Brad Garlinghouse and Cory Johnson sat down for an Ask me anything session recently. The first part of the session is here.
Further in the session, Cory Johnson, the Chief Market Strategist explains a new concept called Basel 3: Particularly after some regulatory changes associated with something called Basel 3, banks had to have a lot of money in their balance sheet. If it was a part of sitting and waiting for a transaction to happen across borders, it no longer counted as an asset towards their reserve.
With xRapid, it enables payments into a country without being in that country. Brad says ‘that may sound crazy but it’s effectively what it is doing’. Since then, many banks, financial institutions and payment riders from around the world have started to lean towards the adaptation of xRapid.
Brad, the Founder of Ripple quoted:
“But I am optimistic if you are solving a real problem for those customers at a lower price and better outcome then your gonna continue to see many financial institutions lean in.”
Brad agreed to Cory’s statement – ‘xCurrent doesn’t require XRP to be used but xRapid does’.
Santander announcement of a consumer-facing product using xCurrent is really interesting, noted Cory. Brad doesn’t deny this fact as he summarises their partnership over the time saying:
“Santander has been one of our earliest customers and they have been a fabulous partner and all the way up to chairwomen of Santander, they have been advocates of what we are doing.”
Brad continued to state about them being more public. In this Q1, they publicly started talking more about one pay FX, a consumer-facing product allowing real-time payments across pounds to dollars; pounds to euros, etc. and vice-versa.
It originally had launched last summer in intra-Santander for their employees. They serve around 144 million customers across the globe, mentions Brad. Cory questions about few systems like the Transfer wires, Zel, PayPal or Veno which have fancy interfaces in the frontend but still with the old jalopy backend are having the deal with money moving really slow.
Brad says that the talks about innovative payment methods are happening everywhere and is constrained by everything under need. Ripple, in that matter, has always focused on methods of resetting the fundamental rails and tries to enable innovative payment experiences. They intend to change the nature of payments at the infrastructural level.
According to him, they are partly contributing to this through their xCurrent messaging, xRapid and xVia.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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