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Banks In India See More Uses Cases In Ripple (XRP) Than In Any Crypto

When Ripple (XRP) launched an office in Mumbai India, appointing Navin Gupta, who has over two decades of experience at HSBC and Citibank across the U.S, Hong Kong, Japan, Taiwan and India, as the Regional manager, it could be said that the move was to smoothen the relationship between Ripple and its partners, Axis Bank and YES Banks.

However, CEO Brad Garlinghouse sees beyond today, he has discovered that “India is transforming itself into a digital economy and is an innovative leader in payments”. He was of the opinion that creating an office in Mumbai will respond to the rapidly-growing demand for frictionless payments by Ripple’s customers Axis Bank and YES Bank, some other banks and non-banks across the country.

Shortly afterward, different banks and fintech started partnering Ripple in the country, using it uses cases such as RippleNet, xCurrent and even xRapid as a means of cross border payment settlement.

Among them is Kotak Mahindra Bank, a leading bank in India with more than 1300 branches in the country, which will be using RippleNet, a decentralized network of payment providers and banks that connect to each other through Ripple’s technology.

Earlier, IndusInd was among the banks that announced they would join the RippleNet community for seamless cross-border remittance. There is more hope in India for Ripple than any other blockchain technology, may be due to Gupta’s assertion that “Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”

Ripple In The Financial Industry In Other Countries

Getting recognition from banks and other financial institutions around the world isn’t a new thing for the cross border specialized remitting Cryptocurrency, Ripple. While many have viewed international transactions as a herculean and costly task, Ripple, tagged blockchain solution to global payments, redefined the situation by making it a piece of cake that cost almost nothing.

In Europe, Ripple has got collaboration with institutions like Santander bank that resulted in the launch of OnePayFX app for immediate remittance in Europe, Standard Chartered Bank, UniCredit and Banco Bilbao Vizcaya Argentaria (BBVA), among others. While in continents like America, Asia, and Australia, Ripple has gained alliance with financial institutions like MoneyGram, MUFG, and Westpac bank respectively.

As the Cryptocurrency continues its search for more connections in various countries to maintain a solid anchor around the world, Ripple CEO, Brad Garlinghouse mentioned that in the next five years, the financial technology would have partnered with more than half of world top banks. With the outreach of Ripple, it is becoming clear that it will live up to what it flaunts.

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Coinbase Announces Japanese Expansion Plans

Coinbase, the largest cryptocurrency exchange platform in the United States is coming to Japan. This move is the latest in a series of expansion activities targeted at increasing the company’s influence in the nascent digital currency landscape.

Coinbase Japan

Dan Romero, the VP and GM of Coinbase announced the move in a post on the company’s Medium blog on June 4, 2018. The company also tweeted about the plan, declaring its excitement at the prospects of operating in a new market environment. A portion of the blog post reads:

As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan.

The cryptocurrency exchange behemoth also plans to comply with the regulatory standards in Japan.

As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.

The company will also make sure to offer Japanese translations for all of its services in the country.

Meet Nao Kitazawa, the CEO of Coinbase Japan

As part of the expansion plans, the company has appointed Nao Kitazawa as the CEO of the Coinbase Japan office. Kitazawa brings years of experience in the fintech and legal fields. According to the announcement, Kitazawa will be tasked with building a talented team of locals that will form the foundation for launching the company in Japan.

Kitazawa is a veteran of the investment, legal and real estate industries. He was formerly of Morgan Stanley in Japan where he worked as an investment banker. He was also the COO of Money Design, an investment advisory platform.

The new CEO of Coinbase Japan brings more than experience and business acumen to the table. Kitazawa is sitting member of the Fintech Association of Japan. Thus, he will be able to guide the company in obtaining the necessary regulatory clearance from the FSA. Kitazawa is a cryptocurrency enthusiast. The company believes he possesses the right set of skills to help them capture the Japanese cryptocurrency market.

Will Coinbase List Ripple (XRP)?

By entering the Japanese market, Coinbase has once again stoked the flames of the Ripple (XRP) listing debacle. There has been a long-running debate on whether coin base would add Ripple to its catalog of supported cryptos. XRP is reportedly the most popular digital token in Japan. Thus, the company might see itself coming under increased pressure to list Ripple tokens.

Japan has emerged as a crypto-friendly nation especially after the negative policies of countries like China and South Korea in 2017. The country is considered to be the center of cryptocurrency commerce in the Asian theater with numerous licensed exchange platforms. However, in the aftermath of the $550 million Coincheck hack in January, the FSA has taken a more hands-on approach to cryptocurrency monitoring and regulations.

Can Coinbase replicate its successes in the U.S. cryptocurrency market in Japan? Do you agree that the company needs to list XRP if it is going to stand any chance of capturing the Japanese market? Keep the conversation going in the comment section below.

Image courtesy of Coinbase.

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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.