Posted on

Ripple Partners With Israel’s Largest Financial Services Firm GMT. AkBAnk Successfully Starts Using It

Ripple’s expansion remains unstoppable and has now the company behind XRP managed to conquer Israeli territory after closing a significant deal with GMT in an effort to boost the financial industry in the region and consolidate Ripple’s domination of the market.

According to a public announcement published by GMT, both companies share similar business philosophies, something that helped them reach beneficial terms after a prior discussion process:

“After a long and precise process GMT was chosen to be Ripple’s representative in Israel, by so joining Ripple, and its partners, in creating a global financial system, with high-end technology and values such as; transparency and affordable costs.

The GMT team was quite pleased, stating that the use of Ripple technology is an innovation that turns it into a reference to be followed by the different fintechs that operate in the region.

“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.

This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world.”

At the moment it is not known whether GMT will use xCurrent, xRapid or the native XRP token. Through this partnership, GMT wants to compete with SWIFT, a system that despite being used by most banks and payment processors worldwide, has recently been attacked by many industry experts for being “outdated” and “obsolete.”

Turkish Bank AkBAnk Successfully Begins Operations Using Ripple Technology

It is also important to point out that AkBank, one of the most important banks in Turkey also recently started money transfer operations using Ripple technology. xRapid has been the tool chosen by the AkBank team to phase in this implementation which they have been working on for just over a year

The announcement appeared in the bank’s official Twitter account

The community has reacted positively to these announcements, showing successful operations in which it is specified that the use of Ripple has been activated and expressing their satisfaction for this step forward in innovation and adoption of blockchain technologies:

The post Ripple Partners With Israel’s Largest Financial Services Firm GMT. AkBAnk Successfully Starts Using It appeared first on Ethereum World News.

Posted on

Ripple Is Partnering With TransferGo To Make Life Easier For Indians

On September 5, Indians had a new experience with their fund transfer capabilities. TransferGo, a popular company in the country, launched its new feature allowing its Indian customers to remit funds to any place within Europe instantly. To make this happen, TransferGo had partnered with Ripple Labs.

The Partnership

With this partnership, TransferGo joined the few entities in the market that facilitate instant fund transfer powered by the blockchain technology. The technology is provided by Ripple Labs. The new instant money transfer feature was rolled out and began operations immediately on 5th September 2018.

TransferGo aims to use Ripple’s technology to replace the previous SWIFT (Society for Worldwide Interbank Financial Telecommunication) system that hasn’t been very effective due to its slow nature. SWIFT can take up to 3 days for a transaction to go through, and that’s really not what the world needs right now. In that case, a system that facilitates instant funds transfer is very well embraced, especially in a fast-growing customer base like India.

Ripple Breaking Into Asia

According to Asheesh Birla of Ripple, the blockchain tech company aims to gain from the huge Indian 70 billion remittance market. Ripple has been looking to penetrate the Asian market to promote its blockchain technology, and the new partnership with TransferGo presents that golden opportunity.

To achieve the current level of success, Ripple had to act smart. Asheesh says that his team realized that the 3 largest Indian banks held about 80% of the banking market share, and therefore having these banks at its corner would give the company the same 80% of the market in India. Since most banks are launching mobile platforms supported by telecommunication companies, Ripple singled out telco companies and mobile phone providers as its main targets. It’s Ripple’s prime position as the dominant player in the Indian market that made TransferGo choose it as its partner.

Besides Ripple being a power to reckon with in the market, it’s also competing fiercely with the old SWIFT technology that TransferGo has been looking to do away with. Obviously, that worked as another plus for Ripple when TransferGo was shopping for a viable partner.

TransferGo has also announced that it will be scrapping money transfer fees between India and Europe, and Ripple will be the backbone for the system. Indeed, TransferGo sees the market expansion as a huge step forward and a green light to create and introduce new services and products to its customers.

 

loading…

Posted on

Ripple’s (XRP) Middle East Sojourn Heightened With Two Principal Kuwaiti Banks

The wave of Ripple adoption has taken a new dimension in the Middle East, especially. Countries like Saudi Arabia and United Arab Emirate (UAE) have signaled interest in using Ripple tools in cross border remittance, with the Saudi Arabian Monetary Authority (SAMA) claiming the partnership will save the country of roughly $200-$400 million per year system-wide.

In the same line, the UAE-based RAK Bank, popularly referred to as the National Bank of Ras Al-Khaimah, adopted RippleNet around September 2017, to enable instant, secure and frictionless payment transfer to recipient with accounts in India’s Axis Bank. The action was followed by Middle East’s largest money transfer firm, the UAE Exchange, who joined in adopting the blockchain protocol.

