Ripple’s ambition is to make the cross-border transfers a better experience by providing decentralized financial tools and having a strong partnership. This partnership would strengthen them to overtake other strong competitors like Coinbase.
Mother luck finally smiled at the Fintech company when it started partnership negotiation with the National Association of Securities Dealers Automated Quotation exchange NASDAQ.
This negotiation has been on for about four months now, with Ripple pushing to have its $XRP amongst the first set of coin to be listed when Nasdaq launches its crypto platform in 2019.
“The back and forth has been ongoing for better than four months and $XRP is set to be one of the initial coins listed when @Nasdaq launches its crypto initiative in early 2019. Nasdaq listing XRP early 2019 is huge news and makes coinbase irrelevant! #XRP.”
According to the dialogue that has been going on so far between sources from both parties, this collaboration is focused on market capitalization that will place $XRP in a parallel position with ethereum.
According to a report from abacusjournal.com, a source from Nasdaq revealed that the exchange is not interested in all the noise going on in the crypto market, but scalability. They cannot afford to sideline $XRP which happens to be among the top five security coin by market capitalization, in launching their crypto initiative in 2019.
He went on to explain that Ripple’s cryptocurrency has attracted as much focus as bitcoin cash, and if bitcoin cash is listed across all the exchanges, $XRP should as well. Nasdaq has evaluated Ripple executives and credited them as well organized and classified, so is ready to accept what they have to offer.
Another source from Nasdaq also revealed to the journal that Ripple and its crypto $XRP is likely going to be the second largest cryptocurrency in the nearest future. So the reason for including $XRP in the initial offering is obvious since the main focus is on market capitalization.
The source went further to explain that based on Ripple management team and its level of operation in the banking industry, it meets all Nasdaq standard set for market capitalization. Ripple has been compliant to due diligence, making its management team available for the ongoing arrangement, the scalability of their coin is an added advantage.
Ripple may not be focusing on taking the first position in the crypto market. Its aim to dominate the financial and business sector with its decentralized financial tools is likely achievable with this new listing.
Ripple (XRP) and International Monetary Fund (IMF) Talk Blockchain and Crypto Assets Research
The post World war period was a great time for international cooperation. After the slaughter that had taken place, many sought to understand the complexities of the causes of the war. Unsurprisingly, it was found financial stability was a great antidote for the poison of war. So the International Monetary Fund(IMF) was formed to foster peace through global monetary cooperation, to help promote high employment and aid in the reduction of poverty around the world.
With changing times the core principles of the organization have remained the same. However, the organisation, headquartered in Washington, D.C., is now focussed on a new challenge: international payment systems. Accounting for the changing nature of the financial and banking sectors they now also look to advise in issues of balance of payment management and navigate through various financial difficulties.
In line with that thought, Ross Leckow, an Internation Monetary Fund [IMF] official was in conversation with Brad Garlinghouse, Ripple’s Co-founder. Amongst other things, they discussed the Fintech industry and the role of blockchain in it. This was brought up when, during the talk, attention was focused on the present situation in the ASEAN region. At this, Ross stated that his organisation was indeed quite interested in the possibilities and said.
“Last year, we put in place a high-level advisory group of industry leaders from the private and public sectors to help guide us in our work on FinTech. I’m very happy to say that Chris Larsen, one of the co-founders of Ripple […] part of that group. And we’re grateful for the worldly advice that they give us.”
It appears that the IMF has been exploring the possibilities for some time. They have collaborated and also looked for guidance from both public as well as private players. The chief cause of interest is the field of cross-border payments. They are naturally intrigued by the possibilities that blockchain might offer and its potential impacts on FinTech. Although the Deputy General Counsel at IMF was quick to drag in other “new technologies”, such as the Intenet and cloud computing, that he felt were positively impacting his area of expertise. Later, the conversation again drifted to distributed ledgers and virtual assets and Ross conceded that Fintech was the future.
Fintech( financial technology) is the amalgamation of new and emergent technologies and innovations with existing financial institutions to provide a better alternative to the traditional financial methods in delivering services.
The IMF and its board of 189 member countries are keen to weigh any useful advice on the topic of harnessing the full potential of FinTech to boost development, especially the post-global financial crisis of 2008. Some of the member states are also open to suggestions in regards to regulations that guard their citizenry against the possible risks posed by these emergent technologies. The IMF man also revealed their active participation in research and publications dedicated to the industry as a whole and crypto-assets in particular.
Apart from news purported by the far right and far left media, this is one of the most peaceful times in recorded history. There are still a lot of major challenges facing us. However, the tactile acknowledgment by an international organisation of IMFs stature is good for the industry.
