Ripple Adds Over 50 Financial Institutions To Its Settlement Platform Since November

Ripple’s executive, Navin Gupta, managing director for South Asia and MENA regions, spoke in an hour-long YouTube video explaining the blockchain’s use cases and its progress so far in 2020.

In data provided by the startup executive, Ripple currently has over 350 partners in its ranks, including RakBank in the UAE and Transfer Go in the U.K.

Over the past seven months, Ripple has welcomed over 50 financial institutions using its settlement platform. Navin said:

“Ripple is one of the largest blockchain companies in the world which is in production. We have around 350 financial institutions that use our technology every day.”

Blockchain technology has been revered as the solution to accounting and trust issues on legacy financial systems such as “reconciling accounts without the need for a third party.”

A Solution to Legacy Financial Systems

According to Navin, Ripple aims at reducing the latency and speed problems that financial systems face allowing users to send money as quickly as they send emails. Ripple also minimizes the cost of each transaction to a few cents, curbing the exorbitant fees charged by international money transfer systems, which is also a big issue in hindering international remittances.

“With money, there’s a lot of friction. There is about $1.6 trillion that gets spent in fees when money is moving across international borders [annually] – the total value sent internationally is about $27 trillion”

Navin explained the problems money transfer systems face at the moment.

“We want money to move the way information moves.”

Ripple’s tech systems, as explained before, are aimed at reducing the overall transfer times from days in the legacy system to only a matter of seconds. All this, while ensuring al verification details are correct, and AML compliance regulations are met, Navin said.

Ripple’s low cost of transactions, high levels of transparency, and high liquidity to users also offer the blockchain a competitive advantage.

Ripple’s Micropayments Solution

Across the globe, there are tens, if not hundreds of payment platforms that Ripple competes with. Top of the list is global payment services like SWIFT, UBS, and PayPal. All of which the fourth-largest blockchain aims to dethrone. One of the critical features that Avin believes sets Ripple apart from its competition is micropayments.

“We believe micropayments of five cents, ten cents, and even a cent is something that will see a huge use case in the coming two or three years.”

On the future of the crypto industry in general, Navin believes the current highly “speculative crypto market” will shift its tide to a more utility-based use case. Most of the current digital currencies will die out if they do not build real-world use cases.

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Author: Lujan Odera

South Korea Remittance Firm, Coinone Transfer, Attributes 50% Monthly Growth to RippleNet

  • A South Korean firm leveraging Ripple’s technology has grown exponentially according to a release on March 4.
  • Coinone Transfer operates as a financial services firm leveraging RippleNet to solve the shortcomings in Korea’s International remittances.
  • The firm has attributed its success to Ripple’s blockchain as per a recent Swell discussion.

Coinone began product development on RippleNet back in 2018; immediately after South Korea lifted a ban which earlier sidelined non-bank institutions. With new rules in place, Coinone aimed at using Ripple’s blockchain to tap into the S.Korea’s $33 billion remittance market. This partnership was initiated through SBI Ripple Asia in the same year.

According to the Coinone’s Business Development Manager for Transfers, Camille Jeong, Ripple’s involvement has been more beneficial than they had imagined.

Speaking at the Swell discussion, Camille said that volumes have grown 50% every month since integrating RippleNet. In addition, the International remittances services provider has managed to retain over 80% of its clientele.

Behind the Success

Ripple’s blockchain has featured in a number of discussions on how to answer the questions of lag time and cost in sending payments/remittances across borders. Coinone attributed its success to RippleNet’s ecosystem, which consists of other financial services leveraging its blockchain.

With such a network, the South Korean firm has been able to settle its transactions far faster than conventional banks. It’s this, coupled with the country’s real-time settlement on domestic transactions that have made Coinone Transfer’s remittance product Cross a truly niche enterprise.

Another factor that accelerated Coinone’s adoption is Ripple’s tracking feature. Basically, users get live updates on the progress of their transactions; this has been a strong marketing point for Coinone.

Looking at this development, both Ripple and Coinone are set to achieve greater things in 2020. However, this is only a mere projection that can significantly change given the crypto market volatility.

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Author: Edwin Munyui

The XRP Ledger May Allow Third-Party Asset-Backed Tokens In the Future: Ripple CTO

According to Ripple’s head of tech, David Schwartz, the firm is creating a new feature which will let clients mint new asset backed tokens on its XRP ledger.

