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Facebook To Compete With Ripple (XRP) On Cross Border Payment

It appears Facebook is planning to compete with Ripple in cross-border payment. The social media giant is researching on creating its cryptocurrency which will give its billions of users around the word opportunities to achieve hassle free cross-border transaction and settlements.

Ripple and other cryptocurrencies who are working assiduously to get the world seamless cross-border remittance may receive a life-threatening competition from Facebook anytime soon.

A Facebook official who pleaded anonymity disclosed to Cheddar that “They are very serious about it.”

Another Facebook executive said Facebook will possibly need to make “acquisitions in the blockchain and cryptocurrency space to develop its own virtual currency”.

The journey into blockchain started early this year when Zuckerberg, CEO at Facebook announced that it recognised cryptocurrency, which takes “power from centralized systems and put it back into people’s hands.”

However, he intends looking into the “risk of (cryptocurrency) being harder to control.” “I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

Then to the recent announcement by David Marcus, head of Messenger, an ex PayPal president and Coinbase board member, who has been working for Facebook for four years.

Marcus is now in charge of everything blockchain in the firm. He’s to set up a group of who will explore blockchain opportunities across Facebook.

“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” Marcus said in a Facebook post.

Marcus’s now to lead a team of Facebook employees researching on blockchain technology. He knows much about cryptocurrency for the fact that he’s an early Bitcoin investor, and to cap it all, in December, 2017, he joined the board of Coinbase.

Earlier this week, a Facebook Spokesperson told Cheddar that “Like many other companies Facebook is exploring ways to leverage the power of blockchain technology.”

“This new small team will be exploring many different applications. We don’t have anything further to share.”

Clamp Down On ICO

Not long after Zuckerberg revealed its new-year resolution, Facebook began removing crypto related ads, saying the platform is working on securing unsuspecting users who may be defrauded by fake Initial Coin Offerings (ICOs).

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Ripple (XRP) CEO Reveals Why The Coin Remains Atop

The CEO for Ripple has highlighted transparency in the ecosystem, along with the multiple production contracts, which the altcoin signed in the Q1 as a major factor that is really propelling the company, adding that Ripple signed “more than one production contract a week in Q1”.

At the ‘Ask Me Anything’ session which was anchored by Chief Market Strategist of Ripple, Cory Johnson, when the CEO of Ripple was asked about the highlights of Q1 for the company, Brad noted that the adoption of Ripple’s xCurrenct by Saudi Arabian Monetary Authority (SAMA), collaboration with other banks like Banco do Brasil (Banks of Brazil), Bank of England, and IndusInd India were major ones for the company in the Q1.

Having SAMA as a client of Ripple is undoubtedly a great accolade for the company, even though Brad earlier stated on a light note that hiring Cory Johnson was part of their highlight, while Cory replied saying: “certainly that was, for me.”

Ripple Transforming The Financial World.

As the section continues, Brad said the need for Ripple’s tool as a payment solution is rising on daily basis due to the lasting growth of global commerce as Ripple poses to be a God sent tool that is transforming the financial world from “analogue to digital in terms of cross border transactions.”

Over the last ten years, due to high capital needed for transactions, the number of banking relationships has dropped by 50%, and here is Ripple slashing the required fund for transfer to the lowest minimum.

Talking about the Santander-Ripple’s collaboration as also a top highlight, Brad said the release of One Pay FX App which allows Santander’s customers to make same day fund transfer to people in UK and Spain is also an exciting one for the company.

While Ripple helps to solve real problems for customers globally, its vision is to modify payment experience, by creating new and innovative payment corridor that helps to simplify transaction in all areas.

About xRapid and xVia:

Brad illustrated some terms about the Ripple tools as a major driver for the company. He said just as xRapid poses to crack down liquidity problems, it is piloting the affairs of 6 customers among which Western Union, Cambridge FX, and others.

Brad added that xVia is a Ripple tool with simple API interface that grants allows companies the ability to access numerous currencies and payment networks across the world with meager cost. He flagged that “Ripple remains the leader in real production enterprise de case for a bockchain technology”.

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$1 per Ripple (XRP) Is A Few Days Away

Early yesterday, Ethereum World News had speculated as to whether this week was the week Ripple (XRP) would go back to winning ways and with prices above $1. Technical analysis had shown that the coin had retained a support level of $0.80 and a resistance level of $0.88 over the weekend. This in turn meant that if the current momentum was maintained this week, Ripple would surely cross the $0.90 and edge closer to the $1 mark.

The cause of the general cryptocurrency market rally has been theorized by a few crypto-traders and enthusiasts. The first theory was the availability of funds after the American tax season that ended only a few days ago. This means that those who have received their tax refunds, have chosen to invest in crypto.

Also to note is that some American traders had sold their crypto as soon as the IRS declared early in the year, that they will implement strategies to tax crypto trading gains. The news had been announced during a period when a lot of governments and regulators were bombarding the Crypto-verse with threat after threat. This in turn led to the market decline we witnessed during that time period.

A second theory that has been seen to float around, is the announcement by an Islamic scholar that Bitcoin is legitimate and according to Sharia law. This announcement was made around the time we witnessed a $1,000 BTC spike on April 12th and could have caused it. The announcement opened the doors to a very large religious community that estimates put at 1.9 Billion believers globally.

With regard to Ripple, the coin and project has enjoyed a faithful community of HODLers and traders since the coin hit the spotlight mid last year. There is also news that Santander will be tackling finetech through its cross border payment system called Open Pay FX. This service guarantees same day settlement in the countries of Spain, UK, Brazil and Poland. Expansion of the service to other jurisdictions is being worked on by the Santander group. They are also working on almost-instant settlements based on the 3.3 Ripple transaction speeds. Also, rumors of a Santander mobile App that does the same, are rife in the Ripple community.

All the news and announcements in the crypto-verse has surely contributed to the momentum in the current crypto-markets. One thing we should not forget, is that we as the traders and Crypto owners contribute to this market. We affect the markets with what we buy, trade and HODL. This is decentralization 100%.