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Ripple moves into China with AmEx and LianLian Group entry: Providing reach to XRP-powered xRapid through multi-hop

Anirudh VK

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Ripple moves into China with AmEx and LianLian Group entry: Providing reach to XRP-powered xRapid through multi-hop
Source: Unsplash

American Express has recently announced that they will be commencing their entry into the Chinese market, which has been predicted as being the biggest card payments market by late next year. This move was made as a joint venture with LianLian Group and is the first venture to not process payments through the state-controlled UnionPay network.

The approval reportedly allows the company to process and settle payments in CNY domestically by setting up their own network in conjunction with their partner. The venture is named Express [Hangzhou] Technology Services Co., and is required by the Chinese government to complete preparations for operations within a year.

Notably, both American Express and LianLian Group have been in a partnership with Ripple, and are confirmed to be members of RippleNet. AmEx joined RippleNet with a vision to aid Small and Medium Enterprises with moving money late last year. LianLianPay on the other hand, joined the network in February this year and has over 150 million registered customers.

Removed job listing | Source: GlassDoor Google cache

Removed job listing | Source: GlassDoor Google cache

While this not only marks the entry of Ripple into one of their highest priority markets for cross-border payments, it is also important to note that the company is planning to move into the Chinese market, as seen by postings on their official job portal. The job postings have since been removed, but are still present on job portal Glassdoor.

China has a strict policy against cryptocurrencies, thus ruling out the adoption of XRP-powered xRapid in the country anytime soon. However, the government seems all for the use of blockchain and DLT, which is what Ripple utilizes in its xCurrent and xVia products. However, the kicker for XRP HODLers is contained within the implications of this joint venture, which provides the much-needed fiat liquidity in the Chinese market.

Moreover, as pointed out by crypto-influencer Dr. T on Twitter, both members also have needs for independent cross-border payments, potentially opening up possibilities of a more full-fledged usage of RippleNet’s capabilities. What exactly the network can achieve can be seen by the feature included known as multi-hop. As explained by Craig DeWitt, the Director of Product at Ripple:

“Multi-hop gives Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with. That’s important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that thing of the past.”

Asheesh Birla, the Senior VP of Product at Ripple, also explained how more clients signed on to xCurrent increases the reach of the network as a whole. He stated:

“xVia allows you to use a one standard connection to get you all the benfits of RippleNet and our products. Without xRapid they would use xCurrent and where xRapid is available, they can then add on xRapid and move money on demand using XRP and payout instantly. They get reach wherever xCurrent is available, whether that be a bank [or] a cash payout provider.”

This generally translates as being bullish for the blockchain and DLT space in general, as the move into one of the most-vaunted markets for Ripple has come to a realization.




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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

XRP/USD Technical Analysis: Sideways movement to end as breakout imminent

Priyamvada Singh

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XRP/USD Technical Analysis: Sideways movement to end as breakout imminent
Source: Pixabay

As the cryptocurrency market switches their allegiance between the bull and the bear, XRP is painted red at the moment. The token is slumped by more than a percent wherein the coin is trading at $0.3 with the market cap of $12.4 billion. The 24-hour trading volume is calculated at $305.8 million.

1-hour

XRP 1-hour candlesticks | Source: tradingview

XRP 1-hour candlesticks | Source: tradingview

In the 1-hour price chart, the downtrend is ranging from $0.315 to $0.311 whereas the uptrend is extending from $0.301 to $0.308. A clear possibility of a trend breakout is visible as the prices are packed tightly, ready to explode in either direction.

The Parabolic SAR is bullish on the cryptocurrency as the dots have assembled themselves below the candles to support the bull.

The Aroon indicator is showing a greater strength in the downtrend, which is a bearish sign for XRP. However, it can be observed that the red trend is losing its power and crashing.

The Awesome Oscillator is slightly bullish on the coin as the bars have turned green at present.

