Author: Anna Galvez

Categories
Crypto Markets News

SBI Virtual Currency Platform, In Partnership With Ripple (XRP), Will Launch This Summer

Ripple (XRP) is doing pretty good in cryptocurrencies markets as it gained 8% today. However, it rebounded to $0.90 but is still recording a 2.26% gain in the last 24 hours. However, SBI Virtual Currency platform has just been announced to be launched during summer. The company thinks XRP is the most innovative cryptocurrency at least in terms of the improvements it can bring to the banking and remittance institution cross-border transactions.

SBI Holdings former CEO Yoshitaka Kitao, now the President of Premium Financial Services Co., is convinced that with the institution’s commercial initiative, once the company’s cryptocurrency exchange platform is rolled out during the summer, Ripple (XRP) would rank first in terms of trading.

When we do, it will be number one in the blink of an eye so quickly, so even if a large number of customers come, we can build a system that can handle it. We have to look for security thoroughly.

Yoshitaka Kitao, ex-CEO of SBI Holdings, actually President of Premium Financial Services Co.

 

SBI Virtual Currency platform, in partnership with Ripple (XRP), will be launched this summer

Both Yoshitaka’s actual company and the SBI Holdings are acutely conscious that the overall volume of cryptocurrency transactions has been cut in half from December 2017. They are very hopeful in that they will dominate the Japanese cryptocurrencies markets in a way that is secure for crypto holders.

This would follow the outrageous hacking of Coincheck after which more than $500 million in NEM (XEM) has been stolen, in Nem (XEM), by hackers and which had the Japanese cryptocurrencies regulators seek solutions from the Japanese cryptocurrency exchanges. Thus, the challenge both Premium Financial Services Co. and SBI Holdings are embarking to is huge.

Also noteworthy is that Yoshitaka Kitao was very bullish regarding Ripple (XRP) as SBI Holdings entered into a collaboration with the Ripple group in January 2016. SBI Holdings has been in business since 1999 and has spearheaded Internet-based payments and financial solutions. Not surprisingly, the company has been the first ever to associate with the Ripple company.

SBI is committed to delivering financial services in the equity, banking, securities, insurances and now cryptocurrency exchange services, as the long-awaited SBI Virtual Currency platform has just been released in partnership with Ripple (XRP).

Categories
Crypto News

Ripple (XRP) Price Surged As Binance Listed XRP/USDT Pair On it Cryptocurrency Exchange Platform

Binance cryptocurrency exchange reported quoting the XRP/USDT currency pair, which has caused the Ripple (XRP) to increase by 8% in only 1 hour. The listing has been great tidings for Binance traders, as the majority of XRP liquidity for Binance was represented by the XRP/BTC pair. The new trading paring facilities traders straightforward entry into a “safe haven” currency that they can resort to in the event of high volatility in the cryptocurrencies market.

Ripple (XRP) rallied 8% in just a single hour today just to come back slightly towards $0.90

CryptoCompare data reported that the XRP rallied 8% in just a single hour in cryptocurrencies markets. In all XRP markets, the volumes rose substantially to $635 million in the previous 24 hours.

Ripple (XRP) is strengthening against fiat currencies

Ripple (XRP) has publicly announced that it intends to expand the liquidity and availability of its proprietary XRP token. In so doing, it has become actively market-driven focusing on XRP to fiat currency pairings.

At the moment of this article, XRP is trading at $0.90, gaining about 2.12% in the last 24 hours. Now, with the aim of supplying a reliable liquidity pool, this, in turn, reinforces the use of the Ripple and the Ripple network solutions.

Binance cryptocurrency exchange XRP/USDT listing might reduce the correlation between Ripple (XRP) and Bitcoin (BTC)

Miguel Vias, Ripple’s XRP Market Manager, was very busy with the mission of strengthening XRP’s markets and narrowing its reliance with Bitcoin (BTC). In only one year, XRP/BTC’s overall share of the cryptocurrencies market has dropped to below 25%.

Binance’s XRP/USDT listing is expected to boost this under 20%, and Ripple’s proponents anticipate that it will diminish the powerful price link between BTC and XRP which exists at the moment.

In conclusion, Binance cryptocurrency exchange has listed the XRP/USDT pair which is expected by the Ripple (XRP) enthusiasts to diminish the correlation between XRP and Bitcoin (BTC).

Categories
Crypto News

Bank Of Korea Thinks On Launching Its Official Cryptocurrency

The Bank of Korea, the central bank in South Korea, could issue a bank-specific cryptocurrency (CBDC) as part of a series of guidelines for the cryptocurrencies market which will be announced next June. The information was disseminated in the local media on May 2nd following an announcement made by the Bank.

In this regard, the publication expresses the concern of some economists with the news, as the sudden and extensive launch of an official Bank of Korea cryptocurrency would revolutionize the way in which central banks provide money to the financial system. A measure that analysts believe could destabilize traditional lenders and spur rapid bank runs, especially in periods of financial instability.

South Korea Vs. Cryptocurrencies – The very definition of “contradiction”

This interest of the Bank of Korea in issuing its own cryptocurrency is curious, as it starts just in the context of a fall in the cryptocurrencies market trade sector in this Asian country, despite the spectacular boom in 2017.

