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With A Free Trade Deal, Ripple and xRapid Can Change Africa’s Fortunes

African leaders, on July 7, finally launched what is known as the world’s largest free-trade zone area. The economic bloc, meant to unite Africa’s 1.3 billion people under one market could consequently bring in $3.4 trillion in trade.  African Development Bank’s president Akinwumi Adesina has called for a digital system of payments to assist in the conversion of a country’s currency to the other. The AfDB president’s proposal has excited many Ripple enthusiasts in the continent. Ripple’s xRapid could potentially form the backbone of the proposed digital payments network. The product builds a decentralized network that eases cross border payments. The real cost of cross border payments is brought about by liquidity problems. Banks have tied down trillions of dollars in pre-funded accounts to enable cross border currency exchanges. This loss of working capital has enormous costs. Ripple and xRapid Could Power Inter-African Trade With xRapid, the need to tie up these enormous amounts of money is eliminated. The platform sources on-demand liquidity through the use of XRP, Ripple’s native digital currency. XRP, in this case, acts as the trading bridge between two nation’s fiat currencies. The transactions that rely on xRapid are therefore low cost, faster and require no pre-funded accounts. Without an efficient and affordable system in place to handle these remittances, Akinwumi said, the trading block would hit significant roadblocks. He accordingly, emphasized the need for the system before any trading on the bloc commences.  The Economic Community of West African States (ECOWAS) is already working on the AfDB president’s proposal. To this end, the nations have decided to adopt one trade currency to cut down on foreign exchange risks. With Ripple’s products, the West African nations would have a fantastic competitive edge. As an illustration, Mercury FX, a cash remittance startup, is already using xRapid to lower costs of cross border remittances in sub-Saharan Africa. With offices in Hong Kong, London, and South Africa, Mercury FX is moving over $1.8 billion globally. African Exchanges Can Be of Use The swapping of native fiat currencies to XRP and back, however, requires the use of crypto exchanges. Ripple does not use just any exchange, but those that have implemented KYC controls and that adhere to regulations.  Ripple, for instance, has collaborated with Bitso, Coins.ph and Bittrex exchanges as its “preferred digital asset exchanges.” Similarly, established cryptocurrency exchanges supporting XRP can be of use. Of the many, Belfrics is a cryptocurrency exchange operating in countries like Singapore, Malaysia, Dubai, Indonesia, India, China, Kenya, and Nigeria. The West African States digital trading platform could potentially rely on Belfrics to enjoy xRapid’s cross border payments potential. This use case could also encourage the growth of more exchanges. The World Bank’s Call The World Bank has in a blog post proposed Distributed Ledger Technology as the answer to Africa’s costly cross border remittance problems. “Using DLT solutions could also bring down compliance costs and improve the transparency and traceability of transfers. This could help ease the impact of the de-risking phenomenon that has affected the remittance services industry over the past few years.  Increasing the transparency of transactions could increase the confidence of the banking sector in the remittances industry”, “the post said. They have also proposed Ripple as a possible solution, saying it did cut down remittance costs by  40-70 percent  on the US-Mexico corridor. The AfDB has given ECOWAS $4.8 million. The funds are to assist the trading bloc set up its headquarters in Ghana. If the continent’s free trade zone area succeeds, it will reduce trading tariffs by 90 percent amongst the members. Adesina says that this will strengthen supply chains and encourage new markets. The African Continental Free Trade Area (AfCFTA) is viewed as the platform that will unlock the continent’s long stymied economic potential. The post With A Free Trade Deal, Ripple and xRapid Can Change Africa’s Fortunes appeared first on Ethereum World News.
Ethereum World News

Former Ripple employee speaks out, XRP price doesn’t reflect xRapid use

Ripple and its associated cryptocurrency XRP are often conflated. Yet, partnerships announcements and updates from Ripple, even when unrelated to the token, impact the price. We interviewed a Ripple employee to better understand the relationship between the price of the token and the success of the company. Major news from Ripple seems to have a direct impact on XRP’s price. Ripple’s partnership with MoneyGram sent the price up 6.28 percent after the news. Yet, the relationship between token demand and Ripple’s institutional payment products remains unclear. CryptoSlate reached out to an employee at Ripple for clarity on the matter. The source was only willing to speak contingent on anonymity due to reprisal risks. Background on the XRP token XRP was created in January of 2013 by Chris Larsen, Jed McCaleb, and Arthur Brito. Larsen and McCaleb would go on to found Ripple. The post Former Ripple employee speaks out, XRP price doesn’t reflect xRapid use appeared first on CryptoSlate.
Cryptoslate

xRapid User Fleetcor Acquires a Payroll Card Provider; Will This Move Ripple into SMB Territory?

