Tag: Ripple

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SBI Ripple Asia Launched MoneyTap App, A Payments Application, In Japan

It has been confirmed that the payment application developed by the SBI Ripple Asia consortium and approved by Japanese financial authorities, MoneyTap, will not work with cryptocurrencies. The system will carry out only payments with fiat currencies between the institutions of the Japanese Banking Consortium and their respective clients.

Ripple announced through its Twitter account that the MoneyTap application was already enabled on its website and can be downloaded to Android or iOS devices. The company also confirmed that the platform would be working exclusively to offer real-time settlements for institutional and bank payments between Sumishin Net Bank, Suruga Bank, and Resona Bank.

“The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real-time settlement for domestic payments in Japan,” stated Ripple on Twitter.

SBI Ripple Asia’s MoneyTap app won’t use cryptocurrencies

In this sense, the distributed network developed by the banking consortium SBI Holdings and Ripple Asia would be designed so that the clients of the before-mentioned banks in Japan could make transfers in Yen or foreign currency in real time, without fees, at any time of the day and any day of the week. The latter is the most outstanding advantage of the solution offered by Ripple.

At present, bank transfer services are limited to weekdays, from 9 AM to 3 PM, usually. Using MoneyTap, people can make transfers at any time, just needing the phone number or email associated with the destination account.

The MoneyTap payments platform was approved by the Japanese government for legal tender last September, days after the SBI Ripple Asia consortium announced it.

Similarly, MoneyTap became the first banking system, developed in conjunction with a crypto-related company, to have been approved by the Japanese government and enabled its services throughout the territory of Japan. However, the project left out the use of Ripple’s official cryptocurrency, the XRP (XRP).

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Former US President Bill Clinton To Open The Ripple’s Swell Event In October

Former US President Bill Clinton will be the keynote speaker at the opening of Ripple’s Swell event, to be held October 1-2 in San Francisco, USA.

Ripple made the announcement July 31st, through its blog, noting that the former US president will participate in a Q&A session to be moderated by Gene Sperling, Director of the National Economic Council and adviser under Presidents Bill Clinton and Barack Obama.

Clinton’s involvement in the event can provide input to address today’s technology challenges, which pose dilemmas around the rapid exchange of value, financial inclusion and economic opportunity offered by digital assets and crypto-based blockchain technology, versus regulatory concerns and investor protection.

Former US President Bill Clinton will open the Ripple’s Swell event in October

The emphasis is placed on the experience of the former US President, who in the 1990s established programs that helped bridge the digital breakthroughs and helped to mark the beginning of a period of growth and adoption of the Internet.

After the announcement of Clinton’s participation in the Ripple’s Swell event was made, the Ripple followers on Twitter commented, and the opinions were mixed.

While some people found the fact interesting, others felt that the former US President Bill Clinton is not having much to do with the cryptocurrencies universe or that he might not have much to contribute to the topics that would be discussed during Ripple’s Swell event.

This one will be the second edition of Ripple’s Swell, which is an event created in 2017 by Ripple to bring together the leaders of banking and cryptocurrencies and blockchain technology, committed to changing the way money moves.

Under the 2018 programme, major financial services companies using distributed ledger technology will participate this year, as well as addressing new market opportunities in remittances, e-commerce and corporate markets. This, together with analyses of the regulatory frameworks being established for cryptocurrencies in Europe, Asia, and the Middle East.

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Ripple And Its XRP (XRP) Token To Take A “Big Hit” Regarding The SEC’s Verdict On The “Security” Issue

According to some cryptocurrencies market experts, Ripple and its XRP (XRP) crypto are going to receive a “big hit” from the SEC’s verdict which is more likely to declare XRP as security. However, as the same analysts state, Ripple can cope with that adverse decision.

According to an earlier statement from SEC, both Bitcoin (BTC) and Ethereum (ETH) are not securities, but XRP (XRP) is different. Therefore, it could be declared security. In fact, the XRP token, dubbed by Ripple as an “independent digital asset” is troublesome for the authorities.

In fact, Ripple, the renowned FinTech company, still owns around 60 billion XRP out of the total of 100 billion XRP. For this reason, many lawsuits involving XRP (XRP) emerged across the United States declaring the token as a “never-ending ICO” meant to raise millions of US Dollars for Ripple company, despite the fact the crypto-coin emerged out of thin air.

