Ripple-backed InstaReM, the cross-border payments company, has been making headlines consistently. Just a couple of months back, its CEO Prajit Nanu had announced plans of advancing financial inclusion by improving remittance methods. InstaReM had also recently closed a Series C funding round which raised $41 million, which saw support from the likes of Beacon Venture Capital and Vertex ventures. Now, the remittance provider is joining hands with the Thailand-based Kasikornbank (KBank), to provide cross-border payments to clients of KBank.
The development, first reported by FintechNews, was welcomed by many in the community. CEO Prajit Nanu commented on the collaboration, stating,
“We are delighted to be working together with KBank to power their outward remittances. This relationship further cements InstaReM’s position as a leading provider for cross–border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts.”
The report added that InstaReM already provides remittance services to Southeast Asia’s top three banks and financial institutions. Ripple has been helping out InstaReM to overcome hurdles in transactions such as liquidity and eliminating the pre-funding factor. This has enabled speedy transactions without increasing the overall transaction volume. As InstaReM expands its services, Ripple might benefit from the overall growth of RippleNet.
This partnership was confirmed by XRP Research Center in a tweet,
May 23, 2019.@InstaReMit, a digital cross–border money transfer company (#RippleNet member), has announced that it will now power cross–border payments for the clients of KASIKORNBANK (KBank), one of Thailand’s leading banking group.
— XRP Research Center (@XrpCenter) May 23, 2019
InstaReM is a Singapore-based cross-border payments provider and its services cover more than 35 countries across the world. The remittance provider is quite well established in most Asian countries such as India, Malaysia, Philippines, Vietnam and Australia.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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