Fleetcor Technologies announced the acquisition of SOLE Financial, a payroll card provider that enables instant and affordable wage access for workers, on July 8. The leading global business payments company will combine SOLE with its existing digital paycard business and increase the overall addressable market for the company. “SOLE is a good strategic fit with […]
Bitcoin Exchange Guide

The $99,000 Bitcoin, 20 xRapid Partners, Major Tezos Partner & Bitcoin Backed Currency

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty Crypto And Beer Shipmate ZEN Lunacy VV Nicola Kenny Mr. Smith Joey The Happy Farmer ---------------------------------------------------------------------------------- Photo Credit To: https://wolfcone.com/wp-content/uploads/2018/08/bitcoin-trader-laundering.jpg
The Modern Investor

Ripple’s xRapid Use in OTC Exchanges Will Be Massive For XRP

Ripple’s has recent addition to Huobi’s over-the-counter (OTC) trading platform is another massive win for the blockchain startup. Consequently, XRP is now available for trades as an instrument alongside BTC, ETH, USDT, and the Huobi Token. The OTC platform is one of the most popular for peer-to-peer traders. Huobi’s adjusted $738 million daily trading volume makes it the eight largest crypto exchange globally. The listing of the XRP at its OTC trading desk is the seventh of its kind. Taking to twitter the exchange said: “Huobi OTC announcement is now here! XRP will launch on Huobi OTC at 10:00 March 6″. Huobi’s CEO, Livio Weng, added:  “The addition of Ripple is a big step forward in expanding our already extensive offering here.” Ripple’s xRapid Solution for OTC Exchanges XRP enthusiasts are however predicting massive use for Ripple’s xRapid in OTC exchanges. The liquidity solution from Ripple uses XRP as its bridge currency. The xRapid solution can eliminate delays in high volume global payments. It can, in addition, lower the costs of the transactions, drastically. In OTC applications, it would make the high volume trades inexpensive and instant. The use of xRapid in OTC exchanges would also highly bolster XRP’s value. Its liquidity features will, nevertheless, give OTC desk services that pool of extra money they need for massive trades. Many crypto exchanges are increasingly adding OTC desk services in their services. This is in a bid to capture institutional clients with extensive volume needs.  Bithumb the South Korean digital assets exchange has opened one too. Similarly, Binance and Bittrex have their OTC trading desks. This move came right afterward the Morgan Stanley report on the bullish nature of bitcoin’s institutional investment. Genesis Global Trading, an OTC crypto platform and part of the Digital Currency Group have reported a 50 percent annual increase in trading volumes. OTC Exchanges Register Massive Volumes Analysts say that one of the biggest influences on BTC’s price is OTC trading. It, however, regularly overlooked since most data is based on crypto exchange trading data. Over-the-counter trading is nonetheless done off an exchange. It is either a broker-assisted exchange or a peer-to-peer process. OTC data is, therefore, not part of the global trading volume conversation. It is however, immense. Ripple, for instance, had a $19 million worth of XRP sale in March to an unknown third party. Furthermore, research done by TABB group in 2018, showed that OTC trading moved at least $12 billion BTC each day. OTC trading is the most preferred trading mode for whales. Most hedge funds, private wealth managers, high net individuals, and institutional traders result to it for its advantages.  There is first, the personalized service that keeps price slippage in check. This is not possible on a live exchange due to a lack of liquidity. It takes time to trade large orders here. However, OTC trading executes such high volumes faster. The fees are also lower than that of live exchanges for large volumes. The data of such trades hardly shows up on the trading volume map because most are executed privately. The post Ripple’s xRapid Use in OTC Exchanges Will Be Massive For XRP appeared first on Ethereum World News.
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The Beginner’s Guide to Ripple

Ripple is a real-time gross settlement protocol, currency exchange and remittance network. Ripple Labs, the company developing Ripple, seeks to revitalize bank interoperability by providing an interledger infrastructure (xCurrent), a liquidity layer for fiat currencies (XRP-powered xRapid), and an API to access these services (xVia)

