Author: Anna Galvez

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Crypto

Ripple (XRP) To Reach $1 – XRP Is Sustained By The Community And Cryptocurrencies Traders

Since Friday, the cryptocurrencies market has gained a lot, with all the big crypto coins registering major gains. Bitcoin (BTC), for example, has raised over $8,800 and is trading now at $8,882, with a 0.41% loss. In general, all the other cryptos followed the BTC uptrend and traded higher than last week. The same is applicable to Ripple (XRP) which has a positive sentiment surrounding it. Can XRP reach $1?

Well, as almost all the crypto coins are trading higher, this might be seen as a gain as a market, more than a gain of a particular asset. However, some assets behave better, while others registered losses.

Just as a short reminder, today, Ethereum (ETH) is trading at around $639 and gained 0.14$, Bitcoin Cash (BCH) $1,368.49 and gained 10.60%, while Litecoin (LTC) has gained 0.52% and is trading at $150.

Ripple (XRP) Price

The positive cryptocurrencies market’s momentum helped Ripple (XRP) to rise above $0.90, a price above which XRP hasn’t been since March.

Currently, Ripple (XRP) is trading at $0.86, registering, at this moment, a 2.21% loss. Despite this slight downtrend, XRP is expected to go towards $1.

Some more optimistic analysts have even stated that XRP can double its price in the near future, so, it is clear that the Ripple (XRP) is recovering faster.

Ripple (XRP) is surrounded by a bullish sentiment

Many traders consider that XRP will consolidate above $0.90, in short-term, but, on the other hand, without maintaining the level above $0.83, Ripple (XRP) will fall towards $0.77.

Also, it seems that the cryptocurrencies traders consider that Ripple (XRP) will uptrend. More specifically, around 78% of them think that XRP is going to hit $1 level soon. Thus, the Ripple (XRP) is surrounded by a bullish sentiment which might indeed keep the coin in its uptrend.

In conclusion, Ripple (XRP) is sustained by the community and the cryptocurrencies traders and this is a very important piece of the puzzle for the coin to gain even more. Therefore, it is possible that XRP to trade around $1 soon.

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Crypto Finance

Blockchain Technology, Implemented By The Main Banking Entity In The United Arab Emirates, Emirates NDB

One of the main banking entities of the United Arab Emirates (UAE), the Emirates NBD bank, has recently published a full-scale application, for the first time on its platform, that uses the Blockchain Technology to authenticate checks – the Check Chain service.

According to the official statement, the Check Chain service processed approximately 1 million checks using the blockchain technology to verify the authenticity, in the first month of operation. A commitment to the Blockchain that seeks to significantly strengthen the administrative processes of risks and security, focusing on the reduction of checks fraud, a problem that has affected the Emirates NBD for years.

The financial institution believes that this adoption will improve the security standards within its corporation, Emirates NBD Group, and throughout the banking sector of the United Arab Emirates. Since its trial stage, this application has worked in different banking institutions in the region, such as Emirates Islamic.

Check Chain platform is part of the UAE’s wider plan of the blockchain technology adoption

Check Chain works by including a QR code to each printed check, accompanied by random 20 characters. These characters, along with the QR code, will be registered in the blockchain to authenticate and track the origin of the check at the time of use, in order the use of false checks.

This innovation is part of the United Arab Emirates strategy to become a nation that uses blockchain technology to carry out most of its transactions. This nation has already implemented this technology in various social sectors.

The Check Chain platform, implemented by Emirates NBD, is, at the moment, a blockchain technology that has not been replicated elsewhere. This platform invites technological developers to adapt to the principle of the blockchain to satisfy the needs that different sectors, financial or not, require. Innovation is the key to a more secure future.

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Crypto

Blockchain Technology To Be Applied By Walmart For Its Online Stores

Walmart has registered a patent for an online purchase and payment service that uses blockchain technology. The document, filed with the United States Patent and Trademark Office defines the various methods by which a buyer can acquire Walmart products, either in person or through the Internet.

Particularly, when buying from the Internet, some possibilities are reduced to select products according to more specific demands or with certain conditions.

The new system is designed to tackle some issues

The present concept provides a system for buyers who should order products online while still being able to select products provided by the physical purchase in the store using a guide system.

As part of this system, these concepts include a shared system of payments to the seller. This system and method, coordinated with some other features, allows a user to make the payment, which is encrypted and shared with the other vendors who worked together to complete the buyer’s order.

