Bitcoin News and Price | Bitcoin.News

Ripple on the Brink of Decisive Win as SEC Legal Battle Nears End

by Blockchain NewsNovember 6, 2023

In the continuing saga of Ripple versus the United States Securities and Exchange Commission (SEC), recent developments suggest a leaning in favor of Ripple, a prominent figure in the cryptocurrency space. Legal experts and community stakeholders are weighing in on the potential outcomes and implications of the case. John Deaton, a leading cryptocurrency attorney, has offered his insight, framing the situation as a significant victory for Ripple, should the case settle for $20 million or less.

Deaton’s comments came in response to general opinions mistaking the case’s conclusion for a balanced verdict between Ripple and the SEC. Instead, Deaton affirms a 90/10 advantage in favor of Ripple, negating the previously held 50/50 assumption. These remarks align with Ripple’s Chief Legal Officer Stuart Alderoty’s note on yet another legal setback for the SEC, referencing the outcome of the SEC vs. Govil case. The Second Circuit Court’s ruling against the SEC’s ability to seek large disgorgement orders without showing actual financial harm to investors strengthens Ripple’s stance. The community has echoed this sentiment, with figures like Wayne Vaughan and Crypto Adviser voicing their perspectives on Twitter, pointing towards a skewed settlement that favors Ripple and criticizing the SEC’s approach to investor protection.

The case, initially launched by the SEC in December 2020, accused Ripple Labs of conducting an unregistered securities offering via XRP sales. This development underscored the growing scrutiny around digital currencies and the SEC’s role in regulating them. The recent approval by Judge Torres of a joint request from the SEC and Ripple to establish a briefing schedule on institutional XRP sales further indicates a progression towards a conclusion. This request, linked to allegations of Rule 10b-5 violations by Ripple, sets a stage for both parties to present a comprehensive briefing schedule by November 9.

As the Ripple vs. SEC case evolves, the implications for the regulatory framework governing digital currencies remain significant. The legal fraternity and crypto community are closely monitoring the unfolding events, with the consensus tilting towards a favorable lean for Ripple. The final resolution of this case could set a precedent for future securities offerings and regulatory actions within the crypto space.

Image source: Shutterstock

Source

Ripple CEO Brad Garlinghouse Criticizes Former SEC Chair Jay Clayton’s Regulatory Approach

by Blockchain NewsOctober 30, 2023

The Chief Executive Officer of Ripple, Brad Garlinghouse, has voiced his disagreement with the regulatory posture taken by Jay Clayton, who formerly served as Chair of the US Securities and Exchange Commission (SEC). This criticism surfaced in response to statements made by Clayton during an interview with CNBC on June 29, 2023. Clayton was discussing the SEC’s more aggressive legal stance against corporations, especially those operating in the cryptocurrency industry.

The Securities and Exchange Commission (SEC) started taking a number of regulatory measures against cryptocurrency organizations and exchanges at the beginning of 2023 in an effort to safeguard investors. The regulatory environment has been significantly disrupted as a result of these moves, which has increased the level of legal uncertainty for a variety of crypto organizations. In an interview with CNBC, Clayton said that legal action should only be conducted against corporations that have good legal grounds, and he emphasized that regulatory agencies should provide claims and policies that are capable of withstanding the examination of a court.

In his response to Clayton’s interview, Garlinghouse pointed out the irony of the situation, particularly in light of the fact that the SEC had previously initiated a case against Ripple when Clayton was in charge of the agency. Ripple, Garlinghouse, and Christian Larsen, the co-founder of Ripple, were accused in a lawsuit that was filed in December 2020 of arranging a “unregistered, ongoing digital asset securities offering,” and it was claimed that they made more than $1.3 billion from the sale of XRP. Garlinghouse brought out the inconsistency between Clayton’s words and his actions and emphasized the flimsy legal foundation of the SEC’s case against Ripple, which intended to categorize XRP as a security. He did this by pointing out the discrepancy between Clayton’s words and his actions.

The disclosure of Clayton’s remarks from June 2023 has emerged as a topic of conversation among the parties engaged in the current court procedures, which are still ongoing. The Securities and Exchange Commission (SEC) submitted a petition in October asking the court to dismiss the allegations against Garlinghouse and Larsen without prejudice, which further stirred the current discussion about the regulatory environment for cryptocurrencies.