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Fan tokens draw new users to crypto with the latest club addition, AS Roma

Blockchain is stepping further into the sports arena, as cryptocurrency company Socios partners with soccer team AS Roma to offer a fan token, according to a statement from the club.  The token will find its way to fans through the Socios app. There, it'll be tradeable against the Socios native token, $CHZ, currently listed on BitMax and KuCoin, as well as Binance DEX - Binance's decentralized exchange. The tokens are accessed on Socios.com, but housed on a separate permissioned side chain, where each club becomes a Node with Proof Of Authority (POA) from $CHZ. In order to access the club token through a Fan Token Offering, fans must first hold $CHZ. The move could open crypto to a wider user base, since the tokens allow fans to have a voice in their club. The tokens five supporters the right to vote on certain club decisions. They'll be set at a price of two euros, but fans can also earn them by interacting with AS Roma on the Socios app. Fans can also "hunt" tokens for free through the app's augmented-reality geo-location feature Token Hunt. However, AS Roma isn't the only club interacting with fans through crypto. Indeed, clubs from different leagues including Paris Saint-Germain, Juventus and West Ham United have all created fan tokens for supporters. Alexandre Dreyfus, chief executive & founder of Socios.com, said AS Roma's fan base along with other participating clubs draw hundreds of millions of users.
The Block Crypto

What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers

As crypto ecosystem consistently redefines its new peak in terms of adoption, fiat investors and new players are seeking opportunities to be a part of the next wave of Bitcoin Billionaires. One of the early birds, Tim Draper leads this space in terms of making sizable investments and returns in Bitcoin. Having complete faith in Bitcoin’s […] The post What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers appeared first on AMBCrypto.
AMBCrypto

Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Topic 1: Reg A+ & Blockstack https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1ex1a15addexhbd6.htm https://www.theblockcrypto.com/2019/07/12/blockstack-garners-reg-a-approval-but-that-doesnt-mean-crypto-icos-will-boom/ Leads into Topic 1a on Broker-Dealers & Custody https://twitter.com/philipliu/status/1149907881061302272?s=12 https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities https://bitcoinmagazine.com/articles/op-ed-latest-finra-sec-security-token-custody-rules Topic 2: Government vs Libra/Crypto https://twitter.com/realDonaldTrump/status/1149472282584072192?s=09 https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://brianoflondon.me/2019/07/facebook-lied-about-the-cryptocurrency-industry-to-destroy-it/ https://www.youtube.com/watch?v=9-ZTkCNW0w8 https://www.cnbc.com/2019/07/16/i-like-bitcoin-says-house-gop-leader-mccarthy-hits-facebook-libra.html Topic 3: Crypto Exchanges https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades https://twitter.com/notsofast/status/1151864421414838274?s=21 https://www.coindesk.com/ex-ceo-of-crypto-exchange-wex-arrested-in-italy https://www.coindesk.com/mt-gox-founder-hit-with-lawsuit-over-alleged-fraudulent-misrepresentation https://www.scribd.com/document/414569311/Steinmetz-Jones-v-s-McCaleb#from_embed https://www.thedailybeast.com/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox?ref=scroll Topic 3a - Update on Bitfinex vs NYAG https://ambcrypto.com/new-york-ags-court-filings-written-in-bad-faith-and-riddled-with-false-assertions-says-bitfinexs-rebuttal/ https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod https://breakermag.com/crypto-capital-is-the-common-thread-between-bitfinex-quadrigacx-and-other-troubled-exchanges/ https://decrypt.co/6824/crypto-capital-follow-up-article Topic 4: Crypto & Taxes (Time Permitting) https://www.carltonfields.com/insights/publications/2019/how-state-remote-sales-and-use-tax-statutes-may-im https://twitter.com/cryptotaxgirl/status/1148370522775797760?s=21 Topic 5: Other - Time Permitting https://www.journalofaccountancy.com/news/2019/jun/virtual-currency-not-fbar-reportable-201921479.html https://www.justice.gov/usao-sdny/pr/us-attorney-announces-arrest-and-money-laundering-charges-against-dark-web-narcotics https://cryptoslate.com/chinese-court-upholds-legal-bitcoin-ownership-btc-protected-china-property-law/ Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
Tones Vays
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