to digital currency. The platform is regarded today as the only company to first offer services in over 200 jurisdictions for nothing less than 40 fiat currencies. In the same line, Nexo is the only firm that provides immediate credits without any hindrance.

After receiving more than $2,000,000 in XRP crypto-backed loans requests within 24 hours, the platform cut short pre-sales owing to oversubscription.

With available statistics, the subscription skyrocket by around 11 times, becoming the highest recorded in history.

Speaking on the development, the co-founder of Nexo, Antoni Trenchev stated that “With the aforesaid features coming in handy, Nexo has soared high to be among one of the best crypto services. This trend is attributed to Nexo’s classy platform and the incredible user interface. This is a team that has a successful track record for over 10 years extending over $120 million in credit.”

Plan To Integrate Ripple’s xRapid

Meanwhile, the co-founder of the platform, Antoni has said they are planning to integrate xRapid on the platform soon.

Asked by a respected XRP lover, by the name Ecent, whether Nexo has the intention of integrating Ripple’s XRP through xRapid or xVia, Antoni said “We have been talking to Ethan about xRapid, will keep you posted.”


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Author:  Jack Marshall
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Ripple vs SWIFT: Brad Garlinghouse Feels Good About Ripple’s Chances of ‘Taking Over’ As Global Leader in Cross Border

In a recent interview with Bloomberg, Ripple CEO, Brad Garlinghouse, denied the rumors about Ripple partnering with SWIFT: “I think what we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”

Some Background Information About SWIFT

On its website, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a co-operative which was founded in 1973 and is headquartered in Belgium, describes itself as “a global member-owned cooperative and the world’s leading provider of secure financial messaging services,” and says that its “messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories.”

On 10 December 2015, probably as a response to the growing threat from Californian Fintech startup Ripple, SWIFT announced a global payments innovation (gpi) initiative to “dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.” At the time, it said that gpi would enable corporates to “receive an enhanced payments service directly from their banks” with these features:

  • “Same day use of funds”
  • “Transparency and predictability of fees”
  • “End-to-end payments tracking”
  • “Transfer of rich payment information”

SWIFT said that the pilot for the gpi initiative would start in early 2016.

Currently, SWIFT claims that the benefits for banks and corporates that adopt gpi are as follows:

  • Fast payments (“Credit international beneficiaries in seconds and, at most, minutes”)
  • End-to-end tracking (“Track payments end-to-end in real-time”)
  • Fee and FX transparency (“See bank fees charged and FX rates applied”)
  • Unaltered remittance information (“Ensure remittance data is unchanged when payment arrives”)
  • Reduced Costs (“Benefit from reduced enquiry costs due to ability to track payments”)
  • Optimised liquidity (“Make the most of your liquidity through greater payments visibility”)
  • Ease of implementation (“Use your existing SWIFT setup and go live within three months”)
  • Confirmed credit (“Receive a credit confirmation message when your beneficiary has been paid”)

SWIFT also is reporting the following numbers for gpi:

  • “USD 100 billion+ are being sent every day using SWIFT gpi”
  • “gpi payments are being sent over 220 international country corridors”
  • “Banks’ enquires are reduced by as much as 50% as gpi payments are faster and fully traceable”
  • “Nearly 50% of SWIFT gpi payments are credited to end beneficiaries in less than 30 minutes”
  • “55+ payment market infrastructures are already exchanging gpi payments, enabling domestic exchange and tracking”

One number that it is not so easy to find on its website is the number of member banks that are currently using gpi; as of November 2018, this number is believed to be under 200.

According to a report in The Global Treasurer, one of the key takeaways from the SIBOS 2017 conference in Toronto was that corporates “do not want to pay excessively for access to SWIFT gpi.”

What Ripple Thinks About SWIFT

Ripple is not a big fan of SWIFT in general.

According to a report published on 26 March 2018 in The Global Treasuer, Marcus Treacher, Senior Vice President of Customer Success at Ripple, told them:

“SWIFT doesn’t really compete [with Ripple] in our view. SWIFT gpi has been around for a long time and it is making the SWIFT process a little less painful by adding more messaging and control into a 20th-century model… We are thinking about how money moves in a very different way. We are creating an internet of value… SWIFT gpi will improve things a little bit but it won’t really match the speed, efficiency and visibility that we create with the Ripple network, so we don’t look at them as a serious long-term competitor.”

As covered by CryptoGlobe, on 14 June 2018, Ripple’s Chief Market Strategist, Cory Johnson, in an interview with Yahoo Finance (as part of the “Yahoo Finance All Markets Summit: Crypto”), had this to say about SWIFT:

“Our competition is this banking consortium that came together in 1973… It’s called SWIFT… You know what it isn’t? It is not ‘swift’! It takes 3-5 days to move money… It’s one-dimensional messaging… It has about a 4% error rate… You send a message to move money, and then you wait, and maybe you get something back… It’s more akin to a homing pigeon than a text message or email.”