1-day:

XRP 1-day candlesticks | Source: tradingview

XRP 1-day candlesticks | Source: tradingview

In the 1-day timeline, the downtrend is stretching from $0.51 to $0.31 whereas the uptrend has been observed from $0.27 to $0.3. A trend breakout is not visible as of now.

The Klinger Oscillator has made a bullish crossover by the signal line. This indicates that the reading line is traveling in favor of a green trend.

The RSI is extremely bearish on the cryptocurrency as the indicator has crashed to the bottom of the graph. A trend reversal is not expected as well, as the reading has not hit the oversold zone.

Conclusion:

In this technical analysis, it is clear that the indicators are giving a mixed sign, advocating for a sideways trend. However, since a trend breakout is predicted in the shorter timeframe, a bullish win might take over the price chart.


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Altcoins

Monero [XMR]’s Riccardo Spagni: BAT is lot more centralized than they purport it to be

Priya

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Monero [XMR]s Riccardo Spagni: BAT is lot more centralized than they purport it to be
Source: Unsplash

Monero’s lead developer, Riccardo Spagni aka fluffypony, spoke about Basic Attention Token [BAT], elucidating why he considers it to be centralized in the latest episode of Magical Crypto Friends.

Basic Attention Token is the digital currency used for rewarding content publishers and users for paying attention to the content, a break-through in the digital advertising sector. This also provides advertisers with more in return for their advertisements. For the very same purpose, Brave Browser browser monitors the users’ attention, while ensuring that the data does not leave the users device.

However, the Spagni stated it has a loophole on Twitter:

“I just found out that BAT has a nice loophole that lets them steal funds from users. Permissionless scamovation indeed! […] Users are NOT going to go & buy BAT when their airdropped tokens run out, no matter how slick. There’s simply too much friction. Consider what happens RIGHT NOW when most people hit a paywall: do they (1) disable their ad blocker, (2) pay the publisher, or (3) just close the tab?”

This was followed by a Twitterati, Patrick, stating that the BAT ecosystem is designed to work in manner wherein the advertisers purchase the tokens and then use them to buy advertising space on the browser. He further stated that users will earn 70% share of the revenue if they agree to view the ads, adding that they will be paid in BAT for their attention and can tip this BAT to their preferred content producers.

To which, Spagni said:

“I understand that part of it, and I think it’s safe to disregard it as (1) it’s going to be gamed making it a race to the bottom for ordinary users, & (2) very few people want to see a plethora of ads even if they’re getting paid. I also think the browser lock-in is shortsighted.”

To counter this statement, Patrick attached a tweet of Brendan Eich, the co-founder and CEO fo Brave, wherein he has remarked that Brave uses Uphold for KYC/AML process, which is required for users to be able to withdraw their funds. This is so that “the threat is DoS not theft by fraud”.

The founder added that they make use of Proof of Browsing and “buffering on the device and in a settlement, allowing anti-fraud/Sybil attack analysis and BAT claw-back”.

In the episode, Spagni stated that he found it interesting that it is “a lot more centralized than they purport to be”, adding that this is true when it comes to a lot of dApps. He further stated:

So I was having this debate on Twitter with a bad show and I said okay but that’s gonna be gained at some point you know someone’s gonna figure out the heuristics and they’re gonna have like right a bunch of bots that are gonna be indistinguishable from real humans […] it’s going to appear to be real browsing and they’re gonna airdrop these tokens onto them”

Following this, Spagni spoke about Proof of Browsing, which will determine whether the ‘attention’ is true or not, whether it is a  human or a bot, and callback if a person is taking advantage of the system. The developer stated that if a user fails to complete the KYC/AML process and Proof of Browser, then the money is taken back from the user.

“I mean it’s not it’s not yours yet because you haven’t withdrawn it, is their theory but at the end of the day that’s no different from a database because you know they’re controlling everything, they’re controlling the influx of supply into the market, they’re controlling whether or not somebody legitimately earns that […] but the reality is it’s a centralized system”


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