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Ripple Brings Western Union like SendFriend for overseas money transactions

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Ripple will allow users to send and receive money overseas on SendFriend Project, similar to Western Union’s overseas transmissions.

In perhaps a first of its kind, the blockchain run by Ripple will allow users to send and receive money overseas on SendFriend Project, similar to Western Union’s overseas transmissions. The product was the collaborative effort of techpreneur David Leighton and MIT Media Lab when the innovator won the institutions Translation Innovation Alliance Award.  

The integration is of XRP Coin platform run by Ripple called XRapid, with that of a payment portal which has the blessing of payment card major MasterCard and was incubated by MIT.

SendFriend will create a new genre of blockchain-driven financial services under a category called ‘Consumer Payments Platform.’

 

xRapid and SendFriend

Ripple (XRP) uses xRapid to power all types of payment transactions in the cross-border category. The new system handles transfers in a matter of a few minutes.

As industries across the world experiment with cross-border payments using digital assets experimental products offered by the established decentralized project such as Ripple’s xRapid  new defining transactional processes are being set up.

The functionality on xRapid is advanced as it essentially converts all transactions into liquid state transactions, using XRP.  It also eliminates the need for Vostro and Nostro accounts.

xRapid has been tested in its beta-stage by big commercial organizations like Western Union, MoneyGram, Banco Santander, and Cambridge Global Payments, earlier in September.

Answering criticism of the loss of value in transactions due to high volatility which Ripple represents Cory Jonhson clarifies that the xRapid platform does not expose the user to the volatility for more than a few seconds and hence there is no actual loss incurred by using XRP platform.

 

SendFriend Features

Currently, SendFriend is in beta-stage and will available for full-fledged consumer usage by the end of the year. The first stage of the product going live will be in the Philippines where people can experiment with sending as well as receiving money from different parts of the world.

According to Leighton who pitched the idea to MIT Lab mentors at the competition and eventually went on to become the CEO of the firm says that in the current payment sector the focus has to be on the backend, which demands more efficiency than the actual capital itself. The key factor, Leighton says is handling these real-time settlements and do not involve or raise a need for pre-funding. At the same time, the product also eliminates the risk associated with foreign exchange and does not have to go through with a ‘parking’ it in receiving corridor. Every transaction is handled one by one until all of the transactions are completed.

Big financial players are backing SendFriend – from Barclays to Mahindra Finance to TechStars and MasterCard Foundation as well. The payment method which Ripple will offer will enable immigrants to remit their payment to family and friends back home in real-time, in the initial stages of testing the product that xRapid offers.

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Ripple Latest Updates and XRP Market Analysis

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Ripple has partnered with yet another large bank CIMB Group and secured the 2nd position according to the market capitalization.

Ripple has partnered with yet another large bank CIMB Group which is the 5th largest bank in Asia. CIMB Group announced that it will implement RippleNet Software to process cross-border payments. Ripple’s XRP has also crossed ETH and secured the 2nd position according to the market capitalization.

 

CIMB Bank to use RippleNet

According to sources, CIMB Bank is the 1st bank in Asia in order to implement blockchain technology in such a place where the payments are small in value but the amount of transactions is very high.

SpeedSend, which is CIMB Bank’s platform with use RippleNet to improve the transactional speed and costing for international payments.

 

XRP Crosses ETH

XRP which is Ripple’s native token has crossed ETH is terms of market capitalization. The Ripple Company says that their token XRP and Ripple are not interlinked but it is always seen that as Ripple extends its partnerships with banks over the world, the price and market capitalization of XRP tends to rise.

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Ripple Updates: New office, XRP tip bot, Nasdaq, Trezor and more.

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Ripple has been steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

Ripple has been quite steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

XRP Tip Bot in Amazon Alexa

The XRP Tip Bot is ready to be a part of the Amazon’s Alexa. This will allow Alexa Users to easily transact their XRP by using voice command on the Alexa Device. The Alexa application developer posted on Twitter on November 6 about Alexa’s implementation of XRP

 

XRP likely to be listed on Nasdaq in 2019

A source from the National Association of Securities Dealers Automated Quotation Exchange (NASDAQ) said that the exchange’s crypto initiative in 2019 is surely interested in scalability and they cannot put apart XRP which is a top-level security cryptocurrency by market cap. The Nasdaq team also said that they believe that XRP is surely going to be the 2nd largest crypto in the future after bitcoin but there hasn’t been any official announcement for the same.

 

Trezor Model T

Trezor will likely list a list of more altcoins in the upcoming model T update of the Trezor Device which will include XRP as well.

 

Cred to provide XRP backed loans

Cred, which is a leading provider of cryptocurrency backed lending. This will help the XRP owners to get loans using their XRP as a collateral security without actually having to sell their tokens.

 

Ripple Opening office in Dubai

Ripple Labs has planned to open their new office in Dubai in order to get themselves a strong position in the middle east markets.

 

Banks adopting Ripple’s Technology

Japan’s MUFG Bank and Brazilian Bank Banko Bradesco have signed an MOU to start using Ripple Software to send cross-border payments between Japan and Brazil. The Banks will use just Ripple’s software XCurrent and not the XRapid which uses the XRP coin. Ripple also tweeted about the collaboration:

 


 

The level of collaboration that Ripple has globally has been rising day by day. However, the XRP investors are still waiting for the real adoption of XRapid which will use the XRP tokens for the transfers rather than just the XCurrent Software of Ripple Labs.

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XRP Security Class Action Lawsuit going Federal

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The lawsuit that alleged XRP to be a security has been removed by the Ripple Labs, the company behind that XRP Cryptocurrency.

The lawsuit that alleged XRP to be a security has been removed by the Ripple Labs, the company behind that XRP Cryptocurrency. The company’s lawyer stated that Ripple never registered XRP as a security and that the allegations of XRP being a security shall be removed.

Peter Morrison who is representing Ripple Labs in the lawsuit stated that the lawsuit comes under the edge of the international cases being a solid class action.

 

The lawyer stated 3 points in support of the company to remove the lawsuit, wherein he mentioned:

A putative class action may be removed to the appropriate federal district court if

1. the action purports to be a ‘class’ action brought on behalf of 100 or more members
2. Any member of a class of plaintiffs is a citizen of a state different from any defendant and
3. The amount in controversy exceeds $5 million.

 

The Lawsuit

The XRP lawsuit claims that Ripple’s XRP should have been registered as a security and that Ripple Labs and its CEO have been manipulating the price of XRP for their own benefit.
The Ripple Lab lawyers moved the case from a state court to a federal court. This may be because it is believed that the judges at Federal Courts are more sympathetic towards
corporate defendants.

 

What if XRP is deemed to be a security by the court?

If the court’s decision proves XRP to be a security it may prove to be very harmful to the whole cryptocurrency community as it may have a negative effect one of the top 3 cryptocurrencies in the market.

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