According to a report in Global Trade Review (GTR), later that month (on June 27th), Emi Yoshikawa, Ripple’s Director of Joint Venture Partnership, while speaking at an event in Hong Kong (EmTech Hong Kong), said that “the innovation cannot compete with the fintech company’s ‘near real-time’ settlements”:

“Swift was built 40 or 50 years ago, before the internet was created. So their architecture is very old. They realise that this is a big problem and they consider us a big competitor. They’re also trying to make a big improvement based on the existing architecture, called Swift gpi. We consider it just a marginal improvement of their existing architecture,”

Rumors About Ripple and SWIFT

On 6 November 2018, Finance Magnates reported that XRP fans were “excited by speculation that a competitor could soon be a partner,” and that this “appears to have been driven at least partially by a popular rumour on the internet – that an upcoming upgrade on the SWIFT network will make Ripple products available to around 4,000 extra banks.” However, Finance Magnates was told by a SWIFT spokesperson that these rumors were false:

“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.”

Ripple CEO’s Interview With Bloomberg

During the interview with Bloomberg, Brad Garlinghouse, the CEO of Ripple, was asked if “there is a possibility that Ripple could take over SWIFT one day.” He replied:

“Well, I think what we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT, in that we’ve now signed well over 100 banks, some of the largest SWIFT-enabled banks in the world are now using Ripple’s technology. Just last week, we saw a remittance company, who is using Ripple’s technology, they reduced the price per transaction to their customers from $20 per transaction to $2 per transaction, and they saw an 800% increase in usage overnight. That’s the type of dynamic that SWIFT isn’t able to support that we’re able to address right now.”


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Author: Siamak Masnavi
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Ripple Penetrates China with xCurrent, Collaborating with AmEx and LianLian Group

Ripple has succeeded in clinching its priority target market, China, through the approval of LianLian’s joint venture American Express, to process card payments in China.

China approved the operation of AmEx, making it the first American company to be given a direct access to the China e-commerce market. This approval empowers AmEx to resolve payments and transactions in Yuan. The settlement of payments can be done via its joint venture LianLian Group, which is Ripple’s customer.

AmEx. which is another global payment platform just like MasterCard had previously indicated interest in the Chinese market, presumed to be the biggest card market by recent analysis. This prompted its move into a joint venture with LianLian Group, and later became the first payment processing venture that operates outside the state-controlled, UnionPay network.

This joint venture, now partners with RippleNet, to provide seamless and faster global payment services to the Chinese e-commerce market. It can process and settle payments in Chinese Yuan Renminbi (CYN) currency unit. This can be achieved by establishing a network with its partner.

The venture which is named Express (Hangzhou) Technology Service Co. is expected by the Chinese government to complete preparation for operation within a year.

American Express and LianLian Group had been members of RippleNet. AmEx joined RippleNet late last year, with the aim of rendering better services to Small and Medium Enterprises in payment processing. LianLianPay which joined the platform early this year already has over 150 million registered customers.

Lian Lian uses Ripple’s blockchain to settle e-commerce payments in China, and also uses Ripple’s xCurrent to settle cross-border payments.

Ripple had been pushing to penetrate China market, now the government seems to have straightened out things for the fintech company.

According to a report from btcnews, a Ripple official stated that the digital asset company has been nursing the idea, and confident to hit China market before the end of this year.

From a report by btcnews.com early this year, Ripple’s head of government and regulatory relationship for the Asia Pacific, Sagar Sarbhai, said that it was still early to discuss such moves. He went further to say that Ripple would definitely launch its decentralized financial tools into China market to settle cross-border payment issues. He said;

“This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there.”

Ripple CEO, Brad Garlinghouse, had said last year that “a launch into China was in the pipeline,” obviously there was a delay due to unclear regulations around the blockchain, and the digital assets, in China.

But the Chinese government just lifted the ban on blockchain and the use of cryptocurrencies. Now the use of digital assets is legalized, such that it is now an acceptable payment tool.

Irrespective of China’s strict regulations against ICOs, cryptocurrencies and foreign card-payment services, American Express defied these challenges to break into the country’s e-commerce market.

China’s e-commerce market has grown up to $627 billion more than last year. An estimate of the cross-border payments into the country is targeted at $1.32 trillion this year.

According to a report from a reliable source, some other card-payment companies have been lobbying for years to penetrate China’s e-commerce market. This is a very huge market, estimated to have six billion cards in circulation. A forecast shows it will increase to ten billion by 2020.

The Chinese government seems to be interested in the use of blockchain and DLT, which Ripple uses in its xCurrent and xVia products. China’s central bank sees this move as a very important way of showcasing China’s bank card market to potential foreign investors.

The central bank confirmed that this move would launch in a seamless operation in the country’s e-commerce market and draw in other payment institutions.

AmEx and LianLian are working in connection with Ripple, their operation can connect to xCurrent via multi-hop. This can also lead to a connection with Ripple’s xRapid later in the future.

