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Ripple’s blockchain will solve issues related to nested transactions, says top CIMB Bank official

Febin Jose

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Ripple’s blockchain technology will solve issues related to nested transactions, says top CIMB Bank official
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Ripple and XRP have been making strides in the cryptocurrency sphere with their many partnerships and collaborations in the cross-border payments sector. Ripple’s xCurrent-powered Money Tap faced a setback when one of the member banks announced that they would cease collaboration with the service from May 13, 2019. However, Asia is still invested in what Ripple Tech has to offer and this point was reiterated by a top CIMB Group official recently.

In an interview with Marcus Treacher, a member of Ripple’s Board of Directors, at the Ripple Regionals: Asia Pacific 2019, Thomas Tan Kok Kiong, Senior Managing Director, Group Treasury Sales and FX, CIMB Bank, said that Ripple had solutions for many of the industry’s grave concerns.

He primarily spoke about two aspects that made Ripple stand out in the industry; solutions for nested transactions and operation speed. Nested transactions, in layman terms, are database transactions that are within the scope of another existing transaction.

According to Kiong, remittance providers and operators face a lot of trouble due to nested transactions as they are unable to “see through these transactions”. He opined that the issue could spiral to a point where they are shut out and added that Ripple’s blockchain was the perfect solution to the problem.



He further said that CIMB Group had one of the biggest networks in South East Asia and that their partnership was mutually beneficial as it helped them both tread uncharted territories. He said,

“We are increasingly moving towards white collar and digital spheres. That is why it is important for us to work with Ripple. We hope that your technology will help us get closer to small guys and solve the problems plaguing he remittance industry.”

The Senior Managing Director also spoke about the SWIFT network and said that the tides were changing in favor of Ripple in the longer run. Kiong added,

“We have the SWIFT network currently and I think it will probably continue for a while. However, we also have emerging technologies such as Ripple and other similar players. Therefore, I don’t think there is anything wrong in hedging and joining these networks.”





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
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Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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