Image source: Shutterstock

Source

Tagged : #XRP / Brad Garlinghouse / CHRISTIAN LARSEN / Cryptocurrency / Jay Clayton / Lawsuit / Legal Action / News / REGULATORY APPROACH / Ripple / SEC

Ripple Executives Cleared of SEC Charges in Landmark Decision

by Blockchain NewsOctober 20, 2023

Ripple, a major player in the business blockchain and cryptocurrency solution markets, has made an important announcement about a successful court battle. Both of the company’s top executives, Brad Garlinghouse and Chris Larsen, were cleared of all allegations brought against them by the SEC. Following a vote, the Commission decided to reject these claims “with prejudice,” bringing to an official close a protracted legal struggle that had been going on since December 22, 2020 when it first began.

In a statement on the case, Garlinghouse said, “Rather than targeting criminals exploiting customer funds on offshore exchanges, the SEC pursued us, who are operating a regulated business within the United States.”

The Timeline of the Case

The Securities and Exchange Commission (SEC) initiated this action by filing a civil complaint against Ripple and its senior executives in the latter half of the year 2020. Although no claims of fraud were made, the primary contention was that XRP, the digital currency provided by Ripple, ought to have been registered as a security. This was the major point. An important turning point occurred in July 2023, when a court decided that XRP was not a security. This decision made it more difficult for the SEC to maintain its stance. After this, in October, a verdict was issued that denied the SEC’s request for an appeal, which further weakened their case.

Possible Consequences for the Cryptocurrency Industry

The regulatory environment for cryptocurrencies in the United States has been significantly impacted as a result of the hostile position taken by the SEC regarding Ripple. Recent sources indicate that as of the third quarter of 2023, approximately 90 percent of Ripple’s commercial operations are now carried out outside of the United States. Chris Larsen made the following observation about the situation: “We are legally vindicated, but the ordeal has raised serious industry-wide concerns.”

The Company’s Future Goals and Focus on the Global Market

Ripple has emphasised that its quest for a regulated crypto ecosystem in the United States is far from done, despite the fact that it has recently won a number of judicial triumphs. The company is continuing its proactive engagement in talks with politicians and regulators located all over the world in an effort to influence the future of digital assets in a responsible manner.

While Ripple is busy rejoicing over its most recent victory, the actions of the SEC have stoked discussions over the efficacy and clarity of regulatory oversight. The action involving Ripple might set a precedent for the SEC’s future contacts with other crypto firms, highlighting the need of a more unified approach to regulatory policy.

Image source: Shutterstock

Source

Tagged : #XRP / Brad Garlinghouse / BUSINESS IMPACT / Chris Larsen / GLOBAL FOCUS / LEGAL BATTLE / News / Regulatory Clarity / Ripple / SEC / U.S. Crypto Regulation

ChatGPT Forecasts the Likelihood of Ripple XRP Reaching $1 in 2023

by Blockchain NewsSeptember 24, 2023

ChatGPT, an AI model developed by OpenAI, has recently offered insights into the likelihood of Ripple’s XRP reaching the $1 milestone in 2023, with our prompts. While the analysis is data-driven, it’s important to clarify that these are not financial recommendations.

XRP is a digital asset that was created by Ripple Labs in 2012. Unlike Bitcoin, which aims to be a decentralized digital currency, XRP was designed with the specific purpose of facilitating cross-border payments and money transfers. It is known for its speed and low transaction fees, making it attractive for financial institutions and payment service providers.

The potential of XRP extends beyond just being a cryptocurrency. With the advent of Central Bank Digital Currencies (CBDCs) and the increasing need for faster, more efficient global transactions, XRP is positioning itself as a bridge currency that can link disparate financial systems. Its underlying technology, the Ripple protocol, allows for the direct transfer of money between two parties, eliminating the need for a central intermediary and reducing the cost and time of transactions. This makes XRP a compelling option for a range of financial applications, from remittances to supply chain finance.

ChatGPT’s Analysis

According to ChatGPT, there is a moderate likelihood of XRP hitting the $1 mark in 2023, provided several key factors align favorably.

Regulatory Environment

ChatGPT briefly considered the regulatory environment surrounding XRP, particularly focusing on the recent SEC v. Ripple case. The court’s decision on July 13, 2023, had immediate and dramatic effects on XRP’s market price. Following the announcement that XRP was not considered a security when sold to the public, the cryptocurrency experienced a meteoric rise, surging from $0.47 to $0.938 in just one day—an increase of approximately 100%. This rapid ascent liquidated a significant number of short positions, adding fuel to the rally.

