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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

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

Sigma Pensions

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.

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

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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

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

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    Cryptocurrency

    Coinbase debuts on Nasdaq at around $100 billion valuation

    Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN”.

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    Coinbase, a Cryptocurrency exchange made its highly anticipated debut on Nasdaq on Wednesday, April 14, 2021, becoming the first company devoted entirely to cryptocurrency to enter the US stock exchange.

    The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It had a rousing debut on Wall Street with the digital currency exchange’s stock growing as high as $429, giving it a market cap of $100 billion for a brief period of time.

    According to analysts, retail trading accounts for 90% of Coinbase’s income, with the majority of trading taking place in the United States and focusing mainly on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN.”

    What this means

    Given Coinbase’s reception, Crypto optimists insist Bitcoin will not go anywhere in the near future, but will instead become more mainstream. They see the Bitcoin craze as the “start of a new era” in the digital currency world, rather than a passing phase.

    Due to Bitcoin’s young and unpredictable existence, investors and public corporations are also wary of investing in it. However, as long as the currency’s popularity is sustained, the bubble hypothesis can be debunked as control and acceptance of the currency spreads further down the line, according to analysts.

    It is important to note that Coinbase has a strong correlation with Bitcoin and as it benefits from its bullish run, it can also be hit by a downturn in the market.

    What you should know

    • Coinbase has become popular amongst cryptocurrency optimists since being founded in 2012, for providing an easier way to exchange shares of digital currencies.
    • Coinbase announced last week that its first-quarter sales jumped 847% to $1.8 billion and that it currently has 56 million confirmed customers.
    • Coinbase is now one of the largest publicly traded firms in the United States, with a market cap of more than $100 billion.
    • Only 83 companies in the S&P 500 index have a market value greater than $100 billion.
    • The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is greater than Coinbase’s.

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    Cryptocurrency

    Dogecoin hits a new milestone, surges by 54%

    DOGE experienced a strong 54% rally and established a new all-time high of $0.1161.

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    The price of Dogecoin, the fast-rising crypto popularly referred to as DOGE experienced a strong 54% rally and established a new all-time high of $0.1161 amid strong buying pressures prevalent in the Cryptoverse.

    While crypto pundits can’t clearly give the rationality behind the recent surge of Dogecoin, its debut as one of the most popular crypto on social media, with top celebrities including Elon Musk and Mark Cuban giving the crypto endless support, makes a strong case.

    READ: Sacramento Kings becomes first sports team to offer salary option in Bitcoin

    At the time of writing this report, Dogecoin was trading at $0.113824 with a daily trading volume of $11.3 billion. Dogecoin is up 54.49% for the day.

    Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.

    Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

    READ: 3 Cryptos set to explode high

    It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

    Sigma Pensions

    “The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.

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