Ripple seemed to broaden its horizons by providing payment solutions to major Thai Banks such as Kasikorn and SCB, helping in the mainstream adoption of cryptocurrency. The joint venture of MoneyNetint and RippleNet back in October 2018 proved to be in the best interest of the MoneyNetint in order to provide a global payment solution with reduced costs and encourage the new businesses.
As reported by Ripple Insights, MoneyNetint since its inception, intended to explore the blockchain technology for cross-border payment purposes and improve the customer service with a major focus on redefining the payment solutions. The business development director of MoneyNetint, Raphael Golan, stated that MoneyNetint offered customers cross-border transactions for a lower transaction commission as compared to the traditional cross-border payment. He said:
“We knew that if we could cut transaction time from a few days to less than a day, while still reducing costs, It would allow clients to invest more time and money in developing their business. We saw that blockchain technology could disrupt the traditional cross-border payments industry but couldn’t find a partner who could provide a professional and reliable platform until we met the Ripple team.”
MoneyNetint, in its latest partnership with another Ripple-backed Brazilian payment provider BeeTech, attracted more than 100 transactions in the first month after the launch. This has helped the Brazilian business grow in Europe and get in touch with other payment firms.
MoneyNetint looks forward to set up local payments for certain countries. As reported by Ripple insights, Golan said:
“We’re now working on providing local payments in countries such as the US and the Philippines, both of which have large expat flows. We’re also seeing increased demand for instant payments and are looking forward to the day when using a digital asset such as XRP to source on-demand liquidity during transactions on RippleNet, will be as simple as using credit cards nowadays.”
The partnership with RippleNet has opened up opportunities for MoneyNetint and earned the tagline ‘Runs on Ripple’.
Subscribe to AMBCrypto’s Newsletter
Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
Subscribe to AMBCrypto’s Newsletter