In this way, it is explained that the integrated payment system helps the buyer to choose their products and once the payment is made, it is automatically distributed among Walmart employees or sellers who worked in that work. This would be possible through blockchain.

Walmart has been involved in blockchain technology for a long time, now

It is likely that Walmart will create a purchase history for each client until a more accurate profile is developed about their interests, although the blockchain technology proposed in this patent includes reciprocity and communication with the customer.

The system would record the information in the blockchain, giving it the known benefits of distributed blockchain technology, such as security, immutability, and transparency, among others.

Regarding automation in the payment distribution, it is not specified if Walmart would use a mechanism such as smart contracts or it will create their own blockchain.

Walmart has been involved in blockchain technology for some years, although this time the patent aims to integrate the system in its physical and online stores, which if materialized would represent a milestone in the industry.

Categories
Crypto

Cryptocurrencies Regulations In EU Are Against Tax Fraud, Not Against Cryptos, Themselves, According To Officials

The European Union wants to tighten the regulation on Bitcoin (BTC) and other cryptocurrencies. For several months now, the possibility of tightening cryptocurrencies regulations on the purchase and sale of cryptocurrencies in the EU has been raised, accused of being a real bargain for money laundering and financial crime.

Now, finally, the member countries have managed to reach an agreement. Regulations have been through the European Parliament, where it has been voted and approved by an overwhelming majority – 574 votes in favor and 13 against.

The proposal includes a whole battery of measures to combat tax fraud through cryptocurrency. It is nothing new under the sky since there are several governments that work in this direction. One of them is the Spanish government, which through the Tax Agency already put on the table the future regulation of Bitcoin (BTC) just a few months ago.

Cryptocurrencies regulations in EU are similar to South Korean ones, lately

However, beyond measures to reduce fraud, there is one that can be very controversial. The European Parliament has given the green light to the creation of a register of users of cryptocurrency websites, the well-known cryptocurrencies exchanges in which you can buy and sell virtual currency freely.

It is a measure quite similar to that implemented recently by South Korea, one of the countries in which the fever of cryptocurrencies has hit hardest. In this Asian country, all cryptocurrencies exchanges are obliged to identify their users, thus ending the legendary anonymity of cryptos.

The European Union openly talks about financial crimes in relation to the Bitcoin (BTC) since it does not bode a bright future for this currency in its territory. In fact, this is the first step for a greater cryptocurrencies regulations in the future. Bitcoin (BTC) mining has been kept safe in almost the entire world, except in China. However, the energy consumption of mining is exaggeratedly high, an environmental problem that surely will not go unnoticed for much longer.

Categories
Crypto

JP Morgan And The National Bank Of Canada To Run Blockchain Technology

JPMorgan Chase & Co and the National Bank of Canada (NBC), together with other firms, tested a blockchain platform for the issuance of debt certificates, in order to make the different stages of the process more efficient. In a press release issued by the National Bank of Canada on Friday, the issuance of a one-year deposit certificate of $150 million, was reported, and this process was accompanied by a simulation of the issue in parallel, through the use of a blockchain platform.

Other participants in this test, were Goldman Sachs Asset Management, Pfizer, and Western Asset. According to Investopedia.

The platform that was tested in conjunction with the National Bank of Canada was the blockchain Quorum, which is an open-source variant of the Ethereum (ETH) blockchain, adapted to security and privacy requirements of corporate applications. JP Morgan defines Quorum as Ethereum’s version focused on companies.

Among the benefits of Quorum, according to JP Morgan, the bank stresses that it is designed for applications “that require high speed and high processing capacity of private transactions within a permissible group of known participants”.

The technologies related to blockchain have the potential to bring great changes in the financial services industry

“The National Bank of Canada is proud to join forces with JP Morgan to test blockchain technology in the context of the issuance of a certificate of deposit. This is a unique opportunity to expand our knowledge in the blockchain. The National Bank of Canada will continue to innovate in the following years in the search for new ways to offer our partners more added value,” said David Furlong.

It should be noted that JP Morgan is the largest bank in the United States and has maintained a strong reserve attitude towards cryptocurrencies. Recently it was among the banks that prohibited the use of their credit cards for the purchase of cryptocurrencies.

Despite this, JP Morgan has been open to the potential of blockchain technology, which supports them. In general, the National Bank of Canada has shown a lot of interest in blockchain technology, despite its multiple reserves against cryptocurrencies, with which the financial world could manage the opportunities and challenges that the adoption of the blockchain.

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