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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 Donating $1 million to Tipping Point

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Ripple is planning to donate $1 million to Tipping Point. According to its website, Tipping Point is an organization that fights poverty in the Bay Area.

Ripple is planning to donate $1 million to Tipping Point. According to its website, Tipping Point is an organization that fights poverty in the San Francisco Bay Area by identifying and investing in promising interventions. According to Ripple’s blog, around 75% of people in the world are poverty driven and are unbanked.

Tipping Point:

Tipping Point is an organization that helps the poor and needy people around the San Francisco Bay Area. The organization has already raised more then $250 million and the amount is being sued on things like employment, education and housing for the poor.

 

Ripple keeps itself involved in charity events. Earlier, Ripple started an initiative called ‘Ripple for Good’ for supporting educational and financial inclusions of people around the globe. Ripple had donated $100 million dollars back then.

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Ripple: XRP OTC Trading on Houbi Exchange

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Houbi announced its OTC trading for Ripple XRP. Houbi OTC is a peer-to-peer crypto trading platform provided by Houbi Global.

Big news for over the counter trading for Ripple XRP came on March 6, 2019, when Huobi announced its OTC trading for Ripple XRP. Huobi OTC is a peer-to-peer crypto trading platform provided by Huobi Global.

 

As per the CEO of Huobi Global, Livio Weng,  Huobi OTC is an effective solution for trading in this crypto trading ecosystem. The addition of Ripple XRP would surely a major step for the extension of this over the counter service.

 

Huobi OTC is one subsidiary of the Huobi Global. It completely aims at over-the-counter trades of cryptocurrencies. It provides a platform where you can post an advertisement for buying/selling cryptocurrencies on it. Thus, you can buy as well as sell these digital assets and complete your transaction with some third party by exchanging cryptocurrencies with fiat currencies.

 

Huobi is one of the leading cryptocurrencies exchange in the crypto market and occupies the 8th position as per market volume and has a total market volume of $715 million today. Apart from the introduction of Ripple XRP in its list of OTC trading, Huobi OTC also supports many other cryptocurrencies for its OTC trading. Bitcoin, Ethereum, EOS, USDT etc are some of the other cryptocurrencies who already are being traded OTC using Huobi OTC. It would be interesting to see what impact does this OTC trading offer to the current bear run of Ripple XRP.

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Analysis: Is XRP a security? What if XRP is deemed a security?

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If XRP is proved as security it will have a major impact on the entire crypto community. Investors should be prepared for a price shock.

XRP coins are pre-extracted and their decentralized nature is a matter of open discussion. Brad Garlinghouse, CEO of Ripple Labs, thinks that XRP is not a security coin and says: “I think it’s very clear that XRP isn’t a security. Garlinghouse defended the decentralized nature of XRP, stating that the existence of XRP does not depend on Ripple Labs. Ripple has never claimed that the price of XRP will rise, so there should be no expectations of the profit that XRP buys. Garlinghouse went on to say that if Ripple does not work, XRP will continue to function ( something that the CEO of Ripple has said over and over again ) Garlinghouse finished saying that the XRP is not a security and that XRP is different from Ripple.

 

Is XRP a security?

Many market players see the Ripple ( XRP ) as a centralized business front towards the cryptocurrency revolution.
Ripple, a private company, only uses XRP in its xrapid product and owns a considerable number of XRP coins.
Yes, users are payment processors, and banks focused on the xrapid Ripple’s product, which actively uses XRP.

The creators of the XRP Ripple Labs have been stifling the charge for a while, tearing it apart like an annoying bug. In 2018, Ripple Labs began to try to co-opt the story around the creation of XRP and the relationship between “Ripple” and “XRP” to dispel the idea that XRP is a security token.

In the past, Ripple, the company behind the XRP coin, has focused on persuading everyone that it is not a security.
While XRP can be purchased in transactions that have nothing to do with Ripple, it is important to note that about 80 percent of the XRP is in the hands of the Ripple company.

 

What if XRP is deemed as security?

If XRP is proved as security it will have a major impact not only on itself but on the entire crypto community. If XRP is legally recognized as a security in the United States, the company will be included in its ‘shareholders’ and the ownership of XRP will represent ownership of the company.

For investors in XRP, be prepared for a price shock if the SEC gives a ruling on the enforcement authorities against Ripple. Nevertheless, there has been much speculation about whether XRP becomes security; its value will be at the bottom. In Future, if XRP is classified as a security, Ripple should provide the owner of each coin a share of the company.

Ripple does not guarantee investors that the value of XRP will rise after the acquisition of the coin. However, XRP is a cryptocurrency designed for value exchange, and it is likely that other authorities will not classify it as a security.

Currently, purchasing XRP does not give you shares in the company. Ripple does not determine the price of XRP.

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