Ripple Labs, Brave browser, Huobi, and 40 other companies have joined forces to form the Open Payments Coalition and launch universal payments system PayID. The new payment process will reach over 100 million users and allow users to send or receive money anywhere in the world across any payment network in real-time. Users will be able to receive money instantly, just by providing an email address or a phone number linked to their bank account. Users would not require complicated bank account numbers, international codes, routing numbers or SWIFT IDs.
Several crypto and blockchain companies are involved in the project.
Crypto and blockchain companies involved include BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BTC Markets, CipherTrace, Coinone, Crypto.com, Huobi, Independent Reserve, Liquid, Ripple and several others. Ripple’s Ethan Beard said PayID aimed to make global payments simple and fast. Liquid Group Inc CEO Mike Kayamori said that payments would need to be interoperable between fiat and crypto, and easy to send and receive across countries. PayID is already being used in Australia, where it was progressively introduced over the last three years. The majority of bank and crypto exchange users in Australia can send and receive instant money transfers at any time, 24/7.
Former CFTC chairman voiced his opinion about XRP as security.
The former chairman of the US Commodity Futures Trading Commission J. Christopher Giancarlo voiced his opinion about whether XRP qualifies as a security or not. He said that XRP is not a security. Giancarlo, who is also known as “Crypto Dad” in the crypto community, argued that XRP does not constitute an investment contract. The former head of the US CFTC believes Ripple’s XRP can not be an investment contract as there is no contract or arrangement to speak of between Ripple and the overwhelming majority of XRP holders. The company behind XRP has been accused of selling off XRP for its own benefits.