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RIPPLE XRP might hit the skies finally, probably last chance to get on Ripple train

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Ripple (XRP)is on the brink of becoming one of the main cryptocurrencies to be used by banks and other financial institutions. At the moment, XRP investors are set to see some life-changing developments with Ripple.

It is important to know that in the last seven days, XRP increased by 27.87% – much higher than Bitcoin, Ethereum, Bitcoin Cash, EOS, and Stellar. We shouldn’t be surprised if XRP overthrows Ethereum in its position because, in the end, XRP will be a digital asset that offers better utility to the world.

Ripple Partners with 3 top cryptocurrency exchanges for its international payments

To enhance xRapid-powered global payments, crypto exchanges such as Bittrex, Bitso, and Coins.ph have been picked by Ripple for banks using XRP. XRP will be used to facilitate transactions between global banks.

Ripple stated:

These exchanges will enable xRapid payments to move from one cryptocurrency- into XRP- and back into another currency efficiently and quickly.”

Subsequently, these three crypto exchanges will assist transactions that used XRP between USD, Philippine, and Mexican Pesos.

Ripple, through its chief, Cory Johnson stated:

“Bittrex is one of the biggest names in digital asset trading in the U.S. The same applies to Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”

It is important to know that companies that make use of xRapid stated that they save up to 70% of the cost for the cross-border transaction.

Ripple’s chief further added that its recent progress is the vital one for xRapid and xCurrent:

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchanges partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

In accordance to Johnson’s announcements, the xRapid product will move from its testing phase to the production phase.

READ: Why Ripple (XRP) can jump 100x in value and become the world currency

 

Johnson stated the real reason why Ripple chooses Mexico, the U.S, and the Philippines by saying:

“Why did we choose, of all countries, preferred partners in Mexico and the Philippines? The four largest incoming remittance countries (two of which shun crypto business) are India, China, Mexico and the Philippines.”

On the other hand, the Chief of Coin.ph also commentedon the recent partnership with Ripple:

We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payment, making sending money home more affordable for 10M+ overseas Filipino workers.

Additionally, Binance also collaborated with Ripple on the launch of its new crypto exchange called Liechtenstein Cyptoassets Exchange (LCE). This was revealed through a tweeted picture by Michael Arrington showing him with the CEO of Binance Changpeng Zhao along with Ripple’s SVP Ethan Beard for the launch of new Binance cryptocurrency exchange. As a result of this collaboration, Ripple’s price surged at that time by 7.84%.

There are some strong sings that Ripple (XRP)could hit the moon in no time and we shouldn’t be surprised if this occurs sooner than later. Nevertheless, this is the right time to invest and get on the Ripple train before it is too late. Of course, use your very own common sense and research.

READ MORE:

Can Ripple (XRP) Still Get To $1 Before 2018 Ends?

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Crypto market overview: The top three coins face minor bearish correction

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  • Bitcoin bulls managed to keep the price above $10,500.
  • Bitcoin SV (BSV) was the biggest winner among the top 20 coins.

The market faced slight bearish correction this Friday as the top three made minor losses. Let’s take a closer look at how the top three did and then reveal the biggest winners and losers of the day, among the top 20 coins.

Top three coins

  • Bitcoin: BTC/USD fell at the $10,650 resistance level and went down to $10,528. The bulls did manage to keep the price above $10,500.
  • Ethereum: ETH/USD went down from $225.85 to $220.65 this Friday. ETH/USD has significant market resistance at $226.
  • Ripple: XRP/USD went down from $0.321 to $0.320 this Friday. The asset reached a maximum of $0.3227 and a minimum of $0.31.

Biggest winners and losers (top 20 coins)

  • Bitcoin SV (BSV) was the biggest winner among the top 20, as it went up by 8.26% and is priced at $146.33.
  • Tron (TRX) went up by 8.07% and is priced at $0.028
  • Stellar (XLM) went up by 5.41% and is currently priced at $0.093.

source:.fxstreet

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Anchorage Chose South Dakota for Its Crypto Custody – Here’s Why

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During a tense Senate Banking Committee hearing on Tuesday, in which Facebook blockchain lead David Marcus was skewered over the social media company’s ambitious Libra project, Sen. Mike Rounds (R-S.D.) started his remarks with a brief announcement:

“Mr. Marcus, thanks very much for appearing here before us today. Before I begin my questions, I just want to take a moment to commend the South Dakota Division of Banking for their forward-thinking and willingness to allow for innovation in the digital currency space. Another founding member of the Libra Association, Anchorage, just received permission from the Division of Banking to become a South Dakota chartered trust company.”

Observers may have found it odd given the tenor of the hearing, but indeed, Rounds had it right. “Anchorage, which is a Silicon Valley crypto startup,” he said, “has chosen to open its second headquarters in Sioux Falls.”

Amidst the fear, uncertainty and doubt hanging over the hearings, Anchorage was improbably enjoying its moment in the sun.

The startup recently raised a $40 million Series B on the promise of crypto custody services for institutional investors that are “both more secure and more usable.” Anchorage’s technology avoids the traditional dichotomy of internet-connected hot wallets and offline cold storage in favor of specialized hardware security modules (HSMs). The company’s custom HSMs “will process a given transaction only when certain criteria are met,” according to a company blog post from April.

