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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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SWIFT vs RIPPLE: Rivals not Partners

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Ripple enthusiasts around the world have been debating on the possibility of Ripple and Swift partnering with each other but it could eventually turn false.

Ripple enthusiasts around the world have been debating on the possibility of Ripple and Swift partnering with each other. Earlier, we had analyzed how they are surely going to partner with each other considering the different perspective. Recently, however, it seems that the following possibility could eventually turn false as both of these companies are working hard, not for a partnership but to rather compete with each other.

 

Swift clearly says ‘No’ for a partnership with Ripple

According to an article published on the Finance Magnates, a spokesman of Swift clearly denied any future partnership with Ripple by stating that he does not know where the rumors are coming from and that the upcoming new releases or software updates in the Swift network is not related to RippleNet at any cost. The upcoming standards will ensure the use of tracking reference (UETR) in all payments or transactions allowing backs to track their GPI payments in real-time.

 

Ripple denies too:

Ripple’s chief market strategist, Cory Johnson clarified that the aim of Ripple is to offer a product to directly compete with Swift and eventually replace it. This was revealed by Steven Diep in a tweet on January 3rd this year about his interview video with Cory Johnson stating that Ripple is meant to replace Swift and that the customers of Ripple are using both Ripple as well as Swift at the moment.


Do you think Ripple can replace Swift in the near future keeping in mind the massive amount of customers that Swift already has? Tell us your thoughts in the comments section below.

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XRP Updates: What Ripple really needs to do right now?

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What we really need for XRP more than just price catalysts and more ways to speculate on the price is actual adoption and use.

The National Bank of Kuwait has opened up direct remittances with Jordan using XCurrent but not XRapid. Ripple has many major banking partners with some of the biggest and powerful banks in the world. A lot of these huge banking institutions like XCurrent but no one is really using XRapid yet. What Ripple needs to do is to get people to really use the XRP token. It is very important for the future of the XRP ledger. It’s nice that the banks are using Ripple’s software XCurrent, but for the benefit of the XRP holders, XRapid is the innovation that is needed to be adopted.

 

Regulations:

A big thing holding back wider use of XRP is of course regulations. Regulations in so many countries are holding back basically what could be a tidal wave for XRP. So as they continue to work through these different regulations in multiple jurisdictions all around the world, we will see more and more of these banking partners actually hopping onboard and using the XRP token but it might take some time before that can actually happen. Although not at a large scale still there are some use cases of XRapid currently in areas such as Philippines and Mexico.

Ripple has also been working on getting a lot of exchange partners for XRapid such as Bittrex, Bitstamp, Coins.ph and Bitso which are all working to help bring XRapid to life. For XRP to get to the next level it has to get used by the banks but the banks out of regulatory fears or conservativeness, they are using XCurrent and not XRapid or the XRP token yet.

 

XRP as a base currency on Binance

Binance has added different pairs with XRP as the base currency. Currently, it is paired with only TRON and Zcoin at this time. As time moves forward, we are surely going to see other pairs such as XRP to Litecoin or XRP to Cardano. Although the news does not seem exciting it is really important that XRP does get added in terms of creating value for XRP because the more trading pairs we have, the more volume we are going to have and more people are going to be exposed to it.

 

Large Accounts moving XRP

We have seen some very big accounts pushing a lot of XRP around in the tunes of 90 million XRP or 70 million XRP which are not owned by the company but large whales who are moving it around and probably some of these would be looking to move it to exchanges to dump it into the markets.

 

Uphold’s XRP holdings

Uphold has announced that their largest holding ahead of bitcoin is XRP which shows that there are a lot of XRP enthusiasts who are using uphold. This may be a continuing trend for a lot of different exchanges as XRP is one of the most popular cryptocurrencies.

 

Nasdaq and XRP:

When the Nasdaq cryptocurrency exchange gets launched it seems that XRP would be one of the tokens listed there. This could be a very big catalyst for the price of XRP.

 

What we really need for XRP more than just price catalysts and more ways to speculate on the price is actual adoption and use.

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Ripple Whale Alert: 20 million XRP transferred to Bitfinex. For selling?

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20 million Ripple were transferred to Bitfinex exchange which may be for selling in order to invest in some other digital asset which is in a bullish phase.

After being bearish from more than a month, the cryptocurrency market has started to recover from the last three days with major cryptocurrencies such as bitcoin rising more than 25% in the last three days. All top 10 altcoins are green colored today with bitcoin cash rising more than 57% in the last 24 hours except for XRP which is still in a 1% loss since yesterday. Ripple is trading around $0.367 according to CoinGecko Chart. Around three hours back 20 million Ripple were transferred to Bitfinex exchange which may be for selling in order to invest in some other digital asset which is in a bullish phase. Here are the details of the transaction:


 

 

Around $7.5 million worth of Ripple (20,000,000 XRP) transferred from unknown wallet to Bitfinex:

https://bithomp.com/explorer/BE596BF80F52E38786D2092F29358927042C42EF10DE208CC42C585BB5B5A531

 

The following article is not financial advice. The readers are advised to do thorough research and analysis before making any investment decisions in the cryptocurrency market which is extremely volatile.

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