On 12th September, the CATO Summit on Financial Regulation called Fintech Unbound 2018 was streamed online, wherein several panels discussed issues on the lines of regulatory growth in the fintech sector. Ryan Zagone, the Director of Regulatory Relations at Ripple spoke about cross-border payments, fintech in the cryptocurrency space, and traditional payment systems.
The moderator began by introducing the current state of the payment systems in the US and on global levels, stating that these systems are inconveniently slow. Here, Zagone narrated the advancements brought by Ripple to defeat today’s inefficient payment systems.
He described the traditional cross-border payment systems as being closely similar to a postal service wherein a mail is dropped and hoped to be delivered. Furthermore, he stated that it is untrackable and irreversible in case of a glitch. Zagone believes that his company, Ripple can enhance the payment experiences in the fintech industry.
To back his claim, he stated that Ripple is using the blockchain technology and digital assets as tools to underpin new payment solutions. Zagone also mentioned the usage of a Ripple product by SMEs to attain commercial growth and freedom. In his words:
“We have customers using the solution for corporate payments, allowing real-time SME payments. Well think about SMEs, they’re mostly domestic focused today, but as they grow internationally, they hit these barriers in the cross-border space and it becomes too operationally, too intensive from a treasury side to really engage in global growth. It becomes a barrier to commerce.”
Subsequently, he cited the examples of more clients that are using Ripple for corporate payments. He revealed that one client crossed over $1 billion transaction volume for SMEs in a span of few months.
Zagone also gave a sneak-peak into a Ripple product that is set to arrive by next year. He stated that the product will enable a platform meant to add real-time access into the markets without pre-funding. He further explained that the launch will reduce transfer costs from 40% to 70%, as observed in a trial session.
Earlier this week, Ripple released a report on how its RippleNet service has impacted the lives of Thai workers in Japan. For each cross-border transaction, the remittance fee for a Thai worker is equivalent to 12-hours of work. The fintech solved this by partnering with SBI remit [Japan] and Siam Commercial [Thailand] and made it easier for the workers to send money to their home country.
76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.
The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.
SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,
“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”
SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.
SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.
Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.
76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news
The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.
The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.
The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.
The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.
The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.
The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.
The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.
The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.
The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.
The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.
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