XRP is now live on Uquid, giving people in 150 countries a new way to pay for cell phone service. The company says users can now top off and recharge their mobile phone minutes with XRP in an instant.
The company says it’s also enabling XRP payments for mobile data plans in more than 11 countries. Uquid supports dozens of cryptocurrencies and also lets users in select countries spend their crypto on grocery store and pharmacy vouchers, bus and train tickets, and more.
The XRP support comes as Ripple pushes for global adoption of its cross-border payment solutions.
The company recently joined the European Commission’s International Association for Trusted Blockchain Applications (INATBA). The group aims to connect blockchain and crypto organizations with legislators and policy makers across the EU in an effort to support a clear regulatory framework and to boost adoption.
Ripple co-founder Chris Larsen just met with Luxembourg’s Minister of Finance to talk about the future of blockchain and cryptocurrency.
— Pierre Gramegna (@pierregramegna) April 9, 2019
The meeting comes on the heels of a new report from the Luxembourg Private Equity and Venture Capital Association (LPEA). The group compared XRP and Bitcoin, and concluded the digital asset is not a security because it’s “intended to be used, now or in the future, as means of payment for acquiring goods or services or as means of money or value transfer.”
Ripple’s international push also includes a new expansion in Asia. The company recently announced it’s doubling its staff in crypto-friendly Singapore, moving from 12 to 24 employees.
Ripple partner Bitso becomes the first platform in Latin America to earn a distributed ledger license from GFSC
- The license will also cover transactions made through Ripple’s XRP-based xRapid.
- The market reacted positively to the news as XRP/USD went up from $0.319 to $0.324.
Ripple partner Bitso, a Mexico-based crypto exchange, became the first platform in Latin America to earn a distributed ledger license from the Gibraltar Financial Services Commission (GFSC). As per the company, custody, withdrawals, deposits and trading will be fully regulated by the GFSC. Bitso clarified that the new license will make sure that the company is following all regulatory requirements:
“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC…
The DLT License understands the modern need for robust and speedy interaction with regulators in this fast-moving area of business, while ensuring it continues to meet its regulatory and strategic objectives, bringing more protection and certainty for users.”
The license will also cover transactions made through Ripple’s XRP-based xRapid.
XRP/USD daily chart
The XRP/USD is trending in an upwards channel formation. This Saturday, the price went up from $0.319 to $0.324, following a bearish Friday wherein the price went down from $0.320 to $0.319. The Elliot oscillator shows three straight bullish sessions, while the moving average convergence/divergence (MACD) shows that the signal line is about to cross over with the MACD line, indicating a reversal of bearish momentum.
Ripple and South Korea’s Sentbe partner via MoneyGram
- MoneyGram partnership with Sentbe could push Ripple’s systems in South Korea markets.
- Sentbe becomes MoneyGram’s first virtual based agent in South Korea.
MoneyGram, Ripple’s groundbreaking partner in 2019 announced its partnership with one of South Korea’s leading payment providers Sentbe. According to Sentbe’s website, Ripple was also covered in this partnership which will see Sentbe become MoneyGram’s first virtual based agent in South Korea. According to Yahoo Finance:
“Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance.”
While no official statement has come from Ripple to confirm the partnership with Sentbe, it is clear Sentbe considers Ripple as one of its partners. As to whether Ripple’s systems will be adopted by Sentbe, that depends on MoneyGram’s decision to use xRapid in settling transactions.
Ripple Scores More Market Points As Sentbe Partners With MoneyGram
Something really good just happened to Ripple, and it’s bound to propel the global company to the next level in its journey to foster mass adoption of its various global payments solutions.
On July 19th, 2019, a company closely associated with Ripple partnered with another entity that might have access to a large customer base to add to Ripple’s growing client base.
According to a tweet sent out by a crypto fan, the company in question is MoneyGram, which has now partnered with Sentbe. Sentbe is a money transfer operator for SamsungPay Korea.
Just a few weeks ago, MoneyGram announced its willingness to continue testing various Ripple products with the intention of eventually fully integrating them in its far-reaching global payment model.
Granted, Ripple’s payment solutions like the xRapid and xCurrent have been proven to be very fast and cheap as compared to the existing systems. As such, it’s not a surprise that many payment channels, including banks and other various financial institutions, would want to adopt Ripple’s payment solutions to improve their operations.
What It Means For XRP
For one, it’s pretty clear that Ripple has been making huge efforts to get as many of its customers as possible to adopt the use of XRP as a base currency via xRapid. The many partnerships the company has managed to make over the last one or two years have exposed its products to a huge customer base. As at now, Ripple has well over 200 financial institutions on its RippleNet.
If more of these customers adopt XRP, the crypto’s demand would increase and possibly spike price-wise. In fact, a quick look at XRP’s market dynamic as presented on CoinGecko indicates that the crypto has already felt the impact of the new development over the last 24 hours. XRP has bumped up by around 3.5% to reclaim the $0.327 value.