Ripple’s partner MoneyNet International has partnered with PXP Financial to facilitate payment processing solutions in the USA and the EU.
MoneyNetInt is an electronic money (e-money) institution which has an existing partnership with Ripple. This partnership essentially enables MoneyNet to leverage Ripple’s infrastructure for cross-border money transfers. As such, the instantaneous transactions on the Ripple blockchain make MoneyNetInt a convenient e-money solution.
MoneyNetInt seamlessly facilitates global currency transactions for local accounts in the US and EU. This company notably achieves this using a multi-currency e-wallet. As such, MoneyNet can allow clients to send and receive global payments and utilize payment schemes in different jurisdictions. Subsequently, the existing partnership with Ripple leverages customers to enjoy rapid, low cost payment options.
MoneyNetInt CEO Yishay Trif spoke of the partnership with Ripple as follows;
“The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry and to become a groundbreaking institution in the field.”
Trif contends that RippleNet create uniform parameter for members and facilitates interfacing international financial entities. This way, MoneyNet can increase exposure to more customers without necessarily assuming more risk.
As such, the time it takes for interfacing and approval has reduced by months to a few weeks. The collaboration means that financial institutions that work with RippleNet payment platform to access MoneyNetInt capabilities.
What the Partnership with PXP Financial Will Achieve
The partnership will facilitate seamless frictionless cross-border payment processing in the US and EU. PXP Financial is a payment processor that will enable MoneyNet to offer major global credit and debit card processing.
Moreover, this partnership will open up other payment methods like vouchers, e-wallets, online and offline banking. Notably, this will come with a significant reduction in operations cost as reconciliations reduce overlap.
The head of Business development at MoneyNetInt Avi Staridubsky is excited about this partnership:
“We at MoneyNetint have always prided ourselves on being bold and offering the most innovative and effective solutions for our customers, helping to reduce costs for businesses worldwide. We’re delighted to have joined forces with the team at PXP Financial, and to be working on our joint goal of providing seamless global payment services.”
This will eventually add multi-currency options such as Israeli currency to MoneyNet. As such, this gives the platform more options to current options like the Euro. This means that RippleNet is now visible to more users.
Furthermore, MoneyNetInt can reduce FX conversion rates for customers as well as increasing settlement speed. All this allows MoneyNet to easily expand to new markets it couldn’t reach in the past. Notably, PXP Financial came about with the merger of two payment companies: PXP Solutions and Kalixa. Accordingly, the merger with decades of combined experience in payments and online and mobile solutions make the service possible.
Interestingly, the bigger picture is all this is that Ripple is becoming the crypto that causes real-life benefits for most. Even though Bitcoin is the more famous coin, Ripple can successfully make transactions across the world more efficient. This is because financial institutions can integrate Ripple payments better into their systems. Accordingly, The MoneyNet, PXP financial partnership is an example set to be replicated.
Ripple’s XRP Eyes Relief Price Rally; Here’s Why
XRP was rising on Tuesday as investors flew out of the bitcoin market amid growing uncertainties regarding its safe-haven status.
The Ripple blockchain’s native asset climbed 1.73 percent to $0.00455 on BitFinex exchange. That brought its week-to-date gains up by more than 2.5 percent, providing one of the first signs of a relief price rally after months. XRP’s moves appeared the same against bitcoin, wherein the asset surged by as much as 4.49 percent against the benchmark cryptocurrency.
Ripple’s XRP looking to switch interim bias in favor of bulls | Image credits: TradingView.com
The surge occurred as market analysts awaited a plunge in the bitcoin dominance, triggered by fears that the cryptocurrency is not behaving like a safe-haven asset. As covered by NewsBTC earlier, Bitcoin remained cautious as drones attacked two Saudi Arabian crude oil production facilities on Saturday. The attack dwindled the world’s oil supply by 5 percent, sending the global stock market, including the benchmark S&P 500, down. As the equity markets plunged, long-time haven assets such as Gold, Treasuries, and the Japanese Yen surged. But bitcoin didn’t.
