As per Mastercard’s press release, the blockchain-enabled international payment solution is part of the company’s plans to reinforce its international settlement platform.
Payment leader Mastercard plans to develop a blockchain platform for cross-border settlements in partnership with Ripple-backed fintech research company R3. According to information reaching our desk, Mastercard confirms that both companies have entered into a binding agreement that will see the two firms develop and pilot a payment solution project.
Initially, the payment solution project will strive to connect payment schemes faster while attracting financial institutions and banks with the support of Mastercard’s payment and clearing platform.
The partnership between the two companies brings on board the combined experience of Mastercard platform in payment systems with existing Ripple-powered R3 prowess in developing blockchain solutions. Industry players are hoping the new platform will aid in tackling industry challenges that have been associated with the money transfer such as costly processing fees, liquidity management and scarcity of connectivity and standardization between financial institutions and domestic clearing networks.
According to Ripple partner R3’s Chief Executive Officer, David E. Rutter:
“Since time immemorial, all institutions, large or small, depend on the ability to send and receive funds. However, all too often, the technology they count on proves to be cumbersome and expensive particularly international payments can be a real pain.”
“That is why we decided to build Corda specifically for enterprise use cases such as this. We look forward to working with Mastercard in revolutionizing the money transfer sector by supporting the payment giant bring blockchain-enabled settlement to businesses around the world.”
According to the press release that got issued earlier today by R3, the blockchain cross-border payment solution platform will be developed on Corda’s commercial version, the Corda Enterprise, as opposed to the commonly referred open-source Corda Platform.
As per an R3 technical whitepaper,
“Corda does not instruct settlements using a blockchain, and by design, it does not use proof-of-work or miners.”
For those who are not willing to go through the endless whitepaper, Corda is an authentic P2P platform of nodes. Every network of nodes is a Java Virtual Machine run-time environment that hosts Corda services while implementing discrete applications.
According to Mastercard press statement released earlier during the week, the two companies plan to pilot the new blockchain-backed international settlement solution to focus on connecting international payments faster with financial institutions, schemes, and infrastructures.
Mastercard’s Plan to Create More Avenues to Move Money in Association with Ripple Partner
As per Mastercard’s press release, the blockchain-enabled international payment solution is part of the company’s plans to reinforce its international settlement platform. Building on its purchase of Transfast, a global payment firm, earlier this year, Mastercard is positioning itself to be a solution provider in the money transfer industry.
The partnership with Ripple-powered fintech firm R3 promises Mastercard to achieve it’s giant’s multi-rail strategy which strives to see clients choose how their payments are moved.
According to Peter Klien, Mastercard’s executive vice president of new settlement platforms:
“Building a new and better international business-to-business settlement solution by improving global connectivity in the account-to-account sphere is vital to Mastercard’s vision. Our mandate is to deliver international payment infrastructure choice and connectivity, as shown through our recent strategic purchases and partnership, including our recent partnership with R3.”
Seems the Partnership Between the Two Corporate Giants is a Match Made in Heaven
In what can be considered as a match made in heaven, the two corporate giants appear to be cooperating on a whole new level. Before today’s new partnership between Ripple-backed R3 and Mastercard, the payment service provider, Mastercard, had joined the Marco Polo trade finance blockchain that was founded by TradeIX and R3.
It is Marco Polo trade finance blockchain intention to use every relevant payment resource available to settle trade settlements between trading partners who are carefully examined before being introduced into the program.
´ Looking at the history between the two companies, it is evident that there is more to what meets the eye. Mastercard is a global payment service provider while R3 is the owner of a massive infrastructure that accommodates over 2000 experts who work together across various platforms and borders to make Corda a success. And notably, being a long-standing Ripple partner, R3 boasts the capabilities of fast, cheap, and secure transfer of remittances, which certainly will help Mastercard with its mission.
BitMEX CEO responds to Binance’s market maker slip up, offers CZ a “copy/paste” course
Arthur Hayes, the CEO of BitMEX, responded to Changpeng Zhao’s false accusations of a Binance futures market maker attack—satirically. Hayes offered him a “copy/paste” course for 51 percent of his equity, alluding to earlier plagiarism accusations. Zhao replied he’d be happy to buy-in.