However, the euphoria was short-lived. XRP prices have since retraced substantially and are now trading at around $0.5. While the SEC’s actions against Ripple have concluded, the lawsuit itself has not been fully settled, leaving a cloud of uncertainty hanging over XRP’s future price movements. This regulatory backdrop is an important factor that was considered in ChatGPT’s analysis of XRP’s potential to reach $1 in 2023.

Market Trends: Bitcoin Price and Its Influence on XRP

ChatGPT’s analysis also takes into account the current market trends of Bitcoin, which is trading at around $26,600 as of now. The model indicates that if Bitcoin’s price surpasses the $30,000 mark, the likelihood of XRP reaching $1 increases. Furthermore, should Bitcoin climb to $35,000 in the remaining months of 2023, XRP’s chances of hitting the $1 milestone become very high.

Other Key Driving Factors

CBDCs: The rise of Central Bank Digital Currencies could influence XRP’s role in the financial ecosystem.

XRP in International Payments: XRP’s growing adoption for cross-border payments and money transfers adds to its potential for price growth.

Expert Opinions

Financial experts caution that AI models like ChatGPT can offer valuable insights but should not replace professional financial advice. Investors should conduct their own research and consult professionals before making investment decisions.

Conclusion

ChatGPT’s forecast offers a nuanced, data-driven perspective on XRP’s potential to reach $1 in 2023. The model considers a range of factors, including Bitcoin price trends and XRP’s role in international payments.

Image source: Shutterstock

Source

Tagged : #XRP / 2023 / Analysis / CHATGPT / Price Prediction / Ripple

Bitcoin and Ethereum Bounce 3% After Liquidating Over $160 Million

by Blockchain NewsSeptember 12, 2023

Coinglass Data Reveals Major Liquidations

In the past 24 hours, Coinglass data shows that the crypto network liquidated a staggering $167 million. Out of this, long positions accounted for $150 million. Bitcoin faced liquidations surpassing $77 million, while Ethereum saw over $33 million in liquidations. XRP and SOL followed with liquidations of $4.58 million and $3.44 million, respectively.

FTX’s Asset Sale Sends Shockwaves

Market jitters intensified with the revelation that FTX plans to offload its crypto holdings. As reported by Blockchain.News, FTX’s disclosed crypto assets are valued at roughly $3.4 billion. The top 10 digital assets on the platform make up a dominant 72% of its total crypto holdings. Solana (SOL) leads the pack with a valuation of around $1.2 billion. Bitcoin (BTC) and Ethereum (ETH) trail with values of $560 million and $192 million, respectively. Other notable assets include APT, USDT, XRP, BIT, STG, WBTC, and WETH.

Week Sees Massive Token Unlocks

This week is marked by significant token unlocks. On September 11 at 08:00 (UTC), Moonbeam released 9.7 million GLMR tokens, worth about $1.74 million, or 1.34% of its circulating supply. Aptos will follow on September 12 at 08:00, unlocking 4.54 million APT tokens valued at roughly $23.85 million, representing nearly 2% of its supply. Lido will release 1.5 million LDO tokens on September 13 at 11:33, valued at about $2.22 million or 0.17% of its supply. Euler plans to release 150,000 EUL tokens on September 14 at 07:17, worth around $400,000 or 0.83% of its supply. Flow will unlock 7.29 million FLOW tokens on September 16 at 08:00, valued at approximately $3.09 million, or 0.70% of its supply. Lastly, ApeCoin is set to release a massive 40.6 million APE tokens on September 17 at 08:00, with an estimated value of $51.6 million, making up a significant 11.02% of its circulating supply.

Hot Cryptocurrency Lows

Several hot cryptocurrencies hit record lows. ARB touched an all-time low, while PEPE saw its lowest since being listed on Binance. Shiba Inu’s (SHIB) price has dropped even lower than its lowest point during the summer of Shibarium.