The mum approach prompted bitcoin traders to hedge into the altcoin market. In the last 48 hours, Ethereum climbed by as much as 6.72 percent against the US dollar – and 7.69 percent against bitcoin. The ETH/BTC instrument, as of now, is registering its four-day winning streak. The sentiment also breathed life into the XRP market, which, as renowned analyst Mohit Sorout noted, was trading in oversold territory for three months straight.
The Bitazu Capital partner said he now expects “a relief rally” in the XRP market.
But XRP’s interim upside action could live short, after all. The Next Web reports that Ripple’s core investor base is not happy with the way the blockchain project is developing. They think the San Francisco company is dumping XRP tokens, which has even led some disappointed ones to start a petition on Change.org, titled “Stop Ripple Dumping.”
“The only logical explanation is that Ripple is dumping on us. And not small amounts either – literally, billions. We have seen the reports of them disclosing this, so it’s a fact,” the petition reads. Over 3,500 signatories have shown support.
The petitioner cites Ripple’s financial reports as evidence. The Q2/2019 report shows that the firm sold $106.87 million and $144.64 million worth of XRP in direct institutional sales and programmatic sales, respectively. Meanwhile, the Q1/2019 data brings a similar picture – Ripple sold $890 million worth of XRP to fund institutions and support exchanges.
Meanwhile, the XRP/BTC instrument plunged by more than 70 percent.
Technical analysts, nevertheless, see XRP breaking out of its downtrend – against both the dollar and bitcoin. However, with Bakkt launching the first physically-settled bitcoin futures contracts next week, altcoins could see speculators driving back to the king cryptocurrency.
Bitcoin was down 0.65 percent against the dollar at the time of this writing.
Former Ripple CTO Announces $100 Million Grant to Monetize Content
Stefan Thomas, the ex-CTO of Ripple Inc, is launching a grant-based incentive system to promote creativity and diverse content on the internet. Along with Mozilla and Creative Commons, Thomas’ venture Coil will give out $100 million to creators and users who embrace distribution models devoid of advertisements, as reported by Fortune, September 16, 2019.
The current model of content curation is dominated by a few large players who are dependent on advertisements for revenue and end up promoting content that appeals to the masses and grabs their attention.
In doing so, creative content and things that don’t instantly catch one’s attention end up all the way at the back with hardly any attention.
Stefan Thomas‘ fund aims to bring about a change in the way this model works today. With a massive corpus of $100 million, there is significant potential to make a formidable impact on the internet and the way things work.
One huge doubt is whether this is enough to faze the likes of Facebook and Google, but Thomas is familiar with building disruptive systems. As the CTO of Ripple, he pioneered the Interledger Protocol, which creates frictionless interoperability between payment systems.
Coil believes Mozilla and Creative Commons have been instrumental forces in nurturing an open internet culture, and this is the primary reason for choosing them as the initial partners.
Privacy and Creative Diversity
What Coil is trying to achieve goes hand in hand with the vision of Brave.
Brave wants to remove the advertisement dominant culture that runs the internet today. Their business model is predicated on the idea that advertising is important for businesses, but they cannot be allowed to abuse it.
More and more people are opening up their eyes to the need for privacy and creative freedom. In a world where cancel culture prevails, creative freedom is being suppressed by the same forces that allow the current advertiser dominated system to exist.
Coil’s goal of monetizing out of the box content that isn’t clickbaity and catchy will help a wider range of content creators to amass an audience.
Ripple’s XRP Suddenly Surges Five Percent, Leading Crypto Market’s Modest Rally
The price of XRP has spiked by five percent, reaching its highest level since Aug. 26
XRP, the native token of San Francisco-based crypto behemoth Ripple, is up by approximately five percent over the last 24 hours. The token, which has become a subject of controversy as of recently, posted a huge green candle at 12:00 UTC that pushed its price to $0.273.
Meanwhile, Ethereum has finally surged above the $200 mark after enduring a brutal sell-off. Its price has posting green updates since the much-talked-about Ethereal Summit in Tel Aviv.
Bitcoin, on the other hand, remains dormant with its price hovering above the $10,000 level. As a result, the crypto king’s dominance has dipped to 68.8 percent.
However, given that its descending triangle is inching closer to a resolution, there is a good reason to believe that it will make a decisive move in the upcoming days.