The director of product at Ripple, Craig DeWitt, said that the incorporation of multi-hop, shows that the network will achieve a lot;

“Multi-hop gives Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with. That’s important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that thing of the past.”

Based on the current collaboration, it is expected that AmEx and LianLian joint venture would soon enter into an agreement with multi-hop to strengthen the network.

The Senior Vice President of product at Ripple stated that the network reach increased as more users signed on to xCurrent;

“xVia allows you to use one standard connection to get you all the benefits of RippleNet and our products. Without xRapid they would use xCurrent and where xRapid is available, they can then add on xRapid and move money on demand using XRP and payout instantly. They get reach wherever xCurrent is available, whether that be a bank [or] a cash payout provider.”

Ripple has been bullish in its crusade to provide a solution to the global cross-border payment issues. This, it hopes to achieve by launching its decentralized financial tools which can make payment processing a better experience across the globe.

Ripple extended its service to Japan in 2016, through a joint venture with SBI, to leverage on the upward trend in non-cash payment in Japan. It also targets to do the same in Korea and other Asia Pacific countries.

Last year, Ripple launched an office in Mumbai, India’s financial center, to render better payment services to India’s digital economy. India’s digital economy is estimated to hit $1 trillion by 2024. Ripple has moved in to provide a seamless payment platform for the banking system in the country.

Ripple has a big vision that may likely make it no 1 company in global payment processing. Well, Ripple may continue riding high as long as another bull doesn’t jump into the scene.


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Author:  Judith Riseshine
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Ripple (XRP) Leads Altcoin Retreat as Early-Week Rally Fizzles

Led by ripple (XRP), the bitcoin and the altcoin markets edged lower on Thursday after staying on the bulls’ side for most of the week.

Ripple Price Headlines Pullback

The cryptocurrency market as a whole witnessed their uptrends getting stalled. Other top performers during the previous rally, including stellar (XLM), bitcoin cash (BCH) and EOS, underwent a sharp pullback action. However, they managed to hold on to some of their gains despite being unable to sustain their prevailing bullish momentum.

The crypto correction coincided with the pullback session of US stocks. The S&P 500 and the Nasdaq also rebounded from their rallies as dollar regained strength ahead of the Fed meeting. While a direct correlation between the dollar and crypto markets is difficult to establish, the fact that both the new and the old market corrected in sync with each other raises questions, anyway.

With the strongest altcoins holding above their medium-term supports, their fiat-enabled pairs could also be forming bull flags. It means that a bearish correction could have been caused by day traders exiting their long positions, suggesting that an upside trend should resume after locating an interim support — a bounce back level.

SOURCE: TRADINGVIEW.COM

XRP, for instance, became one of the best performing crypto assets after rising 26.94 percent, from $0.449 to $0.570. The coin later erased circa 14 percent from its gains, now trading at $0.507, which also happens to be above the rising channel support, depicted in orange to the downside. The interim mood should start to favoring bears upon a successful breakdown action below the said rising support level.

There were also reports that XRP rallied after the news of its integration into a global payment standard SWIFT, and corrected after the agency dismissed the rumor altogether. Any such correlation could not be established by the time of this writing.

Bitcoin Upside Capped

SOURCE: TRADINGVIEW.COM

The cryptocurrency locomotive bitcoin also found its rally capped by its 100-period simple moving average — the third time now. The average is depicted in sky blue in the daily chart above, defining bitcoin’s inability to recapture the bulls near such resistance levels. Nevertheless, the pullback is not that severe, but can certainly extend towards the range support defined by $6,203. A breakout, on the other hand, puts the next resistance pressure on $6,600, followed by $6,750 and $7,000 in medium-term.

High Volume in BCH/USD Market

Unlike XRP and bitcoin, bitcoin cash is witnessing a surge in volume in the time of its pullback action. It should appear natural ahead of an impending fork event that would split the BCH blockchain into two separate networks. Traders are likely to hold BCH coins in hopes to receive airdropped tokens that may or may not have some value in the future.

SOURCE: TRADINGVIEW.COM

As of now, bitcoin cash is looking to attempt a breakout action above the latest medium-term descending triangle resistance. It would allow the pair to test $663 as its potential upside target while eyeing $788 to confirm a longer bullish bias. To the downside, an extended pullback would pull the value towards the 100-period moving average (sky blue), a support level, while setting $407 as the primary downside target.

Stellar Strongest among Top 10

SOURCE: TRADINGVIEW.COM

Stellar is comparatively stronger than the rest of the top coins, now trending sideways following the hint of a strong pullback action. The coin against the dollar has almost negated the losses it faced during the bearish correction. It is now hinting a sideways action while keeping its eyes on a potential selling action towards. Should that happen, the near-term rising trendline coinciding with the 100-period SMA could provide a decent support for a potential bounce back. A further break and the same pressure would fall on the medium-term support further below.

Disclaimer:  The author currently holds bitcoin, bitcoin cash, and stellar for both short and long-term investments.


Source
Author: Yashu Gola
Image Credit: Charts from TradingView.