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Ripple Protocol used to tokenize real-world commodities into ‘eMetals’; can be bought using cryptocurrencies of choice

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Ripple Protocol used to tokenize real-world commodities into 'eMetals'; can be bought using cryptocurrencies of choice
Source: Unsplash

eMetals are the next best thing that will be converted into digitized shares to represent real-world commodities [like metals] and the resultant can be purchased using digital assets as per BPG [Banquecorp Physical Gold] Group’s tweets.

BPG Group is a heavyweight company in the material refinery industry which also deals with efficient methods to reuse scrap metals and they are spread across Europe. As per their tweet on January 7, customers will be able to buy these shares of metals using either cryptocurrencies or fiat currencies.

BPG Group tweeted:

“eMetals will purchase the real-world commodity stocks based on customer demand, and generate IOUs to represent each share. Customers will be able to use select cryptocurrencies, as well as fiat currencies to purchase the IOUs. IOUs will be backed 1:1 to the real-world securities.”

To clarify the matter more, BPG Group said that stocks will be backed as 1:1 and deposited into separate segregated accounts. Moreover, the group added that for the bank’s use they will use “Kamakura study” which will provide default probabilities.

@RickCrypto1 asked if they are backed and regulated by a regulating body which confirms that the group actually have the backings that they claim.

BPG Group replied:



“We will release reports that will indicate that we do possess sufficient capital (stock) to back each individual IOU token on a 1:1 basis. We will disclose the names of banks & brokers as well.”

BPG Group tweeted:

“Equity markets are closed more hours on the day than they are open. User will be able to trade shares of popular commodity companies on eMetals platform 24 hours a day, 7 days a week. #Ripple #XRP #Commodities”

The news of this announcement first surfaced the crypto-world in 2016, when GateHub published a blog about BPG Group about using Ripple protocol.  The blog stated:

“BPG digital gold-backed IOUs, the “XAU”, are now issued within the Ripple protocol. The XAU is enabling digitized gold investment and the ability to use XAU for remittances and payments.
This way the physical gold can be converted into any fiat currency such as USD, EUR or any other crypto-currency. Moreover, an XAU can be redeemed and physical gold that is stored in BPG’s Ljubljana vault shipped to you.”



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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ripple

76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain

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Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Source: Pixabay

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.

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Analysis

76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news

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Source: Pixabay

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.

1-hour

Source: TradingView

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.

1-day

Source: TradingView

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.



Conclusion

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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