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Ripple’s new gateway – ‘eMetals’ to trade physical metals using XRP’s technology

Sthuthie Murthy



Ripple's new gateway - 'eMetals' to trade physical metals using XRP's technology
Source: PxHere

Ripple is one mystery coin with resources in abundance. Trading at $0.535 currently and ranked as the 3rd best coin with a whopping $20 billion market cap, Ripple [XRP] is slowly gaining its momentum. Ripple is well known for its inter-operability focus and inter ledger projects for cross-border payments.

Ripple at the beginning of April is introducing a new gateway. BPG Group is all set to launch a new Ripple gateway called ‘eMetals’, according to their tweet.

BPG Group recently tweeted:

“Use the #Ripple network to buy, spend and trade #Gold, #Silver, #Platinum, #Palladium and #Rhodium (XAU, XAG, XPT, XPD and XRH). For more information please visit eMetals platform”

BPG Group, a precious metal refiner ensures efficient processing of industrial scrap throughout Europe from various industries. They refine, recycle, fund management and also allow trading. Their shares are traded on the Vienna Stock Exchange. Users can buy either physical metals or digital gold on Ripple through them. They are now on track to launch a new issuing gateway on the Ripple consensus ledger. They have identified significant market potential in the network in conjunction with the digitization of physical metals.

The company has offered an alternative way to invest in, and trade, physical metals by combining the performance of the London clearing system with the transparency of an exchange-traded asset.

Ripple network can be used to buy, spend and trade metals like Gold, Silver, Platinum, Palladium, and Rhodium any time of the year. It will maintain active buy and sell orders with a current target trajectory, which is to be released in the initial versions of the gateway for customers by May 1st this year.

James Buch, a Ripple enthusiast says:

“Good work Ripple, you have a lot of potential and your technology is great do not let it go without use. Just grab all that you can and leave no stones unturned. Don’t embarrass yourself in the community just sitting their motionless.”

The BPG issuance XAU is traded on Gatehub already and the physical metals issues will be stored either in their vault or with Malca Amit – a leading security carrier.

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability




Source: Pixabay

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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