Biggest Bank in Japan will Employ Ripple’s Technology for Payments En Route to Brazil

Biggest Bank in Japan will Employ Ripple’s Technology for Payments En Route to Brazil

MUFG Bank, a merger between the Bank of Tokyo-Mitsubishi and UFJ Bank, and Banco Bradesco announced, through a press release, they signed a Memorandum of Understanding (MOU) to join forces for a new extra-territorial payments service

The development and commercialization of a high-speed, transparent, and traceable payments solution between the two countries, through the system developed by Ripple, is the objective of the MOU.

MUFG Bank’s Enthusiasm for Ripple

In 2017, the Japanese bank stated it will be part of Ripple’s interbank group of leading transaction bankers. The group is said to be responsible for making certain the coherence and legality of the Ripple global payments network through building, maintaining, and enhancing rules.

The bank showed interest in Ripple as a feasible alternative to SWIFT.

MUFG Bank, Brazil, and Banco Bradesco Early Affiliation

In 1919, the predecessor of MUFG Bank opened a branch in Rio de Janeiro. Now, it provides a variety of specialized services for various corporations across Latin America.

The relationship between MUFG and Bradesco was established in 1973 when an MUFG antecedent invested in the Brazilian bank. According to the press release, this MOU is an extension of an extant September 2017 agreement between the two banks.

Ripple, The Newsmaker

Cred, a cryptocurrency-backed lending provider, counts XRP as a collateral option. The option will permit XRP holders to obtain loans for their holding without the need to sell or be subjected to taxes.

Related news

TUSD Creator Bets on Stablecoin Adoption and Announces Four New Tokens for Australia, Canada, Hong Kong and Europe

The increase in the price and trading volume of various cryptocurrencies has promoted a lot of activity around the market behavior and has again boosted people’s interest in these new technologies. Up until now, stablecoins have served not only to execute p2p transactions but as a way to “freeze” funds, allowing users to protect themselves from market volatility, especially during the bearish trend. Given this situation, and considering there are few options vis-à-vis the hundreds of fiat currencies in the world, TrustToken, the developer of TUSD recently announced the creation of four original stablecoins for the European, Australian, Asian and Canadian markets. TrustToken: Diversifying the Stablecoin Business According to Cryptobriefing, TrustToken CEO Jai An explained that the firm hopes to broaden its services and at the same time promote the adoption of these tokens as exchange mechanisms. He was also confident that in 2019, the adoption of stablecoins will explode: “Our goal in launching these four new stablecoins is to carry this trust over into more products that dramatically expand the options traders have for reliable, easy-to-use stablecoins. 2018 was the year that the industry realized the value of trusted stablecoins as a stable store of value and medium of exchange; 2019 will be the year that stablecoins drive industry adoption by connecting the cryptocurrency ecosystem back to the real world. Prior to the announcement of these four new coins, TrustToken reported the launch of TrueGBP, a stablecoin aimed at tokenizing the British fiat currency. Currently, TUSD ranks 36th in the global marketcap with almost 200 million tokenized dollars. The most important stablecoin of the ecosystem is Tether (USDT) which has a marketcap of about 2.7 Billion USD, ranking 8th in the global marketcap. The company expects to launch the four crypto currencies throughout the year: In a first batch, the Australian Dollars (TrueAUD) stablecoin is already available for listing and will be released soon, while they will introduce the Canadian Dollars (TrueCAD) and Hong Kong Dollars (TrueHKD) in Q2 2019. They scheduled TrueEUR for Q3 2019 The new stablecoins will meet the same security standards as TrueUSD. TrustToken will deposit the funds as collateral in an auditable bank account. In the case of TrueAUD, TrustToken will provide regular attestations of the AUD backing by third-party accounting firm Cohen & Co. The post TUSD Creator Bets on Stablecoin Adoption and Announces Four New Tokens for Australia, Canada, Hong Kong and Europe appeared first on Ethereum World News.
Ethereum World News

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.