Ripple and its XRP (XRP) to take a big hit from SEC – Can Ripple cope if XRP is declared a security?

“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law,” stated Ripple’s Cory Johnson, in April. Also, Ripple CEO Brad Garlinghouse stated last month that, according to him, “it’s really clear that XRP (XRP) is not a security,” because it “exists independent of Ripple.”

Now, according to some cryptocurrencies markets experts, if the US SEC declares that XRP (XRP) is a security, the crypto token, as well as Ripple, will take a “big hit” because it is listed on many major cryptocurrency exchange platforms, and such a lousy news would trigger a very adverse reaction from the cryptocurrency traders and investors towards XRP.

However, the same experts believe Ripple can cope with the declaration of the XRP (XRP) as a security because its currently-installed platforms for fast and secure cross-border payments, such as xCurrent, don’t use XRP to perform their operations.

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Ripple (XRP): Ripple And Bill Gates Foundation Keep On Helping People In Poor Countries

Ripple, the owner of Ripple (XRP) token, with its single market approach has achieved a significant level of growth. As xSpring CEO Daniel Aranda remarked, the team has decided to pursue the development of improved payment solutions and has already established over 150 partnerships worldwide. One of them is with the Bill Gates Foundation, a deal signed in 2017.

Ripple’s partnership with the Bill Gates Foundation

The Bill Gates Foundation is a program that aims to help improve people’s living conditions in several third-world countries but not limited to them. On this road to improvement, the Bill Gates Foundation teamed up with Ripple to use its technology and roll out the Mojaloop innovative software.

According to the World Bank, over 2 billion people are poverty-stricken, most of them due to lack of access to a bank account or other essential financial facilities.

Mojaloop is an open source application that can be adapted and used very comfortably by banks at low costs and with little hassle. During the development phase of this software, the project was financed by the Bill Gates Foundation and was established by FinTech enterprises, Ripple included.

The interoperability of digital payments has been the most difficult hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution

Kosta Peric, Deputy Director of Financial Services at the Bill Gates Foundation

What the partnership with Bill Gates Foundation means for Ripple (XRP)?

As the Gates family privately owns the Bill Gates Foundation, the venture can quickly take the technology and uses of the blockchain to new heights. That signifies that the partnership with Ripple would not just impact the company and its blockchain and platforms, but also the Ripple (XRP) token.

Earlier, the Ripple (XRP) has crossed the $0.5000 level recording an 11.18% increase, but, at the moment of this writing, XRP returned slightly below this mark, as it is now trading at $0.496

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Ripple (XRP) – Ripple Plans To Secure Its Position In The Indian Remittance Market

A recent post on Ripple’s website explores the ways in which the company intends to get into Indian remittance market. Ripple appreciates how significant remittance payments have become in India since in recent years India has become the world’ s leading recipient of remittance payments, Ripple said, with $69 billion arriving in India via remittance payments services in 2017 only. The move could also benefit the Ripple (XRP) but not just yet.

The facts are clear. Indian financial institutions are a critical center both for the citizens of their country and for the global economy.

Ripple

Aiming to integrate into Indian remittance market fully, Ripple employs RippleNet in association with Kotak Mahindra Bank, a countrywide bank with over 1,300 offices. This alliance will permit Kotak to leverage the strengths of xCurrent to support more effective and quicker remittance settlements.

Kotak will use xCurrent for the instant disbursement of remittances to the country. The bank’s customers will be able to settle cross-border payments with end-to-end tracking while reducing payment times from days to minutes, all at a lower cost.

Ripple

Ripple with its RippleNet will secure its position within the Indian remittance market with the partnership with Kotak – Ripple (XRP) might emerge in India, soon

Kotak follows on the steps of other leading banks in the region which adopted RippleNet. Axis Bank began running on xCurrent in November 2017, while IndusInd reported that it would team up with the RippleNet network in February 2018.

That is just another illustration of how Ripple operates to generate partnerships with mainstream banking institutions. It is evident that Ripple has developed a technology that can genuinely upgrade the capabilities of a lot of banks, not just for the actual banks but for the banks’ clients, too. By doing so, Ripple blockchain and technology will create a solid brand reputation, which in turn will increase the likelihood of Ripple (XRP) adoption over time.

Although Kotak is not going to be keen on using Ripple (XRP) payments at this time, as new technologies become available within its systems, Ripple (XRP) could make its entrance into India’s mainstream banking system any time soon.

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