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Ripple’s (XRP) RippleNet Welcomes 2 More International Remittance Firms

Faith and belief in the available Ripple (XRP) software solutions for international money transfers and remittances has yielded recent news of several financial institutions partnering with the project in one way or another. Ethereum World News recently reported UK-Based brokerage firm and international payment provider, Currencies Direct, had successfully completed testing of the xRapid money  transfer settlement services. At the same time, the Kuwait Finance House recently became the first country in the Arab nation to join the RippleNet network.

The same RippleNet network now welcomes two new members to the list of budding financial institutions already part of the network. The two international firms that have shown their faith in Ripple are the Singapore-based InstaReM and Brazil-based BeeTech. These two financial entities are unique in that they only offer remittance services and that they have joined RippleNet that has banks as its core members.

The two firms went ahead to use the service this week allowing them access to a number of international markets such as the United States, Southeast Asia, South America and Europe. The firms have been noted to use Ripple’s API based solution of xVia that bridges the gap between the already existing software in financial institutions, to the RippleNet network.

The founder and CEO of BeeTech had this to say about the partnership with Ripple:

This partnership on RippleNet provides our customers a one-stop shop experience, including the ability to send payments and access new suppliers across more than 60 markets through xVia – a simple API connection.

This need for a one stop solution for remittance services is also the reason that the Santander Bank is using Ripple products for 50% of its International transfers. It seems that Ripple has proven itself as the leading payment solutions provider on the blockchain.

The momentum for Ripple and XRP is indeed increasing as we cruise towards the second half of 2018. One thing that is on everyone’s minds, is the $10 XRP price prediction by SBI Holdings CEO and President, Yashitaka Kitao who has been bullish about XRP ever since the two organizations partnered over tow years ago. Perhaps this value is a reality once the same firm launches the SBI Virtual Currencies exchange later on this year.

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Is A $1.053 Trillion Total Crypto Market Cap Possible after Consensus 2018?

The fourth annual blockchain technology summit known as Consensus by CoinDesk starts today, May 14th and will run up until the 16th. The 3 day summit will be held at the New York Hilton Midtown. The event will feature over 250 speakers and over 4,000 attendees from a variety of industries. They will include startups, investors, financial institutions, enterprise tech leaders, members of academia and policy groups; all building the much needed foundations for blockchain technology and cryptocurrencies.

This year’s event is expected to shatter previous year’s records in terms of buzz and attendance. Last year the event had around 2,700 attendees, over 125 speakers, 80+ sponsors and participants from over 70 countries around the globe. The 2018 event is sure to double the 2017 numbers given the projections by the event organizers, Coindesk, who will be having the New York Economic Development Corporation, as a co host this time. Notable big companies expected at the event include Microsoft, IBM, Proctor and Gamble, Siemens, CME Ventures, Citi, Scotiabank, KPMG, PWC and many more.

On top of the event excitement, is the possibility of a repeat crypto-markets rally during the event that was also experienced last year. During the 2017 event, the Crypto-markets experienced a 27% gain in overall market capitalization value. This was a major leap when compared with the 2016 marketcap gain of only 2.7% during the event in 2016.

Many traders believe that Bitcoin reached the $2,000 mark last year because of the event. Consensus 2017 is also believed to have brought BTC to the media spotlight and catalyzed a market rally that saw the King of Crypto peaking at $20,000 on December 17th last year.

If the last percentage increment in the marketcap is to go by, the markets surge in 2017 increased by a factor of 10 in comparison to the surge in 2016. Does this mean that the 2018 event will cause a rally that will cause a 270% increment in the total market capitalization? This would mean that the crypto market would be valued at $1.053 Trillion by the end of the event and by using today’s total market cap of $390 Billion.

This might sound extreme and wishful thinking, but anything is possible in this crypto-verse.

What is your opinion on how the crypto markets will respond?