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XRP could be theoretically used in domestic payment transfer via the US’ ACH system, says Uphold CEO




XRP could be theoretically used in domestic payment transfer via the US' ACH system, says Uphold CEO
Source: Unsplash

Uphold CEO, JP Thieriot spoke on Thinking Crypto about how the traditional financial system in the U.S. is lagging behind in terms of cross-border payments and how Ripple and XRP could change the scenario altogether.

Thieriot said that they are launching a new product “Earn and Borrow” and that the updates related to this will be coming out next week. He continued:

“… and then another common thing that I find sort of interesting is one around how slow it is for people to do an ACH transaction from their US bank account into uphold where you know very annoyingly it can take up to eight or nine days… and… it has to do with the deficiency of the US ACH system which is not nearly as efficient for instance as the European equivalent SEPA.”

Furthermore, Thieriot said that the XRP constituents who are familiar with these problems suggested Uphold use Ripple’s xRapid technology, which is better than traditional payment systems and provides a near instant settlement. Thieriot said that they have “contemplated” the use of xRapid for cross-border payments which is the nature and purpose of xRapid.

In addition, Thieriot said that the problem arose when it came to payment transfer within the U.S. using the ACH system. He continued:

“one could conceive of XRP being used in the same way it’s used in xRapid to fix an inefficiency with the legacy banking system that XRP could theoretically be used in a domestic context as well.”

The CEO added that they could use XRP in a domestic context as well, but that would require a deal between Uphold and Ripple to be inked which would provide Uphold the liquidity that would otherwise be provided in case of xRapid use for cross-border payments.

He also acknowledged how the XRP community, which is sometimes also an “XRP army” could help them do a deal with Ripple that would allow them to provide Uphold users instant transfers using the ACH system.

@XRPTrump aka Dr. T, one of the prominent members in the Twitter XRP/Ripple community tagged Welly, a Business Development Executive at Ripple and asked if he could share his thoughts.

Welly replied:

“Solving for delays for all of FedACH (which is practically ubiquitous in the US) is tough.
If Uphold is experiencing friction, I would start by trying to make it easier to move money to/from another wallet/network that also already supports XRP and USD.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


XRP/GateHub: Hacker continues to prowl the market as part of stolen XRP transferred to Digifinex





XRP/ GateHub: Hacker continues to move in the market as XRP transferred to Digifinex
Source: Unsplash

XRP, the third largest cryptocurrency by market cap, was the highlight of the cryptocurrency space after a hacker stole a significant amount of coins from GateHub, a wallet that supports the top cryptocurrencies in the market. Nearly 23 million XRP were stolen from the platform via an attack by the hacker earlier this month.

The service provider stated that this could have been the cause of “suspicious API calls” in its initial statement, adding that they did not find any loopholes on the platform that would have enabled the hacker in carrying out the attack.

Further, in a recent Twitter post, GateHub also alerted its users about phishing emails, asking them to transfer their funds with the subject “Critical Security Warning/ Action Required – New Secured Wallets.” The platform advised users not to transfer their funds to the address mentioned in the phishing email.

Keeping this aside, the hacker has been moving around the stolen funds to several exchange platforms. Earlier today, according to Whale Alert, the hacker moved 30,000 XRP equivalent to $13,055 to DigiFinex, an exchange platform headquartered in Singapore. The transfer was made from rDBneo78RVCfMdAbvPo4v2sf8uk3RKKe1b address to DigiFinex’s rnG2XVwdULE5mfWA5EFxnyTkUGgg2K39AP address at 09:05:41 UTC on June 17, 2019.

Notably, this was not the only transaction made by the hacker to DigiFinex. On June 16, two transfers were made to DigiFinex at 17:01:51 UTC and 17:27:31 UTC from rfrnAC417ewiPbRqRzvJCgnBSgMJRMzSuv address. The XRPs that were transferred were worth $28,590 at the time of transfer. Apart from this, Whale Alert also recorded transactions made to different addresses yesterday.

Source: Twitter

Source: Twitter

DigiFinex was not the only exchange platform the stolen funds were transferred to. According to previous transactions recorded by Whale Alert, the hacker has sent some funds to Bitfinex and OkEx over the past few days. Another cryptocurrency exchange, ChangeNOW, recently released a statement surrounding the hack, stating that the attacker had sent some funds to their exchange platform as well. The exchange added that it was able to secure some of the stolen funds, which would be later sent back to GateHub.

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