XRP is back to being the second largest cryptocurrency in the world after pushing Ethereum [ETH] back to the third spot. 2019 has been a really good year for Ripple and XRP as the latter exceeded more than 200 partnerships with financial institutions.
Moreover, in a recent AMA styled discussion named, “Have your say on the future of money”, Bank of England’s Governor, Mark Carney discussed with a few XRP fans about the bank’s plans regarding the future of cross-border payments.
Carney stated:“Money is evolving and so is the way we pay and the financial services we want… Bank notes will remain a central form of payment for some time… “
On the discussion forum a user, Steve asked:“How does the BofE view the increased utility of digital assets? (e.g. the use of XRP through RippleNet as a bridging asset for cross border payments and transfers) and is the BofE working towards the use of a digital asset to perform this or any other monetary tasks?”
Mark Carney replied that the bank had already teamed up with Ripple in 2017 to work towards new ideas in cybersecurity, digital assets, distributed ledger technology, machine learning and many other topics.
Furthermore, he explained:“For that proof-of-concept study, we looked at whether two transactions in different currencies could be executed simultaneously in separate RTGS systems. he important test is that, if one of the synchronised transactions fails to go through, the other part should not go through. That shows the system is working properly and could in principle be used for cross-currency conversions.”
He said that this could be something that could change how cross-border payments work and ultimately change it in an unprecedented way by reducing fees and transaction times.
Earlier, in October 2018, in an interview with SibosTV, Victoria Cleland, Bank of England’s Executive Director for Banking, Payments and Financial Resilience spoke about their “Proof-of-Concept “, which was a research on the future of money, done by partnering with Ripple. She stated:
“We do want to make sure is that when there are sort of participants or systems who one sort of plug into RTGS that they can do so using DLT so the proof of concepts that we ran over the summer really trying to say if somebody wants to connect to us from a DLT system can that work and the really good news was that it can.”
Imgur Announces It Secured $20 Million Investment From Ripple-Affiliated Coil Micropayment Tool
- Imgur Received An Investment Of $20 Million From Coil
- Coil CEO and Former CTO of Ripple Stefan Thomas Will Join Imgur Board
- The $20 Million Originated From Ripple Labs Xpring Initiative To Boost Xrp Ecosystem
Imgur, a recognized community-powered platform announced that it has received a $20 million investment form Coil, a San Francisco-based platform. The information was released by Coil in a recently published press release.
Imgur Receives $20M Investment From Ripple Labs’ Xpring Backed Coil
With this new fund, the intention is to continue Imgur’s company mission of making the internet a more positive place. Stefan Thomas, the founder, and CEO of Coil and former CTO of Ripple Labs explained that he will be joining Imgur’s board of directors.
About it, Alan Schaaf, the founder and CEO of Imgur commented:
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take.”
He went on saying that every single product and service they offer is to give it to the community. Coil’s technology will also open up new opportunities for users in order to support the community in different ways.
Imgur plans to build a special membership-only based content that will they offer to Coil users that want to pay a flat rate monthly fee. Content creators will then be paid for their submissions to the member only section of Imgur. They will be paid in USD or as you can imagine, Ripple’s XRP at a rate of $0.36 per hour their content is viewed.
Techcrunch asked if this will affect regular users that do not wish to pay for the service and Imgur CEO Alan Schaaf said:
“We’re in the business of making the internet better. We do not plan on taking anything away for the community”
— Coil (@Coil) June 26, 2019
The CEO of Coil, said that he realized that Schaaf shared his passion for the Web, how to improve it and the challenges that it is currently facing. Imgur has also registered its 10th consecutive year growing, including the highest-grossing year to date for its advertising division. This partnership represents an opportunity to increase this revenue and improve users’ experience while using the services. Also included in the details of the partnership is Coil CEO will also be joining the board of Imgur.
Coil was founded back in 2018 by the former CTO of Ripple Mr. Thomas. The goal was to create a better business model for the web. At the moment, it has a subscription service that is open beta and it has also extensions for both Chrome and Firefox.
Imgur Raises $20 Million From Ex-Ripple CTO’s Micropayments Startup
Imgur, a popular image hosting site, revealed it has received $20 million in venture equity from Coil, a micropayments tool for content creators.
In addition to the funding, Imgur has agreed to build Coil into its platform, which receives 300 million monthly users, to provide micropayments to users who view content, according to a report from TechCrunch.
The partnership will also be marked by a forthcoming premium Imgur membership with exclusive features and content for Coil subscribers. A $5 per month Coil subscription funds creators per second that the subscriber spends consuming their content at a rate of 36 cents per hour.
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take’” Alan Schaaf, founder and CEO of Imgur, said in a press statement. “Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Coil was founded last year by Stefan Thomas, the former chief technology officer of Ripple Labs, as a means to pay creators for their labor. It’s subscription service is now in open beta, and it provides extensions for Chrome and Firefox.
Comparable to Spotify, Coil’s Web Monetization API automatically pays creators in XRP based on usage, while the user enjoys the flat subscription fee.
Thomas will join Imgur’s board. Imgur previously received $40 million Series A from Andreessen Horowitz and Reddit.
Coil’s investment stems from Ripple Labs’ Xpring Initiative, which aims to fund proliferation of the Ripple XRP ecosystem. Imgur received US dollars in the funding deal.
Ripple And XRP (XRP) Can Benefit World’s Central Banks, And That’s The Final Goal
As we already know, the conventional banking system is experiencing lots of flaws that affect the customers, from slow transactions to high fees. Luckily, Ripple and its XRP (XRP) cryptocurrency can benefit the world’s central banks to perform faster and satisfy their clients’ needs in a more proper way than what’s happening at the moment.
And, as it seems from her latest statements, the IMF leader, Christine Lagarde, agrees with that. Even more, at the beginning of the year, Ripple announced that it teamed up with over 200 financial institutions, mostly global banks.
And, as for the banks’ part, they find themselves in an exceptionally troublesome situation, mostly related to the traditional methods they use for transacting and operating. And there’s where Ripple and its XRP (XRP) cryptocurrency come to the rescue as they offer a modern, faster, and cheaper way for the world’s financial institutions to conduct their operations.
World’s central banks can benefit from Ripple and XRP (XRP)
The most significant competitor for Ripple is SWIFT, that is the conventional method for banks to conduct transactions. The downside of SWIFT is its slow processing and, thus, the latency on which financial institutions carry on the transactions.
“I think in the banking system at large in many, many countries; the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they are not seeing it coming, and they are not embracing it and those who self-induce that cannibalization. […] So that is where I see changes happening now. If you think of Circle, and Ripple and all those – that is where they are active and helpful,” stated Christine Lagarde, the IMF director, this year, suggesting world’s central banks to adopt Circle or Ripple and its XRP (XRP)-based operations.
In short, Ripple and XRP (XRP) have the sustain of Christine Lagarde, the IMF leader, so, most likely, we’ll soon witness a change in the banking system. And when thinking that Ripple- and XRP (XRP)-based methods are all about instantaneous cross-border transactions, we believe that soon everything would change, triggering the rise of Ripple and XRP.