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Mexican Crypto Exchange Bitso Seals DLT License from Gibraltar Regulator

Mexican cryptocurrency exchange Bitso will from now on be regulated by the Gibraltar Financial Services Commission.

Mexican cryptocurrency exchange Bitso will from now on be regulated by the Gibraltar Financial Services Commission (GFSC), a July 19 announcement revealed.

An apparent first in Latin America

In what Bitso claims is an apparent first in Latin America, as of August 1, the custody, withdrawals, deposits and trading of cryptocurrencies on its platform will be overseen by the GSFC under a framework specifically evolved to regulate businesses in the distributed ledger technologies (DLT) sector. 

GSFC’s Distributed Ledger Technology Regulatory Framework — finalized in January 2018 — focuses on ensuring robust consumer protection and security, as Bitso notes. Yet the exchange argues that the framework’s application is “conveyed through the application of principles rather than rigid rules” and is thus fit to keep pace with the pace of innovation in the DLT sphere.  

The agency’s issuance of a so-dubbed DLT license to successful applicants such as  Bitso has forged the overseas United Kingdom territory regulator a reputation as a proactive and forward-thinking actor in the global sector.

Bitso reveals that its choice of cooperation with the GFSC stems back to a meeting with the regulator’s team during an international FATF forum. Notwithstanding its compliance into Gibraltar’s crypto regulatory regime, the exchange says it continues to work closely with local financial regulators to promote the enactment of the Fintech Law in Mexico.

Crypto regulatory frontiers

In terms of user experience, the company notes that while using Mexican pesos, clients will continue to use existing services such as SPEI, cash funding or Bitso Transfer ® — and will still be under the operational oversight of Bitso S.A.P.I. de C.V, which is regulated under Mexico’s Fintech Law.

When it comes to crypto interactions, all activities will from August fall within the scope of the GFSC DLT Regulatory Framework. The firm pledges to transparently indicate and uphold a strict separation between services provided in Mexico and those provided in Gibraltar.

As Cointelegraph has previously reported, major Singapore-based cryptocurrency exchange Huobi sealed a DLT license from the GFSC in December of last year, weeks after the Gibraltar Blockchain Exchange (GBX) was granted one.

This spring, the European Economic Area (EEA)-regulated Gibraltar Stock Exchange (GSX) launched listings of blockchain-powered securities on its GSX Global Market.

In February 2018, Gibraltar announced a trailblazing draft law for initial coin offerings (ICOs), drawing industry-wide interest.

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Here’s Why Ripple (XRP) Is Perfect for the Unbanked

Ripple XRP

One of the primary reasons for
creating Bitcoin is to reach people in the unbanked and under-banked areas.
However, one cryptocurrency that is achieving that goal is XRP, with its
cross-border remittance practically available in all parts of the world.

XRP Helping Drive Crypto Adoption

Ripple and its cryptocurrency, XRP,
have been at the forefront of cryptocurrency adoption to the unbanked and
under-banked regions of the world. Ripple continues to release solutions that
help banks and other financial institutions carry out faster and cheaper
cross-border payments.

Roel Wolfert, a Managing Partner at
VGRIP, says 
By slashing cross-border
remittance times to minutes, #blockchain-enabled services are attracting users
who typically aren’t banked.”
He made this statement in a blog post about
the contribution of blockchain technology in the Middle Eastern financial
landscape.

The adoption of Ripple and XRP by
payment service providers in various parts of the globe is an important reason
why cryptocurrencies are getting more attention. A few hours ago, Wietse Wind,
an XRPTipBot developer, announced that Google and Apple App Stores accepted their
XRPayments app.

According to his tweet,

 “Right
on time!
🎉 🎉 🎉 Our XRPayments app was just accepted by Google and Apple. You can get
the app now from the Apple iOS or Google Play store, and start accepting $XRP
for payments in your physical store! Visit https://setup.xrpay.com to download
and activate the app

In addition, Wind says that the app converts the funds, so
it gives the recipient the exchange rate for their currency. “It doesn’t handle actual currency
conversion: it’s XRP to XRP payments
,” he added.

Financial Entities Push Ripple Adoption

Ripple collaborating with several
financial bodies across the world, and they are helping drive adoption. In the
first instance, the partnership between Ripple and crypto exchanges, Bitstamp,
Coins.ph, and Bitso is crucial to XRP adoption. These three all play essential
roles for Ripple. Bitso carries out crypto transfers between Mexico and the US.
Likewise, Coins.ph serves a similar function between the US and the
Philippines. Meanwhile, Bitstamp is in charge of USD conversion using xRapid.