Ripple released a press statement explaining that its tech engineers are developing exciting fresh features which will lead to the broadening of the ledger’s functionalities which will also allow third-party users to roll on other cryptos on top of the XRP Ledger network.

While Schwartz was economical on the details of the fresh features, he explained that they will help in rolling on fixed-value tokens within the XRPP Ledger. He explained:

“Stablecoins is the obvious use case, but it’s not just stablecoins it’s essentially assets pegged to some external value.”

CoinDesk reports that such features are present in various blockchain platforms with the most notable one being Tether that operates stablecoin layers on different platforms simultaneously. However, Schwartz explained that asset-backed tokens running on XRP platform will be assured of guaranteed liquidity based on the ledger’s mechanics.

In a previous interview, Schwartz had explained that a entirely collateralized XRP stablecoin can be highly liquid. He added that instead of developing different markets for every virtual asset, the trades will happen in XRP ensuring liquidity of the stablecoin its popularity notwithstanding.

This will not be the first instance that Ripple is venturing into markets outside its settlement business. Xpring, the firm’s investment wing, purchased a decentralized payments platform known as Logos Network late last year. During the acquisition period, Xpring had stated that the new platform would allow Ripple to develop financial products and services on XRP Ledger.

Schwartz explained that the firm’s engineers had realized that the XRP Ledger has properties of algorithms that allow the firm to operate the same way as a decentralized exchange. It is these features that the firm aims to capitalize on and add several aspects which will let users easily offer their own digital assets.

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Author: Joseph Kibe

Ripple Records Largest Daily Active Address Creation for the First Time Ever

In Ripple’s six years plus history, this is the first time, it is seeing the current level of single day daily active creation. Crypto data provider Santiment noted,

Upswings in the daily active address created has been seen in July last year when the XRP price was declining. In December, the price bottomed out and started surging in 2020 and soon after addresses started picking up as well.

This month two such spikes have been seen, each one making a new record. XRP community and investors are surely getting ready for a bull market.

This past week, XRP price has surged nearly 16% while so far in 2020 it is up 70% trading at $0.325. The performance of the third largest digital asset was “only overshadowed” due to the rise in ETH price which is up a whopping 109% on a year-to-date basis.

Going forward, experts are still bullish on this cryptocurrency with trader Crypto Michaël expecting another over a 100% move.

Having broken the two year-old-downtrend and a retest, “Breaking above 3000 satoshis and likely continuation towards 3700 / 4400 and maybe even 6700 satoshis,” said the trader.

Meanwhile, trader Scott Melker has just two words for XRP, “Blast off.”

XRP bull Magic Poop Cannon made his appearance on Crypto Twitter after a long time, and only to share that “this could be the real deal.”

The XRP price chart, the analyst said looks identical to that of 2017, a bull rally of which XRP was the top performer, before the “massive rally.” Moreover, the resistance has also been “thoroughly destroyed” by the asset.

Now, it’s to be seen what will be the local top of this rally and wait for a new all-time high.

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Author: AnTy

Ripple CTO Proposes ‘Deletable Accounts’ On The XRP Ledger (XRPL) Via An Amendment Process

A new feature was proposed by Ripple’s CTO David Schwartz in the amendment process of deletable accounts. This feature will allow XRPL accounts to be removed from the ledger and recovers most of the reserve locked in the account to prevent spam.

In the past deleting accounts was impossible as an account always existed, said software engineer Nik Bougalis who is leading the C++ team at Ripple and drafted the spec for deletable accounts. But now, someone that is able to sign a transaction on the account can now delete that.

Amendment Process to Introducing New Features

Schwartz in his latest article, “Amendments: Ensuring Sensible Evolution of the XRP Ledger,” talks about one of the key governance mechanisms that XRPL uses, the amendment process.

Purposely designed and built for broad participation, the amendment system provides a means of “introducing new features to the decentralized XRP Ledger network without causing disruptions.” The system utilizes the core consensus process of the network to approve any changes. Schwartz said,

“The activation of any changes to the XRP Ledger protocol are coordinated by the community through this process.”

The Power to Coordinate Activation of Amendments

Amendments are now assigned to a feature discussed by the community to be introduced to the XRP Ledger (XRPL) which needs 80% support to enable it. The community is then given two weeks to voice their opinion on the amendment and if enabled, those who did not agree to will become ‘amendment blocked‘ —

“a security feature designed to protect applications that depend on XRP Ledger data.”

