Ripple, the owner of the fourth most valuable crypto, has unsurprisingly emerged as the fourth largest fintech company around the world and presently valued at $10 billion, in a report credited to CB Insights.
What we know
The data showed only companies with a valuation of at least a billion dollars or better still, companies usually called a unicorn ($1 billion or more) and are backed by Venture capital firms.
- There are about 66 fintech brands valued at about $248 billion globally.
- American based startup, Ripple, presently has a valuation of $10 billion valuations, trailing behind Stripe, which recently acquired Nigerian fintech brand PayStack for $200 million, Chinese based Lufax, and India-based Paytm One97, which have a valuation of $36 billion, $39.4 billion, and $16 billion respectively.
What you should know
Its payment platform, RippleNet, comprises a network of institutional payment providers that include banks and payment providers using solutions developed by Ripple to provide a seamless experience to send money worldwide.
RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services that help 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.
- 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 in a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.
Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot
FD7 Ventures has revealed plans to sell about $750 million worth of their Bitcoin holdings over the next month.
A Dubai-based, global crypto investment fund, FD7 Ventures with about a billion-dollar under management recently reveals a plan of selling about $750 million worth of their Bitcoin holdings over the next month to increase the company’s positions in Polkadot and Cardano.
Such a move will effectively sell-off a majority of the investment fund’s flagship crypto assets in buying rising cryptos like Cardano and Polkadot. According to the hedge fund, the increase in these altcoin holdings will better cater to the needs of its investors who are looking to diversify their portfolios in the growing crypto market.
- Polkadot’s native DOT token serves two clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier.
- The fast-rising crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.
- Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.
- This means that more developers will see it as an attractive medium for building their desired apps.
Also, Prakash Chand, Managing Director at FD7 Ventures revealed why such crypto assets based on their fundamentals showed more future.
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Chand said.
Chand says the firm intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT), which he believes are the foundation of the new internet and Web 3.0.
The fund manager also believes Ethereum could outperform Bitcoin in the coming years;
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.
The hedge fund has already started the process of converting their Bitcoin (BTC) to such Cryptos and expects to finish the conversion transactions by mid-to-end of March.
A billion XRP worth $415 million released
XRP recently unlocked 1 billion XRP worth about $415 million from an escrow account.
The seventh most valuable crypto asset by market capitalization, XRP recently unlocked 1 billion XRP worth about $415 million, from an escrow account.
Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time some hours ago.
500,000,000 XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
500,000,000 XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
At the time of writing this report, XRP traded at $0.419061 a daily trading volume of $4,092,935,822 USD. XRP is down 1.89% for the day.
Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.
What this means; In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.
What you should know; Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.
- Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
- It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.
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