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Ripple’s Brad Garlinghouse says, financial institutions are self-assured to “flip the switch”

Namrata Shukla

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Ripple's Brad Garlinghouse says, financial institutions are self-assured to "flip the switch"
Source: Pixabay

The Chief Executive Officer [CEO] of Ripple, Brad Garlinghouse said that banks and financial institutions are self-assured to “flip the switch” and integrate the digital asset XRP. In a recent interview with Fortune, the San Francisco payment startup CEO talked about his belief of the 200 banks and financial institutions that have joined hands with Ripple’s network are getting prepped up to utilize xRapid, that uses XRP to boost cross-border payments.

Garlinghouse said:

“This is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that, as people are starting to use xRapid because it’s better, faster and cheaper.”

Ripple received good news from Euro Exim Bank, as they announced to be the first bank to commercially implement xRapid to power payments for its customer base. Exim, which has branches in London and St. Lucia, said that it will begin using xRapid in the first quarter of 2019, reported the publication. The bank aims to make use of the digital asset to power payments in 80 countries around the world for its customers.

Euro Exim is one amongst the five companies that will use XRP to power payments on behalf of their clients. The others are namely, JNFX- a London-based foreign exchange firm, SendFriend -New York-based fintech for global remittance market, Transpaygo- Vienna-based fintech for mobile payments, and Financial Transaction Control Systems [FTCS]- Stockholm-based company building financial infrastructure, reported the publication.

Ripple is responsible for about 60% of the total XRP supply and has the majority of its XRP locked away in escrow. However, the company regularly sells portions of its holding to institutions and cryptocurrency exchanges.

At the time of press, XRP, the second largest coin was valued at $0.3239 with a market cap of $13 billion. The 24-hour trade volume of the coin was reported to be $554 million with a dip of 2.61% over the past day.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
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XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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