Which is best for moving funds between exchanges?
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Ripple being the third-best currency in the market, still makes up for one of the most talked-about currencies in the crypto community. Partially, this is the case due to the successful penetration of Ripple’s technology xRapid into the systems of various financial institutions across the globe.
Ripple claims that with xRapid, they will be saving over 16.5 billion dollars in fees that could be spent with better purpose. However, financial institutions like Western Union claim that they have yet to see if xRapid can indeed save the mentioned billions or at least millions in fees as Ripple originally claims.
Ripple Claims xRapid Able to Save Billions in Fees
In one of the latest insights shared with the crypto community, Ripple has stated that their foundation is able to save over 16 billion dollars with xRapid, stating that this is the amount that goes on paying for transaction fees while making global payments.
The team Ripple has stated in their release that the foundation is aiming at bringing something more constructive to the world rather than just providing a service of making fast global transactions.
That is how they mentioned the Internet of Value, making entering into the IoV as one of their main objectives.
The team reminded the community that their main goal was to offer a possibility to the world where “money can move like information”, which they succeeded thanks to the technology inspired by blockchain.
The second factor in establishing IoT is to enable transactions that cost “little to no fees” at all.
Ripple has further added that they have done an extensive research that proves that xRapid would be able to cut costs that are made in fees in oppose to the global remittance market.
In their research, the team has concluded that the global remittance payments are marked as one of the largest business today as the total number of the payments made globally sum up at the figure of 600 billion dollars per year.
The team has further added that the fees paid for the 600 billion dollars made with global payments come to a sum of around 30 billion dollars, with the World Bank stating that an average fee per payment on an annual basis would be 500$ when divided to end users.
Ripple has further stated that while observing the global remittance industry and trying to establish the Internet of Things, it is very important to consider enabling benefits for individual users while aiming at creating a global impact in the industry of finances and financial services.
That being said, Ripple has stated that in accordance with the research, they have concluded that the majority of users making global transactions are actually hardworking individuals working abroad and sending money to their families.
Because of them (the hardworking individuals), Ripple is aiming at cutting on fees with xRapid, that way saving billions in fees.
The team has stated that with xRapid, they would be able to save billions in the top remittance countries where increased activities revolving around global payment services are in bloom, meaning Mexico, China, Pakistan, Philippines, and India.
However, Western Union, which is one of the first financial service providers to have tested Ripple’s xRapid, claims despite the above-described research made by Ripple, that they have yet not seen any sign of savings when it comes to cutting fees with xRapid.
Ripple’s xRapid to Cut Fees: Western Union Waiting for Proof
It has been 6 months since Western Union started with testing of Ripple’s xRapid, however with the latest statement made by the CEO of Western Union, Hikmet Ersek, it’s been said that Ripple’s xRapid has not yet shown any signs of saving money on fees with their technology.
While the CEO clearly stated that they are still experimenting with xRapid, they have yet not witnessed any signs of the probability for the reduction of fees. Hikmet Ersek added that he is aware of the fact that Western Union is often criticized for not being cost-effective, adding that during the testing of xRapid they can claim the same for xRapid for now.
The statement goes directly against Ripple’s research that shortly explained the potential of xRapid in the matter of saving billions of dollars in fees that go for remittance payments.
Western Union, as previously stated, will only accept xRapid for their payment services in case xRapid would be able to cut on expenses and make their payment system more cost-efficient.
In defense of Ripple and xRapid, the CEO of Western Union added that it is still too early to claim with certainty that xRapid isn’t working on cutting fees with global payment, so Hikmet Ersek added that they have yet to see the true potential of Ripple’s technology, which most certainly brought relief to Ripple foundation.
It is the season of polls for Ripple (XRP), the cryptocurrency which was earlier rendered insignificant by Coinbase despite its enchanting potentials attested to by big and small firms which are not limited to the fintechs but include large banks in the world and some central banks.
A recent poll by Weiss Ratings on Twitter that was categorized into four with Ethereum, Ripple, Bitcoin and “other” coins placed Ripple ahead of other digital currencies including Bitcoins.
Ripple took the lead with 78%, Bitcoin had 6%, while Ethereum and ‘Other’ had 8% votes. 7,598 crypto lovers took part in the vote.
A few days back, CNBC’s Fast Money revealed the outcome of the poll they organized on whether Coinbase users need Ripple.
Ripple, Stellar (XLM), Cardano (ADA), and ZCash (ZEC) were part of the poll. However, Ripple led with 34% votes leaving ZCash with 30%, and Cardano and Stellar had 25% and 11% respectively.
Last week Coinbase announced they are exploration five new cryptocurrencies. Among them lies ZCash (ZEC), Stellar (XLM), Cardano (ADA), with two unpopular coins: 0x (ZRX) and Basic Attention Token (BAT).
“We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible”.
Coinbase decision sparked uproar in the crypto space owing to people’s expectation that the exchange will include Ripple, which was earlier alleged of Inducing Coinbase listing with money.
The five coins, as Ethereum World News earlier reported would be exposed to 13 million customers and price upsurge after they are listed on Coinbase. The exchange therefore made known that they are not guaranteeing the listing of the coins but may select any in the future.
“Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.”
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Stellar (XLM), Litecoin (LTC) and Bitcoin (BTC)
Brian Kelly, the CEO of crypto investment firm BKCM, says Stellar has earned its spot ahead of Litecoin in market cap.
“Stellar is both a currency and a platform, so it makes sense that it is more valuable than Litecoin,” Kelly told CNBC. “The partnership with IBM is very interesting and could add even more value as they build more products on the Stellar platform.”
As for the overall market, Kelly believes the bear market may have subsided. “The character of the market has appeared to have changed. For most of this year, every rally was met with aggressive selling. That has changed over the last two weeks. The potential for a currency war could be a tailwind for Bitcoin going forward.”
Crypto exchange Changelly has added Tron to its list of cryptocurrencies that can be easily bought with a bank card.
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In addition, a new Google Chrome extension for Tron is launching. Tronlink is designed to give developers an easy way to create decentralized apps that launch directly from the browser. Users will be able to see games, applications, sites and other DApps on Tron’s blockchain through TronLink. It will be available on the Chrome Web Store on July 31.
Check out Tronlink, the Chrome extension built by @TronWatch! Developers will now be able to create and interact with DApps from a browser, a major step before our Virtual Machine Testnet launch on July 30! Stay tuned https://t.co/4BuNDvPDTX
— Tron Foundation (@Tronfoundation) July 21, 2018
Ripple and XRP
A new poll from Weiss Ratings found XRP is the best cryptocurrency for moving funds between exchanges.
Out of 7,598 votes, XRP came in first at 78%. Ethereum and “other” tied for second with 8% each, and Bitcoin is in fourth place at 6%. Ripple owns 60% of the total supply of XRP.
Which is best for moving funds between exchanges?
— Weiss Ratings (@WeissRatings) July 20, 2018
Philippines-based LoyalCoin is aiming to create the world’s largest loyalty network where points from thousands of different brands are interchangeable – all thanks to cryptocurrency.
Customers will be able to turn reward points from numerous brands into taxi rides, air miles, fast food treats and pretty much anything else they want.
And from August this year they will also be able to cash out their points into Fiat currency for the very first time.
A groundbreaking digital asset, LoyalCoin is the brainchild of Filipino firm Appsolutely which has become a leading player in the loyalty and rewards sector over the last five years.
It is now using blockchain technology to create the only truly global rewards scheme where you can use your passion for pizza to jet off on holiday, and your grocery shopping bills to pay for a cab across town.
LoyalCoin Chief Operating Officer, Paolo Bediones, said: “It’s time for crypto to come into the rewards segment.
“The idea is that customers can combine their loyalty points from different merchants into one place.
“That means they can much more easily keep track of them and trade them for things they actually want – and in more ways than they previously thought possible.”
Working with peer-to-peer blockchain platform the NEM Foundation, LoyalCoin already has a 200,000-strong community and nine billion coins in circulation.
It is rated 268 out of 1,656 coins on CoinMarketCap and is being traded on Cryptopia and the NEM Exchange.
LoyalCoin is currently operating in the Philippines but is set to expand into South Korea, Japan and the United States by the end of the year. A route into the European market is slated for 2019.
And it already has some big brands on board.
In May it signed a deal with Cebu Pacific to harness the Filipino airline’s existing GetGo points system.
Agreements with international convenience store giant 7-Eleven and ride-hailing company Grab, which acquired Uber’s South East Asia operations earlier this year, have also been confirmed.
Mr Bediones added: “There are thousands of loyalty programmes but businesses still lose repeat customers who can’t keep track of them all and who can only use their points in a few places.
“With LoyalCoin it will be possible to use and trade them everywhere – it will unite all points and programmes into one.
“Businesses will gain customers and revenue, and people will actively use their rewards points. Meanwhile, coin-holders will see their points appreciate as the new loyalty economy expands.”
The Cagayan Economic Zone Authority (CEZA) currently allows crypto platforms to operate in the country but the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is working towards official regulation due to be in place by the end of the year.
Mr Bediones said: “Regulation is crucial to the advance of cryptocurrency globally, however there has to be some give and take.
“It is important but there should be room for growth within that.”
President and Chief Executive Officer, Patrick Palacios, said: “LoyalCoin is a digital rewards wallet that can be used within the group of merchants that we partner with.
“Essentially is solves the problem of consumers not be able to use their points anytime, anywhere.”
LoyalCoin is stored in a LoyalWallet, a secure blockchain-backed system that is available for both iOS and Android operating systems.
Mr Bediones said: “Like a traditional rewards point, LoyalCoin can be used to redeem rewards from any participating merchant.
“That means that your points from one merchant can be redeemed with every other merchant within the system.
“However, LoyalCoin can also be sent to and received from other people, and used as payment with participating merchants.”
It has already made waves in the cryptocurrency world through its partnership with United Kingdom e-bike retailer 50cycles.
Last month the British company announced a new range of electric bikes called Toba, on which riders can earn LoyalCoin while they pedal – at the rate of around £20 ($26.50) for every 1,000 miles they cover.
For further details visit loyalcoin.io.
LoyalCoin CEO Patrick Palacios
LoyalCoin COO Paolo Bediones