Source: Bitcoin Exchange Guide
Ripple’s CEO Represents Crypto Industry at Singapore’s FinTech Festival, Talks XRP and Thailand Bond
The CEO of Ripple, Brad Garlinghouse recently appeared at the Singapore FinTech festival where he spoke about various issues around the crypto community.
Singapore FinTech Festival 2018 is organized by the Monetary Authority of Singapore (MAS) in collaboration with SingEx and in partnership with The Association of Banks in Singapore (ABS). This year’s festival will feature two new elements this year: Asean Fintech Showcase and Artificial Intelligencein Finance Summit. A visitor can journey through more than 400 exhibitors from 35 countries and 16 country pavilions, and participate in the food and beverage experience. They boast to be the biggest festival of its kind.
Crypto Regulation In ASEAN region
He spoke with the International Monetary Fund’s Deputy General Counsel Ross Leckow about the uniqueness of the ASEAN markets and how Ripple plans to capitalize on it. He started by discussing the regulatory issues and adoption of cryptocurrencies in the region. He praised Singapore for being the only country that can be deemed “the leader in this space.” He added:
“Thailand would be another country that we’ve seen that is expressly and explicitly legalized and endorsed digital assets including XRP. We’ve seen some of that same activity in the Philippines.”
According to Garlinghouse, the leading reason for the technology not being widely accepted is regulatory uncertainty. It was surprising to see the skepticism of authorities even though these technologies solve a real-world problem.
“If we can have that regulatory certainty and I’m talking about Ripple but I’m also talking about for other companies in this space also the more quickly we can see the adoption of those technologies.”
XRP Predictions Of Last Year
Ross Leckow then asked about the CEO’s prediction about the coin from last year. Brad stated:
“My prediction a year ago… I was here at the Singapore Fintech Festival and I got into trouble when I went back to the office because the PR team said that I had overstepped by predicting that within a year – I predicted that financial institutions like banks would be using XRP in their payment flows.”
So, Garlinghouse thinks that his prediction has come true, especially the part that the banks are using XRP in their payment systems. He made sure that he spoke for the entire crypto space and not only Ripple or XRP. Other coins such as Steller have also made good progress in the same space.
He noted that the process of adoption will accelerate when the banks realize that solutions provided by such technologies are actually a profit making ideas.
Source: Bitcoin Exchange Guide
Ripple CEO Brad Garlinghouse Speaks About Blockchain Use in ASEAN at Singapore Fintech Festival
Ripple CEO Brad Garlinghouse talked about the opportunities for digital assets and blockchain technology in the ASEAN region. Speaking with IMF’s Deputy General Counsel Ross Leckow, Garlinghouse noted on Monday that the unique regulatory frameworks of the region could help in the creation of game-changing technology that will change the future of global payments.
The Unique Blockchain Opportunities in ASEAN
Leckow asked Brad about the blockchain challenges and opportunities that the ASEAN market present to the private sector. He replied, noting that several markets outside ASEAN are still uncertain about the regulations that could drive digital asset adoption. However, he said that the regulatory environment in ASEAN is clear.
He appreciated countries like Thailand, Singapore, and the Philippines who have stepped ahead of their peers to make clearer regulatory frameworks for blockchain technology and digital assets. Of these three countries, Thailand has already introduced a robust framework for regulating new coin issuances and put adequate consumer protection in place. XRP, Ripple’s native cryptocurrency is now legal in Thailand.
“This clear regulatory environment makes it easier to apply blockchain and digital asset technology to solve real-world business use cases, such as improving cross-border payments across the ASEAN region. The East Asian markets received $130 billion in inbound remittance payments last year alone. They are expensive, and the market is ripe for adoption of new technology, like blockchain, to drive costs dramatically lower.”
What Are the Challenges?
Brad said that the region has historically lagged in correspondent banking. Payment friction is also increasing in the ASEAN region, especially as the global banks are contracting a part of their traditional correspondent relationship.
He further noted that the challenge could be an opportunity as well. For instance, half of Ripple’s global customer base is located in ASEAN. Their Singapore headquarters has brought seen 200 percent growth in the past one year alone.
Leckow also noted that there is a “general openness” in embracing fintech and letting innovation thrive. Fintech companies have been able to engage with the regulators and countries like Thailand, Singapore, Malaysia, and Indonesia are creating regulatory sandboxes to help in fostering a positive environment for the industry. Leckow said:
“Regulators have also been willing to work with the private sector in this region to put frameworks in place when they see a good example of how technology can help solve a real problem, to allow the use case to develop. Cross-border remittance is a good example of a use case that is very important here.”