XRPL, Shwartz explained, is to provide a robust feature for the foundation of the digital asset XRP, in addition, to exchange digital token ad settling payments. Schwartz explained,

“The purpose of this amendment process is to empower the community to coordinate activation of amendments that do have broad support with minimal disruption and to avoid an accidental fork if servers do not agree on network rules.”

Validators can’t activate amendments that don’t have broad support. Previously, support for multi-signing, ledger’s on-chain escrow and payments channel features were enabled by amendments.

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Author: AnTy

CEO Brad Garlinghouse Says XRP Price Can’t Be Controlled By Ripple, Utility Will Dictate

Ripple’s CEO, Brad Garlinghouse, said in a CNN interview from January 5 that his company is not looking to get rid of its XRP cryptocurrency, even if it’s selling a lot of it.

He also talked about the relationship between Ripple and XRP, and how the company can’t control the coin’s price:

“Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin.”

Ripple Got Rid of More XRP Than Ever in 2019

Garlinghouse’s comments on Ripple not wanting to dump XRP are contradicting what happened with the company’s market in 2019. He said,

“Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that […]. We would never do that and in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”

XRP Had Major Lows in December 2019

XRP had its worst lows over the last 2 years in December 2019, when it dropped under $0.29 and was trading at some point 96% below its $3.40 high of all time. In the last 24 hours, it had a 9% recovery and XRP/USD came across the $0.20 barrier. Garlinghouse firmly denied Ripple’s influence over the XRP price, in spite of the company’s token share.

Major XRP Buyers Would Have Restrictions

Garlinghouse continued the interview by saying Ripple would not have a positive response for large investors owning a lot of the XRP supply and said the company is an enduring major token holder that keeps on moving forward. When mentioning institutional investors, he had this to say:

“We don’t want some other party buying a whole lot of XRP and dumping it on the market, and so we would hypothetically have restrictions about what they could sell and how often, and usually those are based on volume in the market.”

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Author: Oana Ularu

XRP Welcomes 2020 with a Green Candle And by Unlocking 1.2 Billion from Escrow Account

  • A total of $230 million unlocked from Ripple’s escrow wallet
  • XRP up over 2% on the first day of 2020
  • A look at Ripple’s “strongest year of growth to date”

After ending 2019 with poor performance, recording a loss of more than 46%, XRP started 2020 on a green note.

Though the situation is still bad, with the digital asset down 95%, it has made its way up from $0.186 hit last week.

In the last 24 hours, the third-largest cryptocurrency has been up 2.04% while trading at $0.194, as per Coincodex. In the BTC market, it is up by 1.09% and 0.09% against ETH.

However, amidst this green candle came the release of 1.2 billion XRP worth approximately $230 million from Ripple’s escrow wallet.

The unlocked amount has been in two batches as Whale Alert, a live tracker of large crypto transactions from and to exchanges reported, the first one was of 200,000,000 XRP worth $38,116,030 USD on Dec. 31, 2019, that cost 0.0005 XRP. Then 1,000,000,000 XRP worth $192 million were unlocked from Ripple’s escrow wallet, costing 0.05 XRP.

Looking Back

Recently we shared Ripple’s big plans for 2020 that involve building new utility and use cases for XRP through Xpring intuitive, tackling fake volume, and launching new products this year.

Ripple expects 2020 to even better than last year but not before we take a look at the year of Ripple’s “strongest year of growth to date.”

The company had a record year with a $200 million Series funding led by Tetragon with participation from SBI Holdings and Route 66 Ventures.

“We’re thrilled to cap off our strongest year of growth with this validation from investors in our business and its mission,” is how Ripple talks about this funding.

It was in 2019 that RippleNet surpassed 300 customers and 10x year-over-year growth in attention on the network. Also, the year when the company announced the Ripple’s developer platform via Xpring that “removes the pain and friction from integrating money into apps.”

It has been in 2019 that Ripple CEO Brad Garlinghouse wrote an open letter to Congress urging legislators

“to support fintech policy that fosters responsible innovation and classifies digital assets in a way that recognizes their fundamental differences—not painting them with a broad brush.”

Ripple’s biggest achievement of 2019, the company says has been its partnership with money transfer giant, MoneyGram that leverages XRP through On-Demand Liquidity (ODL). During the Swell 2019 event, MoneyGram CEO Alex Holmes also revealed that it moves 10% of its transaction volume between the US and Mexico with ODL.