In June, Anchorage also snagged a seat at the table of the Libra Association alongside some of the world’s most powerful brands. (Anchorage investors Andreessen Horowitz and Visa are also founding members of Libra’s initial 28-company consortium.)

CoinDesk spoke with Anchorage CEO Nathan McCauley the day after the Senate hearing about why shopping jurisdictions made sense and what the benefits of launching a subsidiary in South Dakota are expected to be.

While Wyoming is perhaps the most notable state to court the crypto industry, others have also joined in. Montana passed a crypto-friendly securities law in May. In South Dakota, Anchorage is following in the footsteps of fellow crypto custodian BitGo, which got the green light from state regulators in 2018.

Below is an edited transcript of our discussion.


The cost of living is among the lowest in the U.S. and there are no income taxes, but are there specific reasons you selected South Dakota for your new Anchorage Trust subsidiary?

South Dakota knows trust administration, and that kind of institutional memory means abundant access to legal counsel, auditors, office space and talent. There were others states we talked with where a trust company hadn’t been created in over a decade, and “over a decade” was considered recent.

From top to bottom the state is really interested in seeing innovation happen. The South Dakota Trust Charter allows companies to operate on a national level so you can serve clients from every state. There is regulatory clarity that allows crypto natives to increase yields for clients through banking, staking and other kinds of participation. And surprisingly, South Dakota is one of the largest holders of institutional assets in the country, more than $3 trillion, according to the FDIC, three times the size of New York, followed only by Ohio.

It’s also a really nice business climate. We’re hosting a ribbon-cutting ceremony in a few weeks and the local chamber of commerce is helping put it together.

How long did it take to get the charter?

We were motivated to do it quickly because from the get-go we knew we wanted to be a qualified custodian for our institutional-investor clients. Initial contact was late December. We met with the Division of Banking three or four days before Christmas and we received our charter on July 16, so it took six, seven months.

Who else is part of the South Dakota crypto community?

BitGo and Kingdom Trust are here as well.

What challenges do you foresee at the federal level?

SEC broker-dealer guidance continues to be a work in progress. We’re in good shape because of our licensure but more regulatory clarity is needed for the industry.

Any plans to expand internationally?

Right now our focus is on the United States because the U.S. remains the center of gravity for institutional investment, but we’re open to conversations with folks from the EU and Asia as many of them are interested in working with a U.S.-based custodian.

You recently deepened your ties with fellow Libra Association members Visa and Andreessen Horowitz, which are both investors in your Series B round. What are you most excited about going forward?

The investment from Visa is an important part of our story because it speaks to the kind of investor we’re attracting and the growing interest in cryptocurrency. It’s also very exciting that social networks like Facebook are getting involved in cryptocurrency to make financial services available to a larger portion of the population in a user-friendly way.

We’re just thrilled to be part of it.

source:.coindesk.

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BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?

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The crypto industry was taken aback earlier today when news broke regarding popular leveraged crypto trading exchange, BitMEX, being investigated by regulatory authorities in the United States.

Importantly, news regarding this investigation came about shortly after top officials within the US government criticized the nascent crypto markets, with the Treasury Secretary warning that they would be implementing and enforcing “very strong” regulations in the near-future.

Crypto Trading Platform BitMEX Under Instigation by CFTC

Earlier today, news broke that BitMEX is currently being investigated by the United States Commodity and Futures Trading Commission (CFTC) for allowing Americans to utilize the platform without having the proper licensing and registrations.

The news, which was first reported by Bloomberg, came closely on the heels of comments from top officials within the US government, who offered a less-than-positive perspective on the crypto markets, deeming them as markets rife with crime and fraudulent activity.

HDR Trading Limited, BitMEX’s parent company, declined the opportunity to comment on the investigation, but BitMEX CEO, Arthur Hayes, has previously stated that the company does ban users from the US who attempt to undermine the company policy – which technically does not allow US residents to access the platform.

It remains unclear as to where this investigation could lead, or as to what the consequences could be. But prominent critic of both crypto and BitMEX, Nouriel Roubini, noted in a recent tweet that be believes the allegations set forth by the CFTC are just a “fraction of the sleeze going on in BitMEX.”

US Government About to Crackdown on the Nascent Markets

The CFTC’s probe of BitMEX comes just one day after US Treasury Secretary, Steven Mnuchin, told CNBC in an interview that the government would begin policing crypto with “very, very strong” regulations.

Mnuchin further added that the goal of these regulations would be to ensure that Bitcoin and other cryptos don’t become the equivalent of “Swiss-numbered bank accounts.”

Because it is not possible to actually regulate decentralized cryptocurrencies themselves, it is highly probable that the first target of regulators will be crypto exchanges, as many of them have been operating in the shadows beneath the nose of regulators.

In other countries that have more progressive regulations, like Korea, federal regulators first started targeted crypto exchanges, forcing them to adhere to the strict rules that govern the banking industry.

Although it still remains clear as to when and how the US will go about slapping the “very strong” regulations on the markets, it is likely that more exchanges will begin facing increased scrutiny from groups like the CFTC in the near-future.

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