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Ripple official: China to overtake USA in Fintech investments, become a global leader in finance

Priyamvada Singh

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Ripple official: China to overtake USA in Fintech investments, become a global leader in finance
Source: Pixabay

On 12th September, a video of the CATO Summit called Fintech Unbound 2018 emerged online wherein many experts from the fintech industry and regulatory bodies sat together to discuss issues related to the remittance sector. Here, Gerry Tsai, the Fintech Director at the Federal Reserve Bank of San Francisco and Ryan Zagone of Ripple gave their insights on regulations and advancements brought by blockchain in the remittance industry.

On the efforts made by several companies towards exploring blockchain frameworks and Distributed Ledger Technology to better the fintech industry, Tsai stated that he is enthusiastic about the innovation.

However, he also pointed out that a lot of these innovations in the fintech space, especially in the domestic sphere are not necessarily oriented with new infrastructures. Instead, they are focused on user experience and efficiency to make the existing payments’ realms more accessible. Therefore, he said that it is essential to recognize that there is a huge room for advancements within the existing financial systems.

Next, the moderator narrowed down the subject to discuss the position of the US regulatory authorities in the global regulatory scenario. Ripple’s Director of Regulatory Relations took his turn to speak more on the matter. He quoted a previously stated statement in an earlier panel discussion about ‘certainty being a prerequisite to adoption’.

He then talked about the dependency of fintech on blockchain and cryptocurrencies in the next generation. In his words:

“I do think what we’re seeing now is a recognition that blockchain and crypto will play a key role in the next generation of infrastructure for financial services. And countries now recognizing there’s potential to be a leader there so they can become a global capital finance. “

He also cited the examples of multiple countries that are ahead of the USA in the adoption as well as in terms of the work culture in the blockchain sector. He specifically named London as having more people that are working in fintech than in New York. The UK has also overtaken HongKong, Singapore and Australia combined in terms of blockchain worker population, stated Zagone.

“Their fintech growth has been astounding, and it is domestic growth but foreign companies are moving there because the environment is so much more workable. It’s not easier. There are still high bars and strict rules but it’s flexible and workable to allow innovation to happen.”

Secondly, he quoted China as an example wherein he stated that China’s VC investments in technology are to eclipse that of the US for the first time in history. According to the regulatory expert, China is focusing on building financial services, leading the country on the path of becoming a global capital of finance, surpassing the US.




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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Ripple

David Schwartz of Ripple projects views on tribal behavior of crypto-industry

Priyamvada Singh

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David Schwartz of Ripple projects views on tribal behavior of crypto-industry
Source: Pixabay

In a recent podcast by Internet History Podcast, the Chief Technology Officer at Ripple, David Schwartz discussed the tribal nature that surrounds the cryptocurrency and blockchain space. Here, he addressed the issue as unfortunate and stated that the members of the space must understand that working together and in sync is significant to moving forward. In his words:

“They’re very much like religious battles. You have influential people who are committed to a position that like one digital asset is the best and they can’t acknowledge any of the strengths of others or the weaknesses of their own, which makes it difficult for people to make good decisions about you know which assets to use or what to use them for.”

He switched the subject to the workings of Ripple, wherein he explained that the company is focused on the use case of global payments but is also excited to see innovation in the space. Furthermore, he stated that he expects to see the XRP ledger be used in different sectors of innovation, moving beyond payments.

About tribalism, he said that there are certain social media platforms that fuel the trait, such as Twitter, mentioning the trend as hostile. He also said:

“Tribalism, it’s chasing a lot of people out of the space because of some platforms, particularly Twitter, is just extremely hostile and I think we need to fix that. Again, if the crypto markets are sending us any signals is that we’re all in this together and we need to work together to grow.”

The tribalism that he is referring to is evident in the space as the maximalists continue to promote their respective choice of coin while dissing every other token. This has also been observed in the Bitcoin ecosystem, wherein maximalists like Roger Ver and Tone Vays are involved.


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Altcoins

Tron [TRX] energy cost to be reduced from 20 sun to 10 sun

Priya

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Tron [TRX] energy cost to be reduced from 20 sun to 10 sun
Source: Unsplash

The whole cryptocurrency market has been witnessing a steep downward trend for the past couple of weeks. Even the major cryptocurrency like Bitcoin [BTC], Ethereum [ETH] and XRP, have lost the battle against the ice king. This negative trend has broken down most of the new projects in the market, especially the investors’ sentiments. There are also a few projects and team that are finding it hard to continue their operations because of the bear’s ever-growing presence.

Despite this, Tron [TRX], the tenth-largest cryptocurrency by market cap, continues to make advancements in terms of network development. Justin Sun, the founder and CEO of Tron Foundation presented the second proposal, Proposal 9, has been approved by 2/3rd of the governing body. The proposal is aimed at making the network a developer friendly environment by reducing the energy cost from 20 sun to 10 sun, which, in turn, reduces the cost of smart contact.

Justin Sun's tweet on the proposal | Source: Twitter

Justin Sun’s tweet on the proposal | Source: Twitter

At the time of writing, the proposal had received 22 approvals and no disapprovals. The representatives who voted for the proposal includes Justin Sun Tron, Tron Society, BitGuild, Tron One, Lianjinshu, uTorrent, Crypto Guy in ZA, Infinity Stones, Alle Exchange, Tron Alliance, TronWalletMe, Raybo Tron, BitTorrent, Blockchain Org, CryptoChain, Sesameseed, callmeSR, DApp House, Tron Spark, TRX Market, Sky people, and Tron Europe.

The first proposal of the month was related to maximizing the energy limit of the network, which was also aimed at supporting the developers of the ecosystem. The proposal was approved by all 28 Super Representatives of the network. Super Representative are the representatives of the community and validators of the node who are elected by the token holders. These representatives are given the power to vote for the activation of the features of the Tron Virtual Machine, with the focus on the betterment of the entire community.

Earlier today, the CEO of the Foundation spoke about how Tron surpassed Stellar Lumens, the fourth largest cryptocurrency by market cap. He said on Twitter:

“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs”


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