Then came Oman based BankDhofar, who announced late April that it has joined Ripple’s global enterprise blockchain network, RippleNet, as the first bank in Oman to tap from the tool desired by many.

Ripple tools, which includes it blockchain solutions, and it bi-directional messaging features are to be deployed by BankDhofar to save customers’ time and money during remittance process locally and internationally.

It appeared the acceptance has ended, until the Kuwait Finance House (KFH) joined in the step, becoming the Arab nation’s first bank to join RippleNet, a dependable blockchain network dedicated to international remittance payments.

In a surprising announcement, the Kuwaiti bank indicated it is joining in the use of RippleNet. Over 100 financial institutions queue for behind this tool purposely for cross border remittance, and other international transaction settlements. KFH is the first Islamic bank in Kuwait and one of the largest in the world, sees a great opportunity in the use of RippleNet owing to increasing praise the tool is amassing in recent time.

Before then, in the same country, National Bank of Kuwait (NBK) had signaled that it joined RippleNet to become the first Kuwaiti bank to join in the use of the tool for instant cross-border payments to customers.

The moves by Middle East banks could be seen as a necessary one, since their desire is to offer customers opportunity to experience a seamless and almost costless cross border payment gateway.

The peak of the region’s desire to partake in the deployment of RippleNet is seen in the hasty move by the two banks in Kuwait, giving the world an orientation that Ripple tools is a necessary gadget for cross-border payment. Ripple is engulfing the Middle East, with time, it may take over the region completely.

Posted on

Coinone To Use Ripple (XRP) xCurrent For Remittance Across Asia

Korea’s Coinone Transfer has joined firms interested in using RippleNet, making the number of fintechs interested in the technology soared.

Coinone Transfer is a remittance firm and a subsidiary of Coinone. The firm will be using one of Ripple’s use case, xCurrent, a dependable blockchain idea purposely invented for cross-border payments and settlement. The move will make Coinone the first digital asset exchange deploying the power of RippleNet in the whole of South Korea.

A statement by Ripple indicates that Coinone, a leader in the digital asset industry in Korea, will deploy xCurrent starting from June to power the unveiling of a new remittance service branded as “Cross” purposely for Coinone Transfer to answer the yens of retail customers who clamour for faster and cheaper payments in South Asian enclave.

“Coinone customers will be able to send vital remittances home to family and friends in countries across Southeast Asia using Cross — all by powered by Ripple blockchain technology,”

Ripple said in a statement, added that “xCurrent allows for payments of any size to move quickly, transparently and at low cost across borders making it ideal for the volume and smaller size of remittance payments”.

“As one of the largest exchanges in the country, it handles over $97 million in transactions per day. The company also understands that underlying blockchain technology has further applications, particularly for cross-border payments.

Speaking on the development, Wonhee Shin, CEO of Coinone Transfer, “We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution”.

“Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”

In the same line, Ripple has shown-off happiness, positing that with xCurrent, fintechs have the advantage to satisfy customers and ward off seemingly unavoidable problems for their customers.

“Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers,” said Emi Yoshikawa, director of joint venture partnerships at Ripple.

“We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.”

Meanwhile, Coinone exchange is a member of DAYLI Financial Group, whose subsidiary, DAYLI Intelligence, signed a partnership agreement with SBI Ripple Asia around the last year end.

Posted on

Revolut Global Money App To Add Ripple (XRP) Soon

Revolut, a United Kingdom based global banking alternative has revealed it will be adding Ripple (XRP) any moment. This is coming after it added Bitcoin, Ethereum and Litecoin to its financial transaction app. Using the normal Revolut account, crypto enthusiasts have the opportunity to purchase cryptocurrencies by just connecting their UK bank accounts to the protocol.

At the same time, through the platform, users are privileged to convert crypto to any fiat currency they wish without any form of hindrance.

With Revolut, buying cryptocurrency comes easy since there is no hidden fees like deposit charges, subscription charges, exit fees. However users are to pay a low-cost 1.5% markup on the average exchange price.

When Revolut tweeted it will be adding Ripple soon, many a number of crypto lovers praise the move demanding that the startup speedily achieve. Supporting Ripple is a long-awaited development due to unstopping customers’ request that the startup is receiving about the coin. A partnership with Ripple will boost Revolut in the UK since it is a fintech startup.

Despite been a startup, Revolut is celebrated as one of UK’s fastest growing fintech owing to series of turn around it is receiving in recent time.  The company, according to analyst has quintupled in size after going through a financial round that was led by DST.