Bitcoin and Ethereum Rebound by Over 3% Following Recent Dip

In the wake of prevailing news and a bearish sentiment, Bitcoin’s price dropped to $24,900. This marked a value even lower than its August 17, 2023, level when Bitcoin suffered a 7% decline. This downturn resulted in over $160 million being liquidated. However, following the dip, a bullish RSI divergence was observed, prompting Bitcoin to swiftly rebound by more than 3%.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

Image source: Shutterstock

Source

Tagged : #BTC / #ETH / #XRP / $Sol / Bitcoin / Bounce / CRYPTO LIQUIDATIONS / News

FTX’s Top 10 Crypto Holdings Revealed: SOL, Bitcoin, Ethereum, XRP, APT Lead the Pack

by Blockchain NewsSeptember 11, 2023

Sunil, recognized as the FTX Creditor Champion and a leading FTX Creditor Activist, has meticulously unveiled the digital asset holdings and customer claims associated with FTX. This includes its prominent entities FTX.com, FTX.US, and Alameda.

As of August 24, Sunil’s detailed report indicates that FTX has registered a staggering 36,075 customer claims. These claims cumulatively amount to a total of $16 billion. This data not only provides a transparent insight into the vast financial implications but also underscores the expansive scale of operations overseen by the platform. For stakeholders and the crypto community at large, such revelations are crucial in understanding the financial health and operational robustness of platforms like FTX.

Diving deeper into the digital asset landscape of FTX, Sunil’s findings highlight that the top 10 digital assets held by the platform account for a dominant 72% of its total crypto holdings. Leading this list is Solana (SOL), with a valuation hovering around $1.2 billion. Following closely are Bitcoin (BTC) and Ethereum (ETH), valued at $560 million and $192 million, respectively. The list further includes significant assets such as APT, USDT, XRP, BIT, STG, WBTC, and WETH. Their respective values oscillate between $1.37 billion and a modest $37 million.

In a broader perspective, FTX’s disclosed crypto assets aggregate to a value of approximately $3.4 billion. The top 10 cryptocurrencies, as detailed by Sunil, constitute 72% of FTX’s total crypto holdings. Interestingly, the remaining 28% is distributed among a vast array of over 400 other tokens. This distribution showcases FTX’s diversified approach to digital asset investment, ensuring a balance between mainstream cryptocurrencies and potential high-growth tokens.

Sunil’s report also sheds light on FTX’s venture portfolio, another significant aspect of the platform’s financial endeavors. The portfolio comprises a whopping 438 investments, totaling an impressive $4.5 billion. Out of these, investments worth $673 million have been monetized, yielding a return of $588 million. This monetization includes notable entities such as Modulo, Mysten Labs, and the renowned Sequoia. The residual portfolio, valued at $3.8 billion, is categorized with equity investments forming 73%, limited partnerships (LP) at 4%, and tokens at a significant 13%.

Such disclosures by Sunil are not just numbers on a page. They represent FTX’s strategic financial decisions, its risk appetite, and its vision for the future in the ever-evolving cryptocurrency domain. For investors, traders, and the global crypto community, these insights offer a clear window into FTX’s operational strategies and its position in the global cryptocurrency market.

In conclusion, Sunil’s meticulous unveiling of FTX’s digital asset holdings and customer claims underscores the platform’s significant footprint in the global cryptocurrency arena. It also emphasizes the importance of transparency and detailed reporting in fostering trust and confidence among stakeholders in the digital asset ecosystem.

Image source: Shutterstock

Source

Tagged : #XRP / $Sol / APT / Bitcoin / Ethereum / FTX / News

Ripple XRP Ripplex Proposes XLS-30 AMM Amendment for XRPL Mainnet Integration

by Blockchain NewsSeptember 10, 2023

RippleX, Ripple’s XRP Ledger, has announced the proposal of the XLS-30 AMM amendment for the XRP Ledger (XRPL), marking a significant step in decentralized financial applications. The amendment is currently undergoing a voting process, where the validator community will decide its integration into the XRPL Mainnet.

The XLS-30, described as the first of its kind, is built as a native protocol. It aims to introduce native AMM functionality to the XRPL, enabling asset trading in automated liquidity pools. One of its standout features is the Continuous Auction Mechanism, designed to incentivize arbitrageurs to bid for mispricing opportunities. This mechanism aims to mitigate the effects of impermanent loss for liquidity providers.

Last year, the RippleX team proposed the XLS-30d technical specification to integrate a protocol-native automated market maker (AMM) with the order book-based DEX on the XRP Ledger. Since its introduction to the Devnet in November 2022, the community has witnessed significant progress in testing and development. The Devnet saw the creation of hundreds of AMM pools, and numerous wallets were connected to assess its functionality. Furthermore, RippleX has incorporated AMM support in three client libraries: xrpl.js, xrpl-py, and xrpl4j, and has also integrated it into the xrpl.org explorer.

