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Ripple Rips Old School Payments Industry As XRP Hits $300 Million Crypto Lending Platform



Ripple is ramping up its recent smackdown on the worldwide payment system status quo.

In a new tweet, the company points out just how cumbersome traditional payments can be, with vague estimations on when cross-border transactions will actually arrive.

This follows the company’s advertisement from last week, which highlights Ripple’s argument that it’s sometimes faster to physically send money by getting on a plane than it is to send it through a bank.

Meanwhile, the crypto-backed lending company Cred says it’s now offering USD loans, collateralized by XRP.

High-profile investor Michael Arrington, the founder of crypto investment company Arrington XRP Capital, says he’s a user and fan of Cred. He calls the addition of XRP an important step in the evolution of the digital asset.

“Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”

Cred says it has secured over $300 million in credit facilities available for lending, three times more than the rest of the industry combined.

Source: The Daily Hodl

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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

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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

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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.

Brad commented:

“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.

Source:  blokt

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