The international payment startup has revealed it is planning to expand to far United State to give customers the advantage to transact crypto in that region.

Talking about Ripple, the cryptocurrency company is doing everything to move ahead and become the number one digital coin like bitcoin. Ripple over the years has partnered with different banks and fintechs. It has some certain irresistible tools that are kings in cross border remittance.

The financial firm recently invested in ideas that can create growth in its ecosystem. Ripple is coasting different industries. The team behind Ripple are eyeing international banks, or possibly become the bank of banks.

Despite been a decentralized network, Ripple believes so much in regulation. The CEO, Brad Garlinghouse says “Regulators are behaving as they should to make sure we have regulation around KYL and AML. There are reasons for that. If exchanges are trying to circumvent KYC requirements, [regulators] should come in and enforce that.”

Posted on

Ripple Devotes $25 Million In Digital and Blockchain Businesses

As innovations are coming in from blockchain industry, it takes a keen observer no time to identify it. This can be said of Ripple. The digital currency and global money transaction firm is investing $25 million into digital and blockchain startups.

Made in XRP, the $25 million investment is to be managed by Blockchain Capital Parallel IV, LP. The angel capital firm is seen as the first fund to accept capital calls in digital assets with concentration on the development of the blockchain space.

What is Obtained in the Ripple Investment?

According to Ripple, Blockchain Capital has approximately $150 million fund under its watch. The investment firm is expected to invest in entrepreneurial teams that are blockchain-focused. Not only that, the investment is expected to provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol, Ripple has said.

According to Bart Stephens, co-founder and managing partner of Blockchain Capital, the capital firm is a pioneer in the blockchain sector, it has been at the fore and in the trenches with their portfolio companies, like Ripple, which is designing a new crypto ecosystem.

Bart made known that it saw opportunities for distributed ledger technology in healthcare and identity management.

“Whether it’s using XRP, bitcoin or just the underlying blockchain technology, our goal is to find the best projects and give them the resources to be successful companies that deliver value to customers for the long term,” Bart said.

Meanwhile, talking on the latest development with Blockchain Capital, Ripple’s SVP of Strategic Growth, Patrick Griffin, reiterated that “Blockchain Capital is the premiere fund for any project looking to get off the ground in the blockchain space. They have a proven track record for finding and funding the projects that matter.”

“This is the first fund that we’ve contributed to, and it won’t be the last. We plan to be major players in shaping the future generation of blockchain or crypto companies.”

The reason behind this investment, according to Ripple is that the firm believes in supporting the XRP Ledger and Interledger Protocol, at the same time, the cryptocurrency firm is ready to continue to seek opportunities and support entrepreneurs, companies and funds that share this vision.

Blockchain Capital is blockchain-centred venture investor, founded in 2013 to help entrepreneurs invest ideas, build companies, and manage projects on blockchain technology.  The San Francisco is flaunted as one of the oldest and most active venture investors in the blockchain technology sector. Since it was created, the venture has financed 72 companies, protocols and tokens.

Posted on

Ripple’s Hope Is Beyond Western Union

When Western union partnered Ripple, enthusiasts see it as a confirmation that the blockchain company is doing everything to become a household name money transfers. This is no doubt a good sign, however, many a number of events have surfaced, which have possibility of propelling the cryptocoin.

A whole lot of observers won’t deny that Ripple is doing fantastic with many firms testing its tools for cross border transaction, and some banks partnering with the firm after careful observations and guarantee that Ripple is the next thing in cross border transactions.

It is no doubt that Western Union and MoneyGram are sources of developments for Ripple, especially now that there are numerous assertions that the New WU applications is depending on RippleNet. There are still some collaborations that will enhance Ripple in the next few months.

Allvor: The First Cryptocurrency to be Hosted On Ripple

Allvor is another feather to the cap of Ripple. It is branding itself as the first cryptocurrency powered by XRP Ledger with a distinct functionality and a focus on e-commerce. Allvor proposed integration, using XRP ledger superior technology, if widely accepted, it will go a long way in boosting the cryptocurrency use on a global scale.

The team behind the idea says the Allvor Project is an independent initiative, which has no support or sponsorship from Ripple Company, but will use the XRP Ledger which is a development of the Ripple Company, the best and most efficient distributed database technology ever made.

“In the next years, the best and most consistent blockchain technologies will transparently integrate and operate with the various layers and protocols required to conduct financial and business transactions,” the team has said.

“The Allvor Project will be focused on developing and encouraging the development of such integrations in order to promote the widespread use of the ALV token along with the systems that support the trade of products and services, ranging from small virtual stores to large e-commerce players.”