The decentralized nature of the XRP Ledger ensures that no single authority can dictate decisions for the network. For the XLS-30d amendment to be approved, at least 80% of the validator community must vote in favor, and this consensus must persist for a minimum of two weeks. If these conditions are met, the amendment will be integrated into the Mainnet.

Developers can leverage the XLS-30d AMM integration for two primary use cases: creating new financial applications and integrating into non-financial applications. The protocol offers a streamlined process for developers, eliminating the need for heavy lifting. It also introduces a unique auction mechanism to reduce impermanent loss, incentivizing arbitrageurs to maintain stable volatility by bidding at near-zero trading fees.

In practical applications, for instance, if a user wishes to purchase an NFT listed for a specific token but only possesses a different token, the AMM can facilitate the exchange at an optimized transaction price. This seamless integration can significantly enhance user experience, especially for illiquid tokens.

Developers interested in the XLS-30d can access the latest technical documentation for more information and provide feedback. The XRPL Explorer also offers insights into transactions and other relevant data. The open-source nature of this technology encourages all developers to test functionalities and engage with the active XRPL community on discord.

Image source: Shutterstock

Source

Tagged : #XRP / AMM AMENDMENT / MAINNET INTEGRATION / News / Ripple / Ripplex / XLS-30 / Xrpl

Breaking: Ripple XRP Acquires Web3 Financial Institution Fortress Trust

by Blockchain NewsSeptember 8, 2023

Ripple, a foremost figure in enterprise blockchain and cryptocurrency services, announced the acquisition of Fortress Trust, a subsidiary under the umbrella of Fortress Blockchain Technologies. Operating out of Las Vegas, Fortress Trust offers Web3 financial, regulatory, and technological solutions tailored for pioneers in the blockchain sector.

The strategic alignment of Fortress Trust’s infrastructure is expected to bolster Ripple’s business and product trajectory. This significant move comes on the heels of Ripple’s recent $250M purchase of crypto custody firm, Metaco – marking one of the biggest financial plays in the cryptocurrency field in 2023.

Brad Garlinghouse, Ripple’s CEO, spoke of the long-standing association with Fortress Blockchain Technologies, noting, “Since their inauguration in 2021, the Fortress team has demonstrated considerable growth in both the crypto-native and crypto-curious customer sectors.” He emphasized the synergy of the acquisition as a step toward fortifying Ripple’s foundational presence in the cryptocurrency world.

This merger extends Ripple’s trove of regulatory credentials, considering Fortress Trust’s Nevada Trust license. To provide a wider perspective: Ripple and its affiliated entities possess a NY BitLicense, 30+ Money Transmitter Licenses across the U.S., and a preliminary Major Payment Institution License sanctioned by the Monetary Authority of Singapore.

Highlighting the significance of the licenses, Monica Long, President at Ripple, stated, “They augment Ripple’s commitment to delivering prime customer experiences. Through the acquisition of Fortress Trust, we’re positioning ourselves as the comprehensive solution for enterprises venturing into blockchain-based value transactions globally.”

Ripple, which originally targeted the multi-trillion-dollar cross-border payment market using blockchain and digital assets, has continually innovated its service offerings, now encompassing areas like liquidity management, tokenization, and Central Bank Digital Currencies (CBDCs). To date, they extend their services to hundreds of clientele across 55 countries and six continents, boasting payout capabilities in over 70 markets.

Scott Purcell, CEO of Fortress Blockchain Technologies, expressed optimism for the future, applauding the acquisition as a testament to the progress his team has achieved in such a brief period.

As a backdrop to the ongoing developments, Ripple had previously seeded investments in Fortress Blockchain Technologies in 2022. Post-acquisition finalization, Ripple envisions further investment in Fortress Blockchain Technologies and the subsidiary, FortressPay services. However, this move is contingent upon thorough due diligence and regulatory clearance.

Image source: Shutterstock

Source

Tagged : #XRP / FORTRESS TRUST / News / Ripple / WEB3 FINANCIAL INSTITUTION

Ripple XRP Joins The Giving Block’s Initiative for Maui Wildfire Relief

by Blockchain NewsSeptember 8, 2023

Ripple’s cryptocurrency, XRP, is the latest addition to the philanthropic efforts addressing the aftermath of the devastating wildfires in Maui. The Giving Block, a platform known for facilitating charitable donations via cryptocurrency, has expanded its roster to include XRP as a means to support the affected residents of Maui.

