Many big-league players have started sorting through improved alternatives for fiat and cryptocurrency transactions. Recently, PayPal followed suit by launching its own mobile payments app, Xoom, in an apparent attempt to compete with Ripple. PayPal catapulted its e-funds transfer service to compete with Ripple, its blockchain-based rival, in the crypto-transactions segment.
With Xoom, PayPal aims to re-define the traditional payment services sector by delivering faster and cheaper international transfers. The online payments services provider aspires to make transactions easy and more convenient than Ripple by charging lower transaction fees.
Further, Xoom will be opening its gates to users in 32 European countries, all of whom can send money to users across 130 countries worldwide. It is also important to note that PayPal already has a significant user base across the world, the scale of which can be used by the platform to leverage and boost the services afforded by Xoom.
Ripple has been at the forefront of revolutionizing cross-border payments across the world, affording users the opportunity to make transfers in a quick and seamless way. It is in light of this endeavour that Ripple has consistently focused on tying up with major banks and financial institutions. Ripple had recently made news when it formed a major strategic partnership with Moneygram. By launching Xoom, PayPal aims to position itself alongside other popular international remittance services.
To compete with Ripple, Xoom has partnered with major financial institutions to facilitate transfers of up to £8,800 pounds [$11,029] per transaction. For disrupting the crypto-market, PayPal will have to drop its transaction fee lower than Ripple, a step that will definitely will gather the attention of crypto-users.
If Xoom attains its desired goal, it will disrupt Ripple’s market share. Yet, it will be beneficial for users as a significant number of organizations are coming up with distinctive services blended with blockchain-based cross-border transaction options.
Ripple’s XRP is a Brilliant Technology, According to American Institute of Economic Research’s Jeffrey Tucker
American economist Jeffrey Tucker, who also works as the editorial director at the American Institute for Economic Research (AIES), called Ripple XRP “brilliant technology” in a recent interview on Russia Today. Tucker shared his opinion that Ripple’s growing popularity had been influenced by sometimes outdated traditional financial systems such as SWIFT.
When asked to explain why the recent partnerships, alliances, and increased capacity of Ripple had no positive effect on XRP, Tucker explained that the digital token XRP is a “specific kind of crypto” and at this moment many regular investors are not interested in the technology. He continued by saying:
That does not mean it’s not going to change the world. I think it’s an extremely important technology
Tucker stated Ripple is doing what traditional financial systems failed to do, provide fast and cheap money transfers.
Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense,
Ripple itself continues to promote XRP adoption. Brad Garlinghouse will give his speech during the 55th Global Forum event in Singapore. Global Forum gathers together business leaders, government officials, and academics from different countries who share their views on different business spheres. Apart from Ripple’s CEO, who will be the sole representer of the cryptocurrency industry at the event, list of speakers includes representatives from Central Banks, JPMorgan, Goldman Sachs, MasterCard
Ripple Named One of Best Workplaces in 2020 by Fortune
Blockchain giant Ripple has appeared on the list of the best small and medium-sized workplaces in the San Francisco Bay Area. Ripple CEO Brad Garlinghouse says that he’s “humbled” to be part of the company’s incredibly talented team.
Ripple, the only cryptocurrency-oriented company on the list, was ranked 25th.
“Management is consistently transparent with employees on what goes well, and what doesn’t. There’s a focus on being honest with ourselves which is refreshing and healthy as we continue to grow from startup to young company,” one of Great Place to Work reviews states.
New milestones for Ripple
Back in February 2019, Fortune named Ripple one of the best Bay Area companies to work for. It made the cut along with such giants as Nvidia and Hilton.
Ripple, which strives to
The company now boasts 235 U.S. employees. However, it lost some important team members in 2019, including Evan Schwartz, the mastermind behind the Interledger who had a 6.5-year run with Ripple. MUST READRipple CEO Expects to See More ‘Consolidation’ in 2020. Community Wants Big Acquisitions –
Asana in first place
In order to determine the best workplaces in the Bay Area, Fortune conducted an anonymous survey with more than 33,000 employees, taking into consideration leadership effectiveness, workforce makeup, workplace culture, and other factors.
Mobile application designer Asana took the much-coveted first spot on this year’s Fortune list. There is also personal finance company Nerd Wallet in the top three.
Ripple Says Lawsuit Could Destroy Multi Billion-Dollar XRP Marketplace and Wipe Out Investors
A judge is now considering Ripple’s motion to dismiss a much-publicized lawsuit against the San Francisco startup.
Bradley Sostack is accusing the company of illegally selling XRP as an unregistered security. Ripple claims XRP is not a security and says the claims are unsubstantiated. The company also says any lawsuit on the issue would violate the statute of limitations, and must have been filed within three years of the 2013 initial offering of XRP.
Sostack’s legal team argues that the statute of limitations are invalidated by the fact that Ripple continues to sell the digital asset.
Now, new court documents reveal Ripple also claims that classifying XRP as a security could destroy the third-largest cryptocurrency’s entire marketplace.
Says the company’s legal team in the motion to dismiss the lawsuit,
“Were [Sostack] allowed to belatedly challenge the classification of XRP, it would not only threaten to eliminate XRP’s utility as a currency, but it would upend and
Jake Chervinsky, general counsel at crypto lending platform Compound, says it’s unclear how long the judge will take to consider Ripple’s motion. But he warns it could take a while.
“As is typical, the judge ‘took the matter under submission,’ meaning she will issue a written ruling at some later date. It could be days, weeks, or months.
There is no time limit. The motion can sit on the docket forever. After about six months, it will show up in a report to Congress regarding the status of the federal judiciary, but even then it can keep sitting on the docket.”