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‘Banking becomes more cheaper and efficient with Ripple [XRP] technologies’ – Says Cory Johnson

Laira Rebecca



Banking becomes more cheaper and efficient with Ripple [XRP] technologies - Cory Johnson
Source: Pixabay

Cory Johnson, the Chief Market Strategist of Ripple was interviewed by Adam Johnson at Bullseye podcast. Adam Johnson was an ex Bloomberg anchor who conducted various interviews with CEOs and Nobel laureates.

According to Cory, Ripple’s new mission is to help large banks around the world to transfer money seamlessly and instantaneously. He described the three main products by Ripple, XCurrent, XRapid, and XVia.

XCurrent has the ability to move messages about money from one point to another which makes the money transfer easy for banks.

XRapid incorporates XRP coins into the bank transaction.

XVia helps major companies who are moving money access the information in banks with the help of latest blockchain technology. The companies can watch how the money move from point A to point B. It basically works as a portfolio management system for the corporates by moving money from a Corporate balance sheet to a Personal bank account. Banking for corporates is made much easier through XVia.

Using XCurrent, banks can transfer the existing fiat currencies. Whereas, XRapid can transfer only XRPs. The money will be converted in XRP and moved rapidly through the existing bank accounts easily by following all the KYC and AML rules. These systems can replace all APIs (Application Program Interface) for money transfer. o XVia. XVia will use XRP to transfer in all the fiat currencies.

Further, he was asked about the cost involved for using this platform for the banks, for which, he said that the banks will be charged for the software, implementation and a small amount of transaction fee. For example, the transaction charges of 400 basis points [BPS] can be changed to 40 basis points by using XVia, where the transaction time will be only about 40-50 seconds. He believes that this is an absolute game changer for their business. People across the world can save the money instead of spending it in the global economy.

Currently, there are about 60 market makers across the world who are working on the trading of XRP. The team is aiming to make XRP a Global currency. The technology used is robust and provides incredible security. The money is distributed to all the nodes of a network behind a series of cryptographic key, hence the security is very high. He considers SWIFT as a competition for XRP. Swift has over 4000 employees and hundreds of banks working with them. Swift is making the technology faster by reducing the transaction time.

Cory concluded by saying that:

“Moving money over the internet is the biggest thing they can do. Banks which are getting tied up with ripples new innovation is increasing rapidly.”

Cory believes that all the new blockchain innovations are going to change the world and it would definitely increase the value of the internet.

A Ripple proponent says:

“I absolutely LOVED this interview of @CoryTV. EVERYONE should listen to it. It will make you really excited for the future and make the competitors SCARED!”

Another cryptocurrency enthusiast says:

“we’re irrationally optimistic…. and It’s worked out so far.”

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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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Ripple welcomes one of the ‘Big Four’ South Korean exchanges, Coinone to Ripple Net




Ripple welcomes "Big Four," South Korean exchange Coinone into Ripple Net
Source: Unsplash

Coinone, hailed in Asia as one of the continent’s “Big Four” cryptocurrency exchanges, is set to join the Ripple family. Announced on June 17, the exchange performs cross-banking services, while implementing Ripple’s xCurrent solution in its operations.

The partnership between the San Francisco-based blockchain payments giant, Ripple, and Japan’s SBI Holdings called SBI-Ripple Asia, will see the participation of Coinone. With a growing number of cross-border transactions emanating from the southern half of the Korean Peninsula, several companies have been looking to capitalize.

Coinone’s addition to the Ripple network is the first such inclusion of a South Korean cryptocurrency exchange. Speaking about the partnership, CEO of Coinone, Shin Won-hee, told K Banker, a Korean media outlet,

“We hope that the cooperation between Coinone and SBI Ripple Asia will provide allow us to introduce a range of financial services that make use of blockchain technology.”

Coinone’s official Twitter account added that this integration is ‘about Ripple,’

Following the CEO of SBI Holdings, Yoshitaka Kitao, being appointed as a board member at Ripple, the Pacific partnership between the two companies has blossomed. The duo launched SBI -Ripple Asia, a J.V. with the aim of using the network power of RippleNet to build a global payments stream.

K Banker further reported that in the gist of celebrating the agreement with SBI Ripple Asia and their remittance program, Coinone Transfer will “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

The partnership between the two companies was first initiated in May 2018 when Coinone integrated xCurrent into its remittance services titled “Cross.” According to the latest figures, eight Asian countries can send remittances via the system, with the fee for the same remaining at 1 percent.

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