The wildfires in Maui have resulted in over 100 reported deaths, the destruction of hundreds of homes and businesses, and the displacement of thousands. With XRP now joining other supported cryptocurrencies like BTC, ETH, USDC, BCH, AAVE, AXS, BAT, BNT, BOND, and MATIC, among others, the potential reach of the fundraising campaign is significantly amplified.

Jared Isaacman, CEO of Shift4, the parent company of The Giving Block, has pledged a 1:1 match for the first $500,000 donated to the Maui response fund. This initiative could potentially amass up to $1 million for relief efforts. Donations made in any of the supported cryptocurrencies, including XRP, will be equally distributed among participating humanitarian relief organizations. These entities are on the ground, providing urgent medical care and aid to affected children, individuals, families, and animals.

To date, the fund has received $72,657.74 in donations. With the matched amount, the total stands at $145,315.48, marching towards a goal of $1 million. The Maui Emergency Response Fund is open for contributions in various forms, including the aforementioned cryptocurrencies, stocks, DAF grants, and cards. Donors have the option to support the fund directly or to donate to individual organizations involved in the relief efforts.

Among the participating organizations are Airlink, All Hands and Hearts Smart Response, Inc., Convoy of Hope, Direct Relief, Feeding America, Global Empowerment Mission, Habitat for Humanity Maui, Inspire Church, Maui Humane Society, and World Central Kitchen.

The $500k Maui Emergency Response Fund Match Campaign, spearheaded by Jared Isaacman, operates on a first-come-first-served basis. There’s a cap of $100k in direct donations to eligible nonprofits, but no caps on donations to the Maui Emergency Response Fund itself.

Image source: Shutterstock

Source

Tagged : #BTC / #ETH / #XRP / GIVING BLOCK / MAUI WILDFIRE RELIEF / News / Ripple

SBI Remit Expands Ripple XRP Based Remittance Services

by Blockchain NewsSeptember 6, 2023

Today, SBI Remit, a subsidiary of SBI Group that specializes in providing services for international money transfers, made the announcement that it would expand its remittance services that are based on XRP to bank accounts in the Philippines, Vietnam, and Indonesia. These three countries are: Philippines, Vietnam, and Indonesia. The digital asset known as XRP is used by the service in the capacity of a bridge currency to facilitate real-time, low-cost international payments.

SBI is making calculated moves into the cryptocurrency market. Recently, the Japanese financial conglomerate led a $36 million Series A funding round for Zodia Custody, as reported by Blockchain.News, a cryptocurrency custody subsidiary of Standard Chartered. With this investment, SBI Holdings has reportedly become the second-largest shareholder in Zodia Custody.

The Situation

Since 2017, SBI Remit has been able to improve the quality of its international money transfer services by integrating Ripple Payments. The firm launched a crypto-enabled solution in 2021 that made use of XRP, making it the first product of its sort to be released in Japan. The service at first focused on cryptocurrency wallets located in the Philippines.

The expansion into Southeast Asian markets

According to the most recent release, the scope of SBI Remit’s XRP-based remittance services will now be expanded to cover bank accounts in the Philippines, Vietnam, and Indonesia. “These countries have a high share of bank account-based remittances, and we expect accelerated adoption in the future,” the business said in a statement.

Ripple’s technology is increasingly becoming a go-to solution for remittance services, thanks to its real-time, low-cost transaction capabilities. In 2021, Blockchain.News reported that Ripple entered into a strategic partnership with MoneyGram, a leading player in the global remittance market.

Specifications and Formulas

As part of the recently implemented plan, SBI Remit will be responsible for transmitting client remittance requests to the firm, which would then prompt a real-time transfer of XRP. Customers will now have the ability to receive monies in their respective local currencies as a result of the company’s partnership with TRANGLO Pte. Ltd., a market leader in the sector of money transfers.

Advantage over Competitors

SBI Remit’s goal is to provide quick and inexpensive money transfer services to its customers by using XRP as a bridge currency. According to the official statement, “The system may have the capability of enhancing competitiveness in the international money transfer business.” SBI Remit uses a technology called Ripple Payments, which has the ability to reduce the costs associated with money transfers and allow real-time settlements.

Image source: Shutterstock

Source

Tagged : #XRP / Indonesia / News / Philippines / REMIT / REMITTANCE SERVICES / Ripple / Sbi / Vietnam