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Author: AnTy

Ripple Marks 2019 As The ‘Strongest’ Year of Growth, Receives $200 Million in Funding

  • Ripple’s Series C funding led by Tetragon and accompanied by SBI Holdings and Route 66 Ventures
  • The investment will expedite the company in onboarding new global talent
  • RippleNet saw 10x YOY growth in transactions

Ripple has received a $200 million in Series C funding, marking a record year, announced the company on Dec. 20.

Tetragon, SBI Holdings and Route 66 Ventures led the funding. This investment is intended to be used to back the Internet of Value (IoV) idea. CEO Brad Garlinghouse said,

“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”

The “Strongest” Year of Growth

The US-based fintech company, Ripple is a real-time settlement system to move money instantly to all corners of the world.

The past year has been its “strongest” year of growth. RippleNet grew to over 300 customers worldwide as well as forming a strategic partnership with MoneyGram.

Now, at the end of 2019, they have expanded to more than 45 countries and 6 continents with payout compatibilities in approximately 70 different currencies.

RippleNet actually saw 10x growth overall due to its On-Demand Liquidity product that leverages digital asset XRP.

Recently, we also saw Ripple announcing upcoming plans for its investment arm Xpring. Money offer tools, programs, and services simplify the process of sending and receiving payments in any currency using XRP Ledger and Interledger Protocol (ILP).

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Author: AnTy

MoneyGram Money Transfer Service Gets Investment from Ripple to Boost XRP Adoption

MoneyGram will use Ripple’s On-Demand Liquidity (ODL) solution in Australia, Europe and other important markets.

The US-based and blockchain company Ripple made a $20 million investment in the money transfer giant MoneyGram, announces a Ripple press release. This means Ripple owns a 15% stake that includes non-voting warrants in MoneyGram. This is what the CEO and Chairman of MoneyGram Alex Holmes had to say about the collaboration:

“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.”

Both Parties Involved Are Sure to Win

Ripple started collaborating with MoneyGram back in 2018 when MoneyGram begun running its pilot program for testing the digital token XRP in order to reduce money transfer costs. In June 2019, the cryptocurrency giant Ripple bought $30 million worth of shares at MoneyGram and signed a 2-year partnership that requires the money transfer company to use XRP when making cross-border payments. When this happened, Garlinghouse said the deal is a crucial milestone in the cryptocurrency space because it helps Ripple prove how efficient the blockchain technology is, while MoneyGram is allowed to remain profitable in times of struggle.

New XRP Markets

The Ripple MoneyGram partnership has proven to be a success, seeing that now Ripple’s ODL solution is processing 10% of the MXN-USD Moneygram transactions. The liquidity index for XRP has gone over the Mexican exchange Bitso’s 6 million mark. With this new investment, MoneyGram will continue expanding to European and Australian markets and the adoption of XRP will be boosted. On November 23, XRP surpassed other major coins and set a new high for the daily transaction volume.

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Author: Oana Ularu

RippleNet’s Partner Finablr Sees 22% Boost In Revenue; Citing Samsung And UnionPay Collaborations

Several platforms that use Ripple’s technology are making progress recently. Finablr, a Ripple partner that uses the On-Demand Liquidity services of the technology firm, has recently posted some data about its revenue that confirms the idea that these companies are faring well because they use XRP.

According to the recent data published by the company, Finablr has reported earnings of $182 million USD this year, which means that the revenue went up 22% when compared to last year.

Even though Ripple is not directly cited in the report, the partnership between the two platforms was started this year and Finablr now runs on top of the XRP Ledger using the service that was formerly known as xRapid to get more liquidity.

This was not the only partnership that was started this year. Recently, Finablr also decided to team up with Samsung, the South Korean electronics giant. With this partnership, the services were embedded into Samsung’s cryptocurrency wallet, which was launched together with its newest line of phones.

Ripple Continues Its Partnerships

The prominent crypto company is continuing its efforts to make important partnerships. This year alone, Ripple started over 300 partnerships, which are considered essential for the success of the platform.

Flash FX, for instance, has been using Ripple’s ODL product to create payment corridors between the Philippines and Australia.

The ODL has also been successfully integrated into MoneyGram, a large payment service. Around 10% of all the remittances to Mexico are now using the Ripple-based service, partly because Ripple has started its integration with Bitso, the largest crypto exchange in Latin America right now.

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Author: Gabriel Machado