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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.

 

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Reports Confirm 5 Awaiting Partnerships For Ripple’s (XRP) Xvia

According the latest release, Ripple’s is gaining more recognition in the EU and Asia with a news stating that about five remitting companies will be partnering with the cryptocurrency, tapping into its xVia API to create a new and well defined corridor for remitting cash across RippleNet.

The remittance companies that will be using Ripple for its transaction includes, Payment originators FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch.

The payment originators will, in the next few days be testing the potential of RippleNet network through its tools, xVia. The companies aim at using Ripple to lower their transaction cost, step-up transaction speed and increase end-to-end visibility of payments traffic.

While the tentacles of the altcoin is growing endlessly, the team behind the development of the altcoin seems to be paving ways for more development day by day, making the world a grazing land for Ripple’s wandering sheep.
Ripple’s senior vice president for product, Asheesh Birla, in a statement aired that xVia will help the remittance companies reach out to customers better.

“All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before,” Birla said.
The vice president added that standard API connection will help increase efficiency rate, reducing high level of failure which is mutual to rudiment wire transfer methods, and lower reconciliation costs.

While the five companies are new to Ripple, Brazil based Beetech and Zip Remit in Canada who are also remittance companies, in February aired their plans to use xVia to connect with RippleNet.

Ripple is wining and dining with supreme authorities in the cryptospace as if no other altcoin exists in the sphere. The altcoin sees collaboration and partnership with companies around the world as a necessary routine, exactly why Brad Garlinghouse, the CEO at Ripple said, in the next five years, Ripple will be partnering with more than half of the world’s top banks.

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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.

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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.

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Ripple (XRP) Makes Listing On Coinbase A Do Or Die Affair.

Ripple (XRP) Makes Listing On Coinbase A Do Or Die Affair.

Despite all the hype that surrounds Ripple and the fact that it fronts major cross border transactions across the world, the world third largest cryptocurrency still finds a matter as a clog in the wheel of its success.

As much as crypto lovers are yearning and clamoring for the listing of the cryptocurrency which is a guru cross border transactions, their bellow is just a tip of iceberg when compared to the company’s.

Even if not told, it is glaring to the world that if the cryptocurrency is added to the exchange platform, it will surely add feather to the wings and add leaf to the cap of the altcoin. While the demand from users and enthusiast continues to grow, a recent rumor that the altcoin was listed on Coinbase surged its value upward to an unimaginable point amid series of turbulence fisticuffing the crypto industry.

Also, when the exchange platform added Bitcoin Cash, it reflected in the value, soaring it to over 30 percent (from $2,800 to $3,800 per coin.)

Source: Bloomberg

Lastly, the unending tentacles which Ripple which has been able to acquire overtime has only brought it to limelight amid financial institutions and industries, while it is still lagging behind in everyday use as it is yet to be added to major platforms like Coinbase, Gemini among others. Evident of why Litecoin was rated more popular above the altcoin in a recent survey amongst 1000 Americans.

In the latest report released by Bloomberg, the cryptocurrency is not crossing its alms to continue glare the situation without removing the clog.

As two top U.S. cryptocurrency exchanges, Coinbase and Gemini continues to dash the hope of the cryptocurrency and its enthusiast, the San Francisco-based company, according to Bloomberg, has made a step forward by offering the two company dough in exchange for getting listed.

Bloomberg also mentioned that Ripple executive officer enquired if $1 million payment could make Gemini add XRP, while similarly, the cryptocurrency in a previous talks with Coinbase last fall, displayed keenness and wiliness to loan over $100 million worth of XRP to the exchange so that users can trade the asset.

In a move to confirm the information, Bloomberg added that Emmalee Kremer, Ripple’s spokeswoman said some of the info was not right. “Regardless, Ripple has always been transparent about our focus on building and growing a strong XRP ecosystem,” she said.

“We want XRP to be the most liquid digital asset possible to enable faster, cheaper global payments.”

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Who Will Triumph, Ripple (XRP) Or Banks?

As cryptocurrency continues to show more proficiency and capability in making transaction easier for people, the world is gradually embracing the technology as a trusted means even though some are still skeptical about its credibility.

Owing to the gradual diffusion of blockchain technology, a network that records it transactions using distributed databases, math and cryptography, banks are beginning to embrace the technology as their co, whom they could partner with in gaining relevance in the world of financial transaction.

Then, some banks and financial bodies mused over the best cryptocurrency to marry, and they came to the final resolution that Ripple would serve them right. Banks and financial institution like Santander, Saudi Arabian Monetary Authority, MoneyGram, American express, and Canadian Imperial Bank of Commerce, among others have aired their collaborations with Ripple.

Despite the collaboration, partnership and perceived friendship between Ripple and banks, series of speculations that altcoin is becoming more of a threat to banks or banks are aiming to crush Ripple off the financial world has been rousing all over the space, with various analysts and observers giving out their opinions.

In a statement, the President and COO of Global Blockchain said “if big banks were to succeed in crushing one of these two currencies, Ripple would be it,”

In the same line, the CEO of J.P. Morgan Chase & Co., an American international banking system, Jamie Dimon, labeled digital currencies as “fraud,” and a “tulip bulb,”. Making us know that in the heart of high profile banker lies statements like “banks are prepared to crush down cryptocurrency”

However, the liable cryptocurrency that banks will surely want to crush is Ripple. According to Shidan Gouran, “Ripple is much more of a direct competitor to banks. Because it operates more like a transaction network than a currency”.

Also, Darren Marble, the CEO of CrowdfundX said, I believe Ripple offers a viable blockchain solution and an enormous amount of utility to banks.”

In the same direction, Marcus Schenck, co-head of corporate and investment banking at Deutsche Bank, in his opinion, said bank accounts would disappear in few years to come.

For me, going by Marble’s statement, I think banks are more in need of ripple than the otherwise, therefore, what will give them the capability or thought of crushing a technology that complements them and make them more viable in the financial industry?

A penny for your thought.