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Cryptocurrency

Ripple’s money transfer network available in Nigeria

RippleNet, is now live in  55 countries including Nigeria, with XRP remittances now live in five continents.

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ripple cryptocurrency, XRP

Ripple, the fast-growing fintech juggernaut and owner of XRP disclosed its global payments network, RippleNet, is now live in  55 countries including Nigeria, with XRP remittances now live in five continents.

RippleNet also stated that its services offering were available in 95 currency pairs, according to the fintech’s redesigned website.

READ: Crypto robber behind over $200 million theft, found

Quick fact; RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.

Explore Data on the Nairametrics Research Website

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RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services and helps in reducing costs.

It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product is available in the US, Mexico, Europe, the Philippines, and Australia.

READ: President Trump’s action triggers Ethereum plunge

Sequel to this feat, recall Nairametrics about a month ago gave critical insights into how Ripple, the world’s fast-growing crypto payment powerhouse, worked with bank regulators and policymakers in several governments for the adoption of digital payments.

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READ MORE: 3 Crypto exchanges control about 14.3% circulating BTC supply

Global banks are already working with Ripple 

Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

READ ALSO: Nigeria @ 60: The Banking Sector and the Nigerian economy 

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  • Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
  • Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia.
  • Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Daniel Ogbuagu

    October 11, 2020 at 12:07 pm

    Proud of you, as a fellow Nigerian. Keep it up, Toks.
    Love the very useful piece you wrote. Thanks.

  2. Webloaded

    October 11, 2020 at 1:37 pm

    Thanks for this, nice information

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Cryptocurrency

Crypto investors lose $530 million within a day

The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in a single day.

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Bitcoin, Bitcoin running out of steam

These are surely bad times for many crypto investors on the account that roughly $530 million worth of Crypto positions disappeared into thin air within a day.

The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $34,000 today.

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What this means

Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.

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  • However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
  • The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.

What they are saying

A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.

  • “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”

At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.

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Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

Some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”

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Cryptocurrency

$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100

Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.

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Bitcoin, 5 major reasons it's good to buy Bitcoin

Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.

Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.

READ: Bitcoin’s market value can reach $600 billion – JP Morgan Chase

READ: Bitcoin more valuable than any global bank

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At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.

  • While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
  • The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.

READ: Polkadot fast-rising Crypto, jumps past XRP

What you should know

  • In the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
  • The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.

READ: You can now buy Bitcoin, Ethereum, Uniswap through Apple Pay

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Cryptocurrency

Very few nations permitted to issue their Crypto – IMF

The IMF says close to 80% of the world’s central banks are not allowed to issue a digital currency under their existing laws.

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Very few nations permitted to issue their Crypto - IMF, International Monetary Fund IMF,Nigeria’s GDP forecast for 2020 to drop - IMF 

While many countries are already planning to or already developing fiat-crypto, the International Monetary Fund’s most recent report has indicated that only a few nations are permitted legally to carry such actions.

“Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency.

“But, in fact, close to 80% of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear,” the IMF stated.

READ: Cassava Fintech new COO projects an 80% online usage for its company´s payment platform

In the recent post, seen by Nairametrics, the global financial body disclosed various reports suggested a large number of central banks are examining the possibility of having a central bank digital currency (CBDC).

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It stated;

“Still, a majority of such countries have legal structures that do not support the establishment of cryptocurrencies, or in some cases do not permit the development of them

“Any money issuance is a form of debt for the central bank, so it must have a solid basis to avoid legal, financial, and reputational risks for the institutions.

“Ultimately, it is about ensuring that significant and potentially contentious innovation is in line with a central bank’s mandate. Otherwise, the door is opened to potential political and legal challenges.”

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READ: UBS warns Bitcoins could disappear like Myspace

What you should know: A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes.

  • Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.

READ: Central banks digital currencies pose a threat against the U.S dollar

Recall some months ago, the International Monetary Fund (IMF) published a video illustrating what cryptocurrency is.

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Besides suggesting that cryptocurrency could “completely change the way we sell, buy, save, invest, and pay our bills,” IMF went on by saying that it “could be the next step in the evolution of money.”

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The IMF tweeted the video giving vital details on what cryptocurrency is. Referring to cryptocurrency as “a special currency,” the two-minute video attempts to outline its benefits in payments, such as by removing middlemen, lowering costs, and increasing transaction speed.

READ: U.S Banks permitted to use Crypto for payments

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