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XRP reaches Australia as FlashFX adopts Ripple’s cryptocurrency

Akash Anand



XRP reaches Australia as FlashFX adopts Ripple's cryptocurrency
Source: Unsplash

In a move that has given a boost to the cryptocurrency market, Flash FX, a payment transfer platform, has announced the launch of its latest cross border payment solution using XRP that is targeted to improve the concept of foreign exchange in Australia.

Nicolas Steiger, the Chief Executive Officer of FlashFX stated that:

“We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.”

FlashFX has always worked with the mantra of making cross border payments simple and effective, at the same time sharing Ripple’s vision of the Internet of Value. The company has also said that transmitting money and assets from one country to another should not be a tedious task but rather one that should be as simple as sending a text message.

The Ripple partner is also the first Australian digital asset business to obtain the Australian Financial Services License [AFSL] provided by the Australian Securities and Investments Commission [ASIC]. The XRP transactions have also been proven to be successful after assessments on the Bithomp’s platform as well as on xrpscan.

XRP’s adoption by other platforms has made waves in the cryptocurrency market with recent news that Bitvolo Trustless Crypto Payment Gateway has added a plugin that enables writers to receive payments in crypto. The plugin is tasked to support XRP along with IOTA, Stellar [XLM] and Nano.

Ripple and XRP’s push to mainstream adoption has been supported by multiple proponents in the cryptospace, with the recent example being a famous Japanese lawmaker stating the cryptocurrencies would develop explosively in the future. He had said:

“The latest cryptographic asset-related technology has come so far. If we do not get involved in such advanced fields, Japan will be lagging…  saying “Japan’s technology is amazing” and Japan celebrating cash settlements is going to be left in the world more and more…”

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Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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