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Ethereum [ETH] and XRP gain over-the-counter trading support from Coincheck




Ethereum [ETH] and XRP gain over-the-counter trading support from Coincheck
Source: Unsplash

Coincheck, one of Japan’s leading cryptocurrency exchanges, announced additional support for the second and third largest cryptocurrency by market cap, Ethereum [ETH] and XRP. In a blog post released on April 15, 2019, Coincheck announced the addition of both the digital currencies to their Over-the-Counter [OTC] trading desk, launched on April 1, 2019.

With the addition of these two coins, the platform currently provides OTC service for the top three cryptocurrencies in the market, with the other currency being Bitcoin [BTC], the largest coin by market cap.

The exchange made the announcement on Twitter (translated from Japanese),

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”

Over-the-Counter [OTC] trading service refers to the trading service provided by exchanges, enabling users to buy and sell large amounts of Bitcoin [BTC], Ethereum [ETH] or any other cryptocurrency privately. These transactions are not recorded on the exchange’s order book, enhancing the user’s privacy. Additionally, the over-the-counter transaction ensures that large-scale transactions do not have a massive negative impact on the overall price of the cryptocurrency in the market.

@binnbougamisama, a Twitter user, said {translated from Japanese},

“Isn’t that a good thing? After all, it means that sales are getting harder if you don’t rely on the big thing. In the fact that the speculative is higher finally in the translation that the virtual currency is a large toy”

Prior to the announcement pertaining to OTC trading service, the exchange had released a statement on Bitcoin Satoshi Vision [BSV]. The exchange stated that they would be selling their customers’ Bitcoin SV which it gained after the hard fork in November 2018, and give them Japanese Yen in exchange.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind




XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.

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