Source for BlockChain News

Monthly archive

December 2007

Ripple is All Set to Boost Financial Inclusion Globally

by
Ripple

Ripple

The year started off impressively for many cryptocurrencies but none of that seemed to affect the price of XRP, and Ripple, the company which owns the biggest number of XRP, has been blamed by many in the crypto community for this state of affairs. In a new development, the Chief Technology Officer at the fintech company, David Schwartz, stated that it is trying to bring about more financial equality in the United States and in the rest of the world.  One of the biggest selling points for XRP is the fact that it has a use case and could be used for cross border payments by institutions.

Key Details

Schwartz was speaking at the UBRI Connect 2019 event, hosted by Ripple. He delivered the keynote address at the event and went on to state that the company is well-positioned to work towards financial inclusion.

He said, “We tend to think we’re overbanked in the United States because you could just go anywhere and open a bank account.” Then he went on to reveal that as many as 24 million people in America are underbanked and as many as 2 billion across the world.

However, that is not all. The company has had some interesting developments in recent days and must be the source of optimism among XRP fans. Forte, a company based out of San Francisco, has expressed its desire to change the gaming industry with the use of XRP.

>> Ripple Makes Last-Ditch Attempt to Dismiss Securities Lawsuit

Forte is a Ripple partner and owns a fund worth $100 million with Xpring, and this could eventually prove to be a major boost for XRP. Forte wants to make life easier for game developers and bring about a system that is highly transparent. One of the executives stated that it wants to “offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design.”

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

LINE’s Crypto Platform Rolls Out for 80 Million Users in Japan

by
Line

Line

As far as the creation of a crypto platform is concerned, many of the world’s consumer-facing tech companies are looking at ways to create one. Hence, it is not a surprise that Japan’s messaging app behemoth LINE has now officially launched its own cryptocurrency exchange, Bitmax, and is all set to open up a new chapter in the country’s crypto history.

Key Details

Japan is a nation that has been highly encouraging towards crypto, and the regulators have helped build a strong ecosystem over the past few years. The establishment of this new exchange is definitely a significant development for the crypto sphere in Japan.

LINE, which is majority-owned by the South Korean company Naver, has christened its crypto exchange as Bitmax. Bitmax has already gone live and is going to offer five major cryptocurrencies to its users. The cryptocurrencies being offered at this point in time include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.

The service went live in stages, first going live at around three in the afternoon on Tuesday in Japan. The crypto platform was first made available on Android phones today. More importantly, the app is integrated with LINE’s payment app, LINE Pay, and it will allow customers to fund their wallets with fiat money faster.

>> Libra Should Not Scare Central Banks, Says Facebook

As is well known, it takes some time for a cryptocurrency exchange to become a big fish and the biggest reason behind that is the fact that it takes time to attract a sufficient number of users. However, there should not be any such problem for LINE, since it has the distinct advantage of having 80 million users on its messaging app in Japan. Hence, if the company can manage to attract even a small percentage of that user base into Bitmax, then the crypto platform could manage to grow into a major one pretty quickly.

Featured image: DepositPhotos © monsit

If You Liked This Article Click To Share

Santander Launches First Ever End-to-End Bond on Ethereum Blockchain

by
Santander

Santander

Spanish banking giant Santander (NYSE:SAN) has announced today that it has become the first bank to use blockchain to manage a bond issue.

The bank reportedly issued $20 million USD worth of bonds on the Ethereum blockchain, where it will remain until the end of its one-year maturity. As part of the transaction, Santander used an ERC-20 token to represent the value of the bond, which it issued on Ethereum’s blockchain network. This ERC-20 token was then bought by one of Santander’s companies, Santander Corporate and Investment Banking (CIB), for the token’s market price and the funds were subsequently transferred via the blockchain.

Other institutions have made similar issuances using blockchain technology; for example, the World Bank issued a similar bond on a private version of Ethereum, which raised $110 million AUD in August 2018. In April, French lender Societe Generale Group issued $112 million USD worth of bonds to itself, also on Ethereum. Santander is claiming bragging rights as being the first bank to have all aspects of the bond issue managed by blockchain.

Santander launched this bond as a result of increasing demand from clients to provide the best technological advancements for improving their capital-raising efforts. John Whelan, Head of Digital Investment at Santander, described the initiative as “an evolutionary step.” The bond issue is an important step forward for institutional activities in crypto, as previously when a security had been issued on the blockchain, the cash side of the trade was processed via traditional analog methods that significantly slowed the whole process.

>> Bitcoin Continues to Face Tough Hurdle on Trade War Concerns

Santander used Nivaura, a digital investment banking service that it has invested in, to coordinate the bond issue. Nivaura CEO Avtar Sehra was keen to emphasize that, rather than digitizing a bond, what this project actually did was digitize the process of issuing bonds. “The Santander execution is the first truly digital front to back execution process, which securely uses relevant data to tokenize both the assets and cash to enable on-chain settlement and coupon payments,” he said.

It looks like blockchain’s role in the future of banking is getting bigger and bigger, with Santander recently expanding its use of Ripple’s xCurrent software. What do you think?

Featured Image: Deposit Photos © Violka08

If You Liked This Article Click To Share

Go to Top