Ripple’s partners have been satisfied with the unique remittance solution offerings via xRapid [with XRP at its core] and xCurrent provided by the platform facilitating mainstream adoption. Different industries have dipped their toes into the crypto space for its payment facilities for a large volume of transactions.
Ripple has announced that RippleNet, in a matter of three years, has signed over 200 clients including many leading commercial banks in India, Korea, Japan, and around 9 Middle Eastern banks. Besides, Ripple has also managed to expand its foothold to major remittance corridors with the latest being the US to Mexico and the Philippines.
Eva Kaili, European Parliament, Chair Future of Science & Technology citing the edge that blockchain has in terms of cross-border money flow as opposed to the traditional financial institutions, stated:
“By its nature, doesn’t recognize borders. It’s unstoppable. We [want] to use it to connect Europe, remove barriers and give people the understanding that it can be used for good.”
The recent London Ripple Regional Conference witnessed the participation of many prominent figures from the industry.
Alastair Constance, the CEO of Mercury FX has remarked that xRapid is the future. An xRapid user platform, Mercury FX has successfully executed a transaction involving a huge amount of capital of around $4,552k from the UK to Mexico early in January this year. This is a significant example of the mainstream deployment of crypto.
Speaking with Ripple SVP Customer Success, Constance stated:
“Ripple provides the opportunity for us to say we have opened up this market and we can come here and trade freely at the optimized speeds and costs.”
Navin Gupta, managing director for Ripple, South Asia, and MENA predicted 2019 to be conducive for crypto regulations for Asian countries steering towards leveraging digital assets. For scalability purposes, Ripple in its 2.0 version will focus on expanding its multi-hub model and stretching its services to the financial establishments in small frontier markets.
Talking about the unique offering by Ripple, Gupta said,
“It saves international banks from having a direct banking relationships with a multitude of countries in frontier markets.”
Graham Bright, Head of Compliance and Operations stated that Euro Exim bank, which has recently implemented xRapid, chose Ripple as it competently executed transparent and pre-validated payment processing in real time.
A twitter user @Charles02411212 commented:
“Euro exim bank- a literal who – with no onshore banking license anywhere in the world- and people get excited about this?”
Tomas Snitka, Head of Operations of the digital remittance solution provider, TransferGo which announced its collaboration with Ripple on September last year, has reportedly applauded Ripple.
Ripple on its official Twitter handle posted:
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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