Another product of Ripple that is
helping drive adoption is the InterLedger Protocol. The ILP is an open protocol
suite designed for sending payments across several ledgers. Consequently, the
ILP will usher in the age of the internet of value (IoV) as it will close the
bridge between fiat and crypto and allowing fast, efficient, and interoperable
exchange to take place.

The interoperability nature of the
ILP is crucial since it has the potential to speed up adoption of XRP and other
cryptocurrencies across the globe. For example, a demo transaction was carried out using the ILP and
funds were transferred from XRP to ETH within seconds. However, the general
opinion is that Ripple’s ILP is the technology to help the internet of value
arrive and thrive in the financial landscape.

While XRP micropayments are possible
via Twitter and Reddit, XRPTipBot launching a similar service on Gmail will
help boost crypto adoption in regions lacking banking services. Google’s
internet mail service is the most widely used in the world, and allowing users
to send funds via the platform will play a significant role in pushing
cryptocurrency adoption.

The XRP community is working to
ensure that Skype integrates the service. While it might not be new, Skype
allowing XRP transfers via its platform will help boost the chances of crypto
adoption. In general, Ripple and XRP’s innovations are helping crypto adoption,
allowing people in unbanked areas to carry out fast and cheap transactions.

The post Here’s Why Ripple (XRP) Is Perfect for the Unbanked appeared first on Ethereum World News.

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Ripple’s (XRP) xRapid Bags Three New Partnerships

Ripple (XRP) enthusiasts have long been complaining that Ripple, the overseer of the altcoin finds more use cases for the cryptocoin, saying many of the partnerships sealed by the company were not in favour of XRP.

Now, Ripple (XRP) has danced to their tune. The blockchain company announced that xRapid, which is one of the most viable tools for cross-border payments, and majorly powered by XRP, has sealed a deal with three exchanges.

The decision is born of the fact that the success of xRapid depends on a healthy ecosystem of digital asset exchange partners across the world. These exchanges will give room for xRapid payments to be moved from one currency to XRP, and then into another as fast as possible.

In a release by Ripple, the blockchain technology indicated that Bittrex is going to act as the preferred digital asset exchange for xRapid. The exchange will cater for transactions performed through US Dollars.

Also, Bitso and Coins.ph are preferred for Mexican Pesos and Philippine Pesos respectively.

A statement by Cory Johnson, Chief Market Strategist at Ripple, “Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Meanwhile the CEO of Coins.ph, Ron Hose said, “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers”.

So, below is what the company feels xRapid payment flow will look like from the U.S. to Mexico:

  • A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
  • The payment amount in XRP is settled over the XRP Ledger.
  • Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.

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Ripple Endorses 'Preferred' Crypto Exchanges for XRP Payments

Distributed ledger startup Ripple has endorsed three cryptocurrency exchanges as its “preferred partners” for transacting with its xRapid payments service, which uses the cryptocurrency XRP.

Announced Thursday, Bittrex, Bitso and Coins.ph will now serve as Ripple’s “preferred digital asset exchanges” as part of its efforts to build out the XRP ecosystem.

Cory Johnson, Ripple’s chief markets strategist, told CoinDesk that the firm is essentially encouraging all of its clients in the U.S., Mexico and the Philippines to use those three exchanges, respectively, for sending funds using its xRapid service.

“So in the U.S. we’re saying the gold standard, our official partner is Bittrex. So any bank can go to Bittrex and have guaranteed liquidity on the spot, trade their dollars for XRP, zip over to Mexico to Bitso, our preferred partner there, and convert [to Mexican pesos],” he said in an interview.

The financial institutions would need to have accounts with the exchanges to convert U.S. dollars, or Mexican or Philippine pesos, according to Johnson.

The three exchanges were chosen due to their XRP holdings, allowing them to provide higher levels of liquidity, he said, adding that “there’s a whole bunch of companies around the world that are using XRP and what we’re doing is identifying three other [exchanges] that have a lot of XRP liquidity and steering more liquidity their way.”

While Ripple has only announced three exchanges so far, Johnson said more names are to follow.

He explained:

“The corridors we’re focused on [are] organic … we want to focus on busy corridors. We want to focus on places where there’s a very vibrant XRP marketplace, and we want to focus on places where we can have the most value.”

Ripple needs to determine where these places are, he said. As an example, he noted that Taiwan and the Philippines see large volumes of trading compared to other international corridors, meaning Ripple could focus more attention on that corridor.

Ripple image via Shutterstock

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