UnionBank of Philippines has announced its plans to launch cryptocurrency automated teller machines [ATM] wherein users can trade the digital assets for Philippine Pesos. To execute the launch, the bank will partner with xRapid powered e-wallet and financial services firm, Coins.ph.
Justo A. Ortiz, Chairmen of UnionBank, about the deployment of digital currency ATMs, stated:
“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already,”
Coins.ph has made use of cross-border payment solutions such as cost and time efficiency, scalability, and transparency rendered by xRapid’s platform. Apart from XRP, the other major digital assets supported by the it are Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] so far. This Southeast Asian tech firm is a leading name in the cryptocurrency trading space of the country.
With a customer base of around 5 million, Coin.ph has strived for mass adoption of its app to make banking services accessible even for the natives in remote places leveraging Ripple-xRapid’s blockchain tech at its core.
Ron Hose, CEO and founder of Coins.ph while elaborating about the tie-up with Ripple earlier in August last year, stated:
“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers.”
This development unfolded days after the cryptocurrency regulatory framework was issued in the country through Cagayan Economic Authority Zone. The rules named – Digital Asset Token Offering (DATO) were created with the fundamental aim to bolster innovation in the crypto space and catapult mainstream adoption of the digital asset, all while safeguarding the interest of investors.
In a country where more than 70 percent of the adults don’t hold any bank accounts, striding into the world of crypto by integrating the traditional banking establishment and digital assets, is indeed a big step.
Ripple’s XRP price analysis: XRP/USD faces potential problematic barrier at $0.2800
- Ripple’s XRP price late Thursday is trading in positive territory by some 2.60%.
- Heavy resistance can be observed heading into the psychological $0.3000 territory.
Ripple’s XRP on Thursday is trading in minor positive territory by some 2.60%.XRP/USD is attempting to recover some of the deep losses encountered recently.
The price managed to receive decent support within a buying area of $0.2600-0.2550, a proven territory to attract buyers. Failure of the noted holding could have sent the price down to the psychological $0.2000 mark.
To the upside in terms of resistance, a descending trend line can be observed, which is tracking at $0.2800. Rejections have been seen here through the month so far, as observed via the 4-hour chart view.
XRP/USD 4-hour chart
Xendpay Partners With Ripple to Enter New Market
Based on a recent report, distributed ledger company—Ripple, now has a new client on its global settlements platform, RippleNet.
Xendpay Now Live on the RippleNet
Xendpay, a UK-based remittance startup recently made it known that it has forged a partnership with Ripple which allows the firm to enter new markets like Malaysia, Thailand, Vietnam, Bangladesh, and the Philippines.
Also, RippleNet released a publication which revealed that the platform now supports smaller currencies which were previously not accessible to the remittance company. Such currencies include the Bangladeshi Taka or Malaysian Ringgit. Before, to transact using such currencies, Xendpay had to form partnerships local banks.
Bhavin Vaghela, the head of product innovation at Xendpay said that:
“Previously we had to create a whole business case for each partner,”
“RippleNet reduces that complication and friction,” he added.
Furthermore, Vaghela stated that a larger percentage of Xendpay’s clientele include migrants who send remittances back home to contribute to the education, housing, medical, and utility bills of their family members.
In addition, Ripple announced earlier this year that it will be adding “an average of two to three new financial institutions to RippleNet each week.” RippleNet also surpassed 200 clients globally earlier this year.
Ripple’s SVP of Global Operations, Eric van Miltenburg said that:
“In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments.”
Luiz Antonio Sacco, the veteran fintech entrepreneur and executive which Ripple recently hired as the managing director said that:
“We believe that academic institutions will play a key role in driving the blockchain industry forward. USP and FGV are innovative, forward-thinking institutions that are investing in blockchain research to explore new use cases and help prepare students for future jobs in this space,”
Take Note: How To Use XRP To Fight Off Spam
Ripple XRP, most famous as a remittance payments token, a cross border transaction facilitator, or to others, a security. Did you know though, that XRP can also have a hand in helping you to find spam?
Here’s a thought.
Now XRP is not a spam filter, nor can it actually measure, in any way, the sorts of emails that are entering your inbox, it is however down to the geniusly efficient design of XRP that means it could be used within an incentive platform that stops spam emails from being sent in the first place.
What is Spam?
Something posing as mail (or Spam) is the term used to describe unwanted email messages that are often designed to expose you to free advertising and or malicious scams, such as phishing emails. Spam is annoying, yet it’s now a part of our integrated lives, thanks to the power of the internet. It’s easy to set up spam filters to reduce the amount of spam that enters your inbox, but even so, these filters don’t work all of the time. It is normal to receive spam, but that doesn’t mean we should have to put up with it.
According to Ethereum World News, a user on Reddit has devised a very clever plan to utilise XRP tokens in order to prevent spam in the first place. They propose:
“A bold move that will once and for all stamp out spammers introducing a fee for every mail sent and the need for seeding every KYC approved email linked XRP wallet with 20 XRPs limiting the number of accounts a potential spammer can open. KYC, he says will increase the advertising value of the email account and is what prevents people from being able to set up what you call ghost email accounts.”
How will this work?
It sounds pretty complicated and obviously, XRP wasn’t designed for this, so some adaptation would have to take place. Even so though, the mystery contributor believes the best approach would be to implement this in stages:
“The pilot phase would strictly allow Ripple to Ripple communication. After that and if the initial test phase shows result, Ripple can negotiate with other email providers. Upon agreeing, users will create accounts embedded with Ripple wallets where use is dependent on amount of XRP in those wallets. From there and if interested, other users can opt-in, embed their email with an XRP wallet allowing them to receive paid emails from advertisers at their defined rates. They can also use the same email to send payments as if they were an XRP wallet.”
This creates a culture of XRP sharing and collaboration that makes spam emails costly and worthless.
So, as it stands, XRP can’t be used to stop spam, however if this is picked up by the right people, who knows what the next corporate Ripple tool might be? xEmail, xSpam? Who knows.