CZ’s quick fingers get him in trouble, yet again
The rivalry between two of the biggest crypto derivatives platforms in the world shows no signs of stopping. The CEO of BitMEX, the first exchange to introduce a crypto futures trading platform, Arthur Hayes missed no opportunities to take a jab at their main competitor—Binance.
Changpeng Zhao, the CEO of Binance, has been known for his easygoing attitude towards slip ups and mistakes made by his company. But, this time Zhao’s attitude got the best of him when he hastily accused one of Binance’s clients of attacking its futures platform.
In a Twitter post, Zhao said that the attacker as a “well-known” account that attempted to use the sudden price drop in Binance’s Bitcoin futures to turn a profit and liquidate other clients. However, it quickly turned out that the sudden futures price drop wasn’t due to a malicious attack, but was caused by a “bad parameter” set by the client.
Zhao’s lighthearted way of dealing with situations like these wasn’t well-received by the crypto community, with many criticizing him for posting harsh accusations and lacking a fundamental understanding of how futures trading platforms work.
Hayes uses the opportunity to take a jab at CZ
Joining the slew of those criticizing Zhao was Arthur Hayes, the CEO of Binance’s main competitor BitMEX. He took the opportunity to continue his Twitter back-and-forth with him and criticize him for the incident.
In a tweet, Zhao said that no users were affected by the drop in the future’s price thanks to a supposed invention by Binance. The innovation, he explained, was setting off liquidations based on the exchange’s own index price, and not the futures price.
In response to a user who tweeted that liquidations tied to the index price were a long-time staple at BitMEX, Hayes offered to teach Zhao how to run a crypto derivatives platform.
This isn’t the first time a crypto-influencer used the old “Ctrl+c/Ctrl+v” hotkey hook and jab combo. Ethereum co-founder Vitalik Buterin used the same insult against Justin Sun when evidence surfaced that a significant portion of the TRON whitepaper was plagiarized from other projects.
Zhao seemed to have appreciated the joke, saying he would be happy to attend any class taught by Hayes in exchange for 49 percent of a venture he runs.
The jokes were well received by the crypto community, where (mostly) light-hearted insult-slinging between industry heavyweights is a favorite spectator sport among Crypto Twitter.
Crypto Analyst Outlines Short Term ‘Panic’ Level for Bitcoin (BTC)
The price of Bitcoin continues to move sideways in an extremely narrow range. And amid the low volatility, analysts are trying to gauge which direction BTC may pop next.
Analyst Nick Cote tells his 63,000 followers on Twitter he’s bullish on BTC after its next halving in May of 2020.
He points to BTC’s Bollinger Bands, which uses two lines of standard deviation to measure volatility, as a sign that traders should be cautious.
In the short term, Cote warns the leading cryptocurrency could suffer another significant drop.
“Week long consolidation has broken down to the downside. No need to panic unless $9,750 falls. Above $10,270 and I’ll be thinking this was a fakeout, but below, the course looks to be back towards the liquidity box below. Currently no position for me with volatility this low…
To clarify my position with Bitcoin: I’m a big bull post-having, but I believe there is plenty of room (and opportunity) for a pre-having shakeout to the tune of 30%.”
As for the altcoin market, Cote says Ethereum needs to remain above support levels around $182 to keep pushing forward.
“Ethereum has hit the $195 target and needs to hold above $182 to continue its recent bullish break from the FW, which if held, will push Ethereum to the $225 mark.
A move below will spell disaster and a high probability re-test of the $165 long term
Cryptocurrencies price prediction: Bitcoin, Ethereum & Litecoin – American Wrap
Bitcoin price in the session on Monday is trading with minor gains of some 0.10%.
BTC/USD bulls are trading ever so close to a critical barrier of resistance, as part of a narrowing triangular structure.
A game-changing barrier appears to be at the round psychological $10,500 mark.
Ethereum price is trading in negative territory, with losses of some 0.25% on Monday.
ETH/USD price action via the daily chart view has broken out to the upside from a descending wedge structure.m
A large barrier of resistance was observed at the $180 price mark, the daily break and closure above is attractive for further potential buying momentum.
There is a downtrend on the daily timeframe, and today there has been a break to the upside.
The trendline originated back in June and bounced off another wave high in August.
There has been a base forming with 62.11 the new support low.
On the upside 78.65 is now the main point of resistance and it was used as a big support zone on the 15th of July.