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SBI Holdings Chairman Says Ripple (XRP) Is Next Global Standard Of Cryptocurrency And Money

While the vote of confidence which the State Bank of India (SBI) has been passing on Ripple (XRP) is creating avenue for the blockchain technology to excel in Asia especially in Inida, the CEO of SBI Group and chairman of SBI Holding, Yoshitaka Kitao came out at a major Blockchain Conference in Japan to flag out the coin with hope that it will soon become the global standard of cryptocurrency and money.

At the seminar tagged “The Japan Blockchain Conference” which took place on 27th of June, the CEO displayed much belief for the blockchain technology as one that will maintain its rapid growth trend and optimize the global financial system.

Mr Kitao added that due to the effectiveness and proficiency of Ripple tool, XRP, financial transactions are done seamlessly, creating a more efficient world. While at the same time, cross border transaction problems are being resolved as the tool fashions an ecosystem for banks that facilitate smart and easy transaction corridor with meagre cost within limited time.

The chairman of the SBI Holdings has been keeping tab on the cryptocurrency since January 2016 before the rally of XRP that resulted into the high valuation of the coin when it surpassed $50 billion.

Then, Kitao noted that XRP is the only tool with “battle-tested” solution that can help augment banking transactions and operations.

“Surveying the market, Ripple was the only company that has delivered battle-tested enterprise solutions and global bank customer traction, including commercial deals with top banks already signed in Asia Pacific. Distributed financial technology is undoubtedly transforming financial infrastructure and we’re excited to drive its adoption throughout Asia,” Kitao said.

Since the gesture, SBI Holdings had dragged financial institutions in South Korea, amongst which Kookmin and Shinhan, the two largest commercial banks in the country, to deploying Ripple tool to better cross-border transactions.

The Japan Blockchain Conference

Rated the largest Cryptocurrency conference in Japan, not less than 10,000 individuals were present at the session where issues related to cryptocurrency market, project, growth, regulation and investment in the sector were discussed.

The conference also featured bigwig like cofounder of Ethereum and creator of Cardano Charles Hoskinson, Bitcoin.com CEO, Roger Ver and other topnotch entrepreneur in the blockchain sector.

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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.

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Ripple Liquidity Solution Satisfactory, MercuryFX Confirms

MercuryFX Ltd, a trusted global currency specialist for individuals and businesses, has confirmed that Ripple’s liquidity solution is first-class considering its low cost of transaction, increased transaction speed, and transparency.

In a statement of praise shared on Twitter, the fintech firm disclosed, insinuating to go ahead with the solution in the nearest future.

“In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP, MercuryFX Ltd tweeted. “We are looking forward to continued successful testing and going into production.”

Many fintechs, including banks, have been testing Ripple xRapid, a financial solution deployed by payment providers and other financial institutions who aim at minimizing the costs of liquidity and at the same time improving customer experience.

xRapid leverages on XRP to achieve on the go liquidity that is automatically tantamount to reduced costs of transaction but ensures real-time payments in emerging markets. The solution is designed for enterprise use, it gives remittance providers and banks a highly efficient, scalable, reliable liquidity option for cross border payment services.

Fintechs are drifting toward xRapid for the fact that, around the world, payments into emerging markets often require pre-funded local currency accounts, making liquidity cost hyper-expensive. However, the advent of xRapid reduces the capital requirements for liquidity.

Many a number of firms have tested and affirmed the wonderful performance of xRapid. Among them are two prominent cross border remittance providers, Western Union and MoneyGram, who confirmed the superiority of the liquidity tool.

Confirming the test, Ripple in a latest statement highlighted five new xRapid pilot customers who found the solution satisfactory.

“In Q1, Ripple announced five new xRapid pilot customers — Western Union, Cambridge Global Payments, MercuryFX, IDT and MoneyGram. The pilots, which involve live transactions, have continued to prove that xRapid can lower liquidity costs and dramatically increase payment speed and transparency using XRP. In Q2, Ripple will look to grow the number of xRapid pilots and work to move existing pilots into production.”

Ripple offers topnotch solutions to fintechs and central banks. Recently, the Central Bank of Saudi Arabia confirmed Ripple is going to help reduced exorbitant transaction costs it spend annually on cross-border transfer, stating that the firm has unique tools for this section.

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Apple Using Ripple (XRP) Interledger As Banking Becomes Easier With XRP

The cryptocurrency markets seem to be on steroids once again. Bitcoin (BTC) has gone past the $8,000 mark; Ethereum (ETH) is now back above $500; Ripple (XRP) is trading at an amazing $0.64; Bitcoin Cash (BCH) is at $774; and Litecoin (LTC) is trading at $131 and has reclaimed the number 5 spot from EOS (EOS – $9.22).

Amidst all this market excitement, is the news that Apple Pay has integrated Ripple’s Interledger protocol. According to the announcement, the update will be rolled out via the Safari browser using both macOS11.1 and iOS11.1. These are the operating systems for Mac computers and iPhones respectively. The Interledger integration hints at the possibility of Apple Pay accepting cryptocurrencies in the near future. If this were to happen, it would mean that users of Apple Pay will be able to use cryptocurrencies for regular purchases in the near future.

So what is Ripple’s Interledger Protocol?

Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. Interledger is not tied to any one company, blockchain, or currency.

This means that Interledger can be used even by banks and other payment settlement solution providers. It allows for different back-end systems to communicate with each other in a manner that was up until now, a hustle for banks. Previous to interledger, sending payments across the globe took days. And as Brad Garlinghouse once said during a Bloomberg interview, it was easier to pack the cash in a bag and fly it over to the other bank physically.

With Ripple news streaming in every day and with the current market momentum that is exciting everyone in the crypot-verse, it is possible to fulfill the numerous Ripple price predictions that have been floating around the web.

$1 looks like a week away if the current momentum continues. With the usual slight corrections, we could reach the $4 by the end of June and $10 earlier than the December expectation by many Ripplers.