On 3rd September, it was revealed that Platio, an all in one smart banking platform headquartered in London, has entered into a partnership with Ripple. The revelation came after an XRP enthusiast named Leonidas posted a question to the Platio team regarding one of their previous announcements.
“Your whitepaper mentions Ripple solutions a lot. Do you have a partnership with Ripple? Will you be utilizing XRP for cross border payments? We would love to hear more about it!”
The Platio team stated in response to his question:
“We have a vendor agreement with Ripple. We will be integrating with Ripple’s xVia feature to transmit payments.”
The above conversation links back to a white paper published on the company’s website where the document interestingly mentioned ‘Ripple’ multiple times.
This reference explains what Platio is and what it offers. Platio boasts of offering a one-stop solution to banking. The paper stated:
“The Platio Ecosystem will be based on a seamlessly operated mobile and web interface, where users will have all the necessary data and tools at their fingertips to instantly transact with crypto, fiat or stock. Platio’s platform will be built on EOS technology, capable of hosting smooth, routine interactions of Platio’s multilayered ecosystem.”
The white paper reveals that the platform is powered by the ERC 20 token PGAS. The token will behave as the central element of the ecosystem, integrating all of Platio’s features in it. Further, the paper also revealed that the ‘PGAS utility token’ will be used for all internal commissions and fees.
The paper moves forward to discuss Platio’s ‘Payments & Remittances’ product. The company intends to offer payment and remittance service using SWIFT/SEPA/Ripple payment networks. The paper also stated:
“In the Platio Ecosystem, all supported crypto and fiat assets may function as a means of payment using SWIFT/SEPA/Ripple, including third-party and international payments. Payments to be made by converting cryptocurrency to fiat will be executed with the help of an integratedautomatic exchange.”
The company will be making use of Ripple’s xVia interface to enable cross-border payments across various networks.
In a press release on 28th August, Platio’s CEO, Dima Okhrimchuk, briefly explained the mission of the company. He said:
“Platio aims to take the best features from both crypto and fiat financial systems. Our Smart Banking Ecosystem is set to increase confidence in crypto as an asset and drive its global adoption”.
The CEO also explained that the company plans to encompass trust through the platform’s unique products ‘Asset Guard’ and ‘Smart Escrow’ products, he stated:
“With Asset Guard, users will be able to set up their accounts so that if they’re not touched for a period of time, the balance will be automatically transferred elsewhere” says Okhrimchuk. “This solves important issues like key loss and inheritance of assets”.
Also speaking about his second product, he stated that Platio’s Smart Escrow feature will hold funds until buyers receive any goods or services, while, protecting sellers from late or missing payment. Furthermore, he claimed that Platio will step in to resolve any disputes regarding the same.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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