Allvor is going to keep many mouth shot once it is accepted by Ripple, it will make the platform completely appear decentralized and kill the rumor that Ripple is not in any way decentralized. Aside the fact that it is going to make Ripple appear decentralized, Ripple HODlers also have the opportunity to receive ALV coin without necessarily buying it.

On like other cryptocurrencies, Allvor does not plan any form of ICO or a crowdfunding to gain funds for managing the system as other coins have been doing. The platform says its initial distribution will be made directly to the XRP holders’ community using the Initial Distribution program as a yardstick.

The Japan Consortium Of Banks

When the news of the Japan Bank Consortium having a link with Ripple surfaced, the world see it as a big move for Ripple. The consortium, which is a coalition of 61 banks in Japan is organized by SBI Ripple Asia. In an announcement, the consortium revealed the launch of a new Ripple pilot with Woori Bank and Shinhan Bank who are seen as the two largest South Korea’s banks due to their market cap amounting to $30 billion.

The idea was touted as the first time money moves from Japan to Korea over RippleNet, using Ripple’s settlement technology, xCurrent, for cross border transactions.

It is supposed to be one of the highest propeller of Ripple in recent time. While it has the potential to change Ripple, there are many things that could be done to at least make this banks have complete trust in Ripple. If they are able to, full partnership with 61 banks is not a joke, it is a big deal.

Ripple-Saudi Arabia Partnership.

The Saudi Arabian Monetary Authority’s (SAMA) partnership with Ripple is going to save the oil rich country of $200 -$400 million annually. The partnership gives banks in the kingdom an opportunity use Ripple tools for cross-border payments. SAMA, by indications, is going to be the second central bank in the world to introduce Ripple’s blockchain-based cross-border payments platform, after the 2017’s Bank of England’s pilot project.

According to Dilip Rao, the global head of on infrastructure innovation at Ripple said, “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”

“SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”

The next big deal in the blockchain world is the Ripple-Saudi Arabia Partnership. Saudi has a lot of countries toeing its path in the Middle East, if Ripple manages the partnership to taste, there is possibility it gains more support and collaborations in the region.

Conclusion: Ripple is on the verge to becoming a replacement for banks. Many say it is only connecting banks together, however, by the look of things, it has the potential to replace all banks.

Posted on

Allvor: Outstanding Ripple-dependent Cryptocurrency For E-commerce surfaces

Ripple is getting another boost now that Allvor, the first cryptocurrency powered by XRP Ledger, centering on e-commerce has surfaced. Alvor has proposed to integrate with notable online e-commerce stores using XRP ledger superior technology. The innovation is going to be a great boost for the cryptocurrency, and make Ripple XRP, a widely used digital currency.

The Ripple-dependent innovation, according to the team behind it, has no support or sponsorship from Ripple Company.

Ripple is going to be used by online retail stores via Allvor designed plugins, the team has touted.

“In the next years, the best and most consistent blockchain technologies will transparently integrate and operate with the various layers and protocols required to conduct financial and business transactions,” the team has said.

Allvor has its token to be represented with ALV. The platform, in its whitepaper, says it “will create and encourage the creation of tools that enable the intercommunication between the real-time gross settlement possibilities available in the XRP Ledger”

“The Allvor Project will be focused on developing and encouraging the development of such integrations in order to promote the widespread use of the ALV token along with the systems that support the trade of products and services, ranging from small virtual stores to large e-commerce players,” the team reiterates.

Allvor says it aims to be the a propeller of the Ripple’s Internet of Values going by its transaction costs among other flexible values it has.

No ICO, Allvor says!

Unlike other crypto, Allvor is not planning any ICO or crowdfunding. It is distributing coins to Ripple hodlers based on what they have in their wallet as March 27, 2018. The amount of ALV to be given then depends on the amount of Ripple each account holds, and the “maximum payment limit of the Program is 1,000,000 ALV.”

The Team Behind Allvor

Allvor has five individuals as its team, with Cleyton Domingues, as the creator of the innovation. It is not clear whom the members of team are, in the future information about the team should be up in the air.

The Allvor Payment Ideas Are Outstanding.

Using XRP as a base for payment on e-commerce store is the best for Ripple. Through Allvor plugins designed for Magento, WooCommerce, and standalone e-commerce stores, there is a tendency Ripple jump all hurdles to be the next big name in the history of cryptocurrency.

Comments about Allvor

Different issues have been raised about Allvor, with some saying it is not necessary since Ripple can do all what it says it intend doing. However, the team has not presented to the world, why Allvor is more than qualified to do the services it flaunted.