The mainstream adoption of cryptocurrencies has slowly picked up with institutional investors coming into the picture too. Ripple and XRP have been a major spearhead for this phenomenon, with several partnerships with cryptocurrency organizations as well as institutional companies.
Apart from partnerships, XRP has also been implemented in different countries which were aimed to make cross border transactions simpler and cheaper. The latest news on February 15 stated that XRP has tied with the Iranian Rial [IRR], making it available for transactions.
The announcement was made by Nobitex, a cryptocurrency exchange with the IRR becoming the 44th fiat currency to be tradeable with XRP. Nobitex is also a proponent of cross border transactions with the main goal being:
“Collaboration with startups and other companies to create a payment gateway through digital currencies to settle with foreign customers.”
Iran has also been in the cryptocurrency news spectrum when the country’s Central Bank issued new draft rules that lifted the ban on Bitcoin [BTC]. The new rules came in the light of Iran’s own efforts to launch a naive cryptocurrency called “Crypto-Rial”. According to the acting head of Iran’s Trade Promotion Organization, Iran is currently negotiating to introduce cryptocurrency to financial transactions with representatives from eight countries including Russia, Switzerland and South Africa.
Ripple and XRP also shared the limelight recently when the company talked about JP Morgan launching its own cryptocurrency, JPM Coin. Some even commented on JPM Coin being a competitor for Ripple. Tom Shaughnessy, principal at Delphi Digital stated:
“This is a huge slap in the face for Ripple. Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat.”
Even Ripple CEO Brad Garlinghouse got in on the action by saying:
“As predicted, banks are changing their tune on crypto. But this JPM project misses the point- introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”
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