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.
“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.
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%.
— Michael Arrington (@arrington) August 16, 2018
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.
Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland
By CCN: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra.
According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.
Libra Networks, which was registered in Geneva on May 2, will provide financial and technology services. Also in its wheelhouse will be developing related hardware and software.
ANOTHER SECRET MOVE
Famed investor Michael Novogratz recently called Project Libra “stunningly important” to the crypto space.
Given Facebook’s history of boasting about its projects, you’d think it would be bragging about Project Libra. That’s not the case. The Switzerland move was done with no fanfare such as company press releases or blog posts. This seems to be the way Facebook has chosen to roll out its Project Libra.
It’s keeping close to the chest even where the project will be launched. In December, it hinted at plans to set up shop in India. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users.
Facebook’s Secret Cryptocurrency Led by PayPal Alumni Just ‘Months Away’ from India Launch https://t.co/YfEzcEdux3
— CCN.com (@CCNMarkets) May 9, 2019
Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users. Over time, however, the scope of the project has expanded. That includes the decision to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content.
When all is done, Facebook hopes to have a stablecoin that is pegged to the value of a local currency.
Switzerland has long been recognized as a leading hub of blockchain and cryptocurrency technology, with the Swiss town of Zug referred to as “Crypto Valley” throughout the world.
'FaceBook Registers Secretive LIBRA Crypto Currency In Switzerland : Reuters
Possibly That Is Why Powerful Tech Lobby NASSCOM Urges RBI 2 Favor Bitcoin Start-Ups ! Floating Currency Is A Prerogative Of A Sovereign Nation So Like China Did Long Back All Should B Totally Banned !
— Madhav Apte (@madhav_apte) May 18, 2019
— Hot New Trending (@HotNewTrending) May 18, 2019
PRIVACY ISSUES HAUNT FACEBOOK
As Facebook was making arrangements for this Switzerland fintech, it was facing hiring problems on the domestic front. CCN reported that recruiters are complaining that it is increasingly harder to find talent for Facebook’s engineering jobs. Potential hires don’t like the myriad privacy issues that the social media platform has seemingly failed to get a handle on.
They’re taking their talents to other tech giants, like Amazon, Google, and Microsoft.
The project has also drawn scrutiny from U.S. lawmakers. They are concerned that Project Libra will be plagued by Facebook’s failure to adequately secure users’ data
Well-known Ponzi scheme, Bitconnect is set for a relaunch on July 1
It’s an interesting time in the crypto sphere. As the markets are setting new yearly highs and excitement builds around Bitcoin’s potential, news has begun circulating that someone is trying to revive BitConnect, a project best known for being a Ponzi scheme.
Bitconnect became one of the most hyped projects of 2017 after YouTube and Twitter personalities promoted the project to gain affiliate payouts. However, by 2018 it had become apparent that Bitconnect was a scam and a class action lawsuit was filed, followed by the arrest of the Asia head of Bitonnect.
As such, many were taken by surprise when Bitconnect 2.0 was announced late last year. While the website stated the infamous project would be relaunching soon, nothing of the sort has happened. However, as NullTX reports, an email has been doing the rounds which claims Bitconnect’s return is imminent. This is further corroborated by a tweet stating Bitcoinnect 2.0 will be officially launching on July 1, 2019.
Welcome everyone back to Bitconnect 2.0
We will launch Bitconnect2.0 on July 1st
visit our website for more Infoshttps://t.co/xKJ10yeYoP
— Bitconnect2.0 (@Bitconnect2_0) May 18, 2019
A quick search on WHOIS reveals the domain name will expire this time next month, meaning the domain name will be taken offline before Bitconnect 2.0 even launches. Considering no one knows who’s in control of the domain, it’s going to be interesting to see how this plays out.
Medvedev: Crypto Regulations not a priority for Russia
- The Russian government is not thinking of regulating the cryptocurrency markets.
- Crypto trade may start again in the nation.
Many industries have been appealing the Russian government to formulate laws to operate the market for digital assets because of the regulatory uncertainty of cryptocurrency. It has become difficult for firms to do business. However, those people can do business in Russia anytime soon. Medvedev said in a legal conference in St Petersburg that formulating digital asset regulations “is no longer a priority for the state,” adding:
“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant.”
However, Medvedev did not say that the lawmakers are entirely uninterested in cryptocurrencies. He noted that trading in the digital asset markets could go up again. If and when that happens, the regulators will renew their interest towards cryptocurrencies.