Precisely, this drop in the growth of cryptocurrency trading in South Korea is due to a series of regulations imposed by the South Korean government. These regulations included greater supervision and control over cryptocurrency exchanges in the country, total prohibition of initial currency offers (ICO), taxation of holding and trading cryptocurrency, and restrictions on the import of mining equipment.

However, according to most government spokespersons’ statements, both the previous regulatory measures and the possibility of issuing a Bank of Korea official cryptocurrency are part of the same plan to be presented in June 2018.

However, there are some contradictions. The publication mentions the words of South Korea’s Minister of Policy Coordination, Hong Nam-ki, who says they are still deciding how to regulate the cryptocurrency trading, confessing that they have not reached consensus.

The debate focuses on two opposing ideas, according to Hong Nam-ki’s statement.Namely, to ban cryptocurrency transactions within cryptocurrency exchanges, which in some ways is already implemented through existing controls, or to regulate exchanges as common use assets, which would be feasible if they were to issue a Central Bank of Korea official cryptocurrency.

Categories
Crypto

Telegram Cancels Its Public ICO To Avoid SEC’s Regulatory Inconveniences

On May 2, it was announced that the Telegram team has decided not to commence its public Initial Coin Offer (ICO) after gaining about $1.7 billion in its 2 private pre-sales fundraisings.

The news was released by The Wall Street Journal which cited a source linked to the ICO. According to the sources, after raising enough funds in the two private presales, Telegram’s administrators canceled the release of its public sales, in addition to the changes in the regulations of the public initial coin offering.

In these terms, you should note the reply of Erik Voorhees, CEO of ShapeShift, who criticized the effects of the SEC regulations on the cryptocurrency ecosystem, as it left small crypto investor in disadvantage.

The SEC has created an environment where only the rich (aka “accredited investors”) are able to get access to finance deals. The plebeians must stick to the lottery.

Erik Voorhees, CEO de ShapeShift

Telegram wants to avoid the recent regulatory inconveniences around the ICO

Despite that the tokens released via ICOs do not commonly represent shareholdings for the businesses which handle such projects, the SEC has still classified some of these crypto-related approaches as securities.

The Telegram ICO was designed to raise funds dedicated for the future release of the company’s own blockchain network, dubbed as TON (Telegram Open Network), which was announced as the Ethereum’s competitor and which was supposed to release the Telegram’s own cryptocurrency, GRAM.

From January to March 2018, Telegram managed 2 private presales of its ICO, in which it gained $1.7 billion, $850 million for each, from 175 private investors, a fact that made this ICO the one with highest collection rate, so far.

The Telegram private ICO was running under the Rule 506 of the Securities and Exchange Commission’s (SEC) Securities Regulation Act D, which stipulates that a business may manage and run a sale of securities not registered within the SEC, only if it keeps the sale for the accredited investors, send fundraisings reports back to the SEC, and investors are subject to a defined consolidation period.

Categories
Crypto

Ethereum (ETH) To Reach $15,000 By The End Of 2018 As Reddit Rehabilitates Cryptocurrency Payments

In an interview this week, Chris Slowe, the CTO of Reddit, stated that they will rehabilitate the Bitcoin (BTC) payments service that had been suspended at the end of March and will also add Litecoin (LTC) and Ethereum (ETH) payments. On the other hand, Reddit co-founder stated that Ethereum (ETH) will reach $15,000 by the end of the year.

Reddit to rehabilitate the cryptocurrency payments on the platform

In an interview with the Cheddar portal about the redesign of the Reddit platform, the company’s technology director said that users, who since 2013 can pay for the site’s premium membership with Bitcoin (BTC), will be able to do that again in the near future, but this time they will also be able to use Litecoin (LTC) and Ethereum (ETH).

In addition, the company’s CTO revealed that the changes made by Coinbase to develop its Coinbase Commerce, a payment tool similar to PayPal, had hampered the use of cryptocurrencies on the platform.

Coinbase is doing a great job, is doing a major revitalization of its cryptocurrency payment platform. We just didn’t have time to update our current API integration, and once the redesign of Coinbase Commerce lands, I think we’ll see the cryptocurrency payments again on Reddit.

Christopher Slowe, the CTO of Reddit

The Reddit co-founder on Ethereum (ETH): Will worth $15,000 by the end of the year

On the same day Slowe announced new plans for cryptocurrency payments on Reddit, Fortune published an interview with the Reddit co-founder, Alexis Ohanian, in which the businessman was very enthusiastic about ETH and predicted its future price.

At the end of the year, Bitcoin will be worth $20,000. And Ethereum will cost $15,000.

Alexis Ohanian

The ETH prediction is quite ambitious, as the crypto is trading around $761, at this moment, according to CoinMarketCap, so by December of this year, it would have to increase 20 times its actual value.

Ohanian justified his position by saying that he is “very optimistic about ETH simply because people are taking advantage of it”, and referred to the great popularity of CryptoKitties, which raised a total of $12 million in their first round of funding.

In short, Reddit will rehabilitate cryptocurrency payments but this time will integrate LTC and ETH, besides Bitcoin (BTC). Additionally, the former Reddit CEO, Alexis Ohanian, threw an ambitious forecast on the ETH price, predicting that the Ethereum (ETH) will be worth $15,000 by the end of the year.

Exit mobile version