Connect with us
nairametrics
UBA ads

Cryptocurrency

Ripple payment now operational in U.S, 22 geopolitical regions

Ripple (XRP) plays dual roles as a payment platform and a currency.

Published

on

ripple cryptocurrency, XRP

The infusion of Ripple by global banks has gained traction lately, as Spanish biggest bank by total asset and market capitalization, Santander, designed a Ripple enabled payment app called Pay FX that offers a borderless blockchain-based payment channel.

Santander recently just added 19 geopolitical regions to its One Pay FX international payments app offering in collaboration with blockchain and crypto payment powerhouse Ripple.

Before now, the blockchain payment app was available only in Poland, Spain, Brazil, and the United Kingdom; One Pay FX now enables users from the world’s biggest economy, United States, and emerging markets that include Chile to sit among others on the list of added countries, totaling the number of countries on its offering to 22.

Explore Economic Research Data From Nairametrics on Nairalytics

Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. It has an open-source platform that is created to allow quick and cheap transactions.

GTBank 728 x 90

Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.

Customers told us that the international payments process could be better so we partnered with Ripple to explore how BTC could make transactions faster, cheaper and more transparent,” Ed Metzger, CTO of One Pay FX said in the statement.

READ ALSO: Uber expands food delivery business in a $2.65 billion acquisition 

Metzger described feedback from customers, noting difficulties with transaction exchange rate clarity and timing confusion.

“Ripple helps us directly address the issues raised by our customers […] Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”

What this means ; The Ripple enabled app will allows customers to see exactly how much will arrive when they’re making international payments, while the low-cost transactions happen instantly or on the same day, instead of the traditional 3-5 timeframe.

app

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email o[email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Investors cashing in big time, as 95% BTC wallets are currently in profit

95% of Bitcoin wallets are currently in a state of profit.

Published

on

blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000?

Most BTC wallets containing Bitcoin are cashing in big time, as reports seen on Glassnode’s Twitter feed showed most Bitcoin wallets in a state of profit.

According to Glassnode, 75% of Bitcoin wallets are currently profitable.

Extended periods at this level and above are characteristic of bull runs as BTC moves towards new all-time highs.

How easy is tracking BTCs? It should be noted that Bitcoin is not really anonymous because all BTC transactions are kept permanently and publicly on the blockchain or ledger system, so it’s very easy for anyone to see the transactions and balances of any BTC address.

GTBank 728 x 90

Chainalysis researchers recently explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:

“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity

However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,”

The report claims the “Hodler net position change,” which provides an aggregate of long-term wallet holder behavior, has been positive on 154 of the first 170 days of 2020.

Glassnode data shows Hodlers have made a net increase of 233,000 BTC to their positions since the start of the year.

In the meantime, BTC remained confidently above $11, 000 throughout this week. Also, Bitcoin’s on-chain fundamentals point to the beginning of a potential bull market, though external market forces could still impact this possibility.

app

Continue Reading

Cryptocurrency

Bitcoin could potentially become superior to cash

BTC holds a maximum supply of about 21 million digital coins.

Published

on

dollars, Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

MicroStrategy, a publicly traded company in the US valued at over $1.2 billion, disclosed via an official statement that it would be adopting the world’s most valuable crypto as a “primary treasury reserve asset”.

“Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy,” MicroStrategy CEO, Michael J. Saylor said. He also acknowledged that Bitcoin could potentially become superior to cash.

Data from Coin360 showed the flagship crypto-asset was trading above $11,700 with a market valuation above $216 billion and a daily trading volume of about $9.6 billion. This was as at the time this report was being drafted.

Why Bitcoin might be rising

What’s driving the most valuable crypto and its usage as an investment asset lately?

GTBank 728 x 90

Well, many financial experts believe the sudden rise of crypto assets’ value might be due to the weakness in the US dollar.

The American dollar has fallen in recent months, on expectations that the Federal Reserve will keep interest rates near zero for the long term as a result of the financial disruption caused by the deadly COVID-19 pandemic.

Quick fact: BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects it asset against value dilution.

Recall that Nairametrics earlier gave valuable insights into why Bitcoin is now the most preferred asset to own among institutional investors.

Changpeng Zhao, the CEO of Binance, on his Twitter feed commented on the reasons companies are investing in cryptos. He said:

“Smart publicly listed company buys $250,000,000 worth of bitcoin, as a safe haven asset. Stimulus money flowing from Wall Street into bitcoin. Are you in front of or behind them?”

app

Continue Reading

Cryptocurrency

Ethereum on rampage, surges to a 2-year high of $430

ETH breaking the strong resistance level of $450, in the nearest future.

Published

on

Luno breaks barrier, allows Ethereum/Naira trading pair

The second most valuable crypto surged past its two-year high. Just a day after reaching a two-month low in address activity amid fears of soaring fees, ETH has defied short-term fundamental concerns and soared to a 2-year high of $430.

According to Santiment Research Company’s Twitter feed, Ethereum traders were also elated about sky-high social volume levels.

Download the Nairametrics News App

What’s next?

The two-year high record band is now the new barrier to overcome as ETH sits above $400 per token. If the cryptocurrency manages to stay above $425, Nairametrics could soon see ETH breaking the strong resistance level of $450, in the nearest future.

GTBank 728 x 90

But not everything is all smooth in the second most valuable crypto market. The growing popularity of Ethereum-based networks and the use of DeFi protocols are both a blessing and a curse.

READ: Bitcoin could potentially become superior to cash

The Ethereum network is presently close to reaching its technical limits, as DeFi and Tether are essentially responsible for as many transactions as the network can handle at the moment.

Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control, or interference from a third party.

READ ALSO: Wallets holdings of 0.1 BTC reaches all time highWallets holdings of 0.1 BTC reaches all time high

Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from cryptocurrency. These include Ethereum mining, Ethereum faucets, and Ethereum staking.

app

Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
FCMB ads
Advertisement
Patricia
Advertisement
first bank
Advertisement
ccitraders
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
financial calculator
Advertisement
Advertisement
deals book
Advertisement
app
Advertisement