Ripple has taken the word ‘partnership’ to the next level as it dictates domination over the entire cross border payments ecosystem. As the recent Ripple-MoneyGram initiative continues to define financial momentum within various geographies, the quest to find out the core inner-workings has led crypto enthusiasts to carry out surprise AMA sessions with business leaders. Answering one such question, Ripple SVP, Asheesh Birla shared that MoneyGram is using xVia API to access RippleNet for cross border payments.
Ever since xVia was announced in Q2 2018, Ripple has been pushing its adoption under the banner of accessing “emerging markets faster and more efficiently.” Birla further answered that legacy systems (traditional financial bodies) will also make use of xVia to connect to the RippleNet, which makes use of both xCurrent and
“Usually for originator/sender of payments. Makes it easy and streamlined to get up and running.”
While @xrphellen reiterated Birla’s response saying “This is basically how companies handling supplier invoicing through SAP products could use xRapid too,” Birla accepted the analogy. He further stated,
“That’s the idea. We do not have a formal relationship with SAP today however.”
With xVia’s successful implementation with MoneyGram, Ripple’s intended roadmap seems to maintain its expected course. Joining the dots of Ripple’s cross border payments, xVia provides financial parties access to RippleNet, xCurrent serves as a messaging platform that allows banks to confirm payments in real-time, and xRapid is a liquidity sourcing solution. As the ecosystem will leverage XRP as its primary asset, cryptocurrency’s hodlers have revived their long lost expectation of XRP’s bull market.
Ripple’s Partner MoneyGram Strengthens Its Presence in Fifth Biggest Remittance Market
Ripple’s key partner MoneyGram will now allow Egyptians to receive remittances directly into their bank account after partnering up with Suez Canal Bank
Ripple’s partner MoneyGram is expected to greatly expand its presence in Egypt, the fifth largest remittance market in the world, after forming a strategic tie-up with Suez Canal Bank.
Because of its deal with one of the country’s leading financial institutions, local consumers will be able to receive money from abroad directly into their bank accounts.
MoneyGram CRO Grant Lines highlighted that expanding deposit services around the globe is a vital part of their ‘digital transformation.’ The importance of digitalization was earlier highlighted by the company’s CEO Alex Holmes.
“We’re excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with
The importance of this partnership for MoneyGram shouldn’t be overestimated given that Egypt accounts for 11.6 percent of the country’s GDP.
Notably, the deal with Suez Canal Bank came just days after MoneyGram Lulu Financial Holdings to expand into the Asia-Pacific region.
As reported by U.Today, MoneyGram now relies on Ripple’s On-Demand Liquidity (ODL) solution for conducting cross-border transfers after the San Francisco-based blockchain leader acquired a 10 percent stake in the legacy money transfer company.
Apart from mentioning its existing ODL corridors, Ripple also announced its plans to open additional ones in numerous world regions, including EMEA. With MoneyGram gaining a foothold in Egypt, one shouldn’t rule out that Ripple might choose this country as a springboard for its future expansion into the African region.
Ripple’s XRP Price Analysis: XRP/USD bears close to punishing support breach
- Ripple’s XRP price is trading in negative territory, nursing losses some % on Thursday.
- XRP/USD is subject to breaking out to the downside from a narrowing daily range block.
- Next critical daily support areas are seen at $0.2250, 0.2100 and then $0.2000.
XRP/USD daily chart
Price action has been narrowing for some nine sessions, with a breakout to the downside
XRP/USD 60-minute chart
Price action has smashed out to the downside from a bearish flag structure, making way for greater pressure south.
Spot rate: 0.2368
Relative change: -5.15%
Two Ripple [XRP] Derivatives Contracts To be Delisted at BitMex
BitMex, the world’s largest cryptocurrency derivatives platform, is dumping two Ripple (XRP) contracts in favor of a Ripple USD (XRPUSD) quanto swap.
The new directive will take effect from Friday, Jan 31, 2020, while the details of the new XRP/USD quanto swap will be availed tomorrow, Jan 24, 2020.
Like ordinary perpetual contracts, there is no expiry or settlement, and the price of the swap mirrors that of the tracked XRPUSD index.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
Two XRP Derivatives to be Delisted at BitMex
The two BitMex’s XRP Up and Down contracts, XBT7D_U105 and XBT7D_D95, respectively are unique to the platform, exposing investors to the underlying asset’s volatility, allowing them to tap profits when prices are rallying or conversely gain when prices were dumping.
In a UP contract, a buyer only pays a premium on the trading day in expectation of receiving the difference between the strike price and the settlement price on expiry if it is positive. Else, if the difference
According to a notice from BitMex, the two contracts will be settled as usual but no new contracts will be listed after that.
“As an ongoing effort in improving our offerings and experience for users, effective Friday 31 January 2020 at 12:00 UTC, all UPs and DOWNs contracts will be delisted. Existing BitMEX UP and BitMEX DOWN contracts will be settled at that time as usual and no new contracts will be listed from that time onwards.”
What is a Ripple (XRP) Quanto Swap?
A quanto swap is designed purposefully for traders to speculate on the prices of XRP/USD without necessarily depositing USD. Towards this end, XRP will be quoted in USD, but the settlement will be done in another third, foreign currency at a particular rate.
This way, the ramp reduces exchange rate risks, especially on investors who cannot buy the desired asset in their homeland currency. In this arrangement, risks including funding rates are factored in, and losses/gains made by the asset is mirrored by the derivatives product.