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Cryptocurrency

Japanese investment company test Ripple’s use in FX market

SBI Holdings and FXcoin Ltd. have begun testing the use of Ripple’s crypto XRP in settling credits and corporate debts.

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Ripple locks 800,000,000 XRP, prices push up

A leading Japanese investment giant, SBI Holdings, and Crypto startup, FXcoin Ltd, have begun testing the use of Ripple’s crypto XRP in settling credits and corporate debts.

The crypto start-up is leading the experiment, which involves Japanese investment and trading giant, Sumitomo Corporation, in settling credits and debts to other Sumitomo Group companies with XRP.

READ: Crypto robber sends out over $5 million worth of stolen Bitcoins

Sumitomo Corporation will also “make a future transaction with [FXcoin] to hedge the price movement of XRP and sell XRP to [FXcoin] on a specific date,” according to the press release from the crypto start-up, FXcoin.

“This is expected to lead to the expansion of XRP-denominated transactions in the future, in the activities of globally expanding operating companies.”

The press release also gave more details into operational structure and strategy.

READ: Nigerian Railway Corporation announces revenue of N1.4 billion in 2020

  • We are confident that the demonstration experiment conducted this time will not only show the usefulness and potential of future transactions using cryptocurrency assets for the first time in Japan, but will also lead to the establishment of the Swap market for cryptocurrency assets listed by the Company.
  • By expanding this Swap market, we will contribute to the expansion of transactions with crypto assets as quoted prices.
  • In addition to Sumitomo Corporation, Sumitomo Corporation Global Metals Co. Ltd. and the SBI Group also participated in this demonstration experiment.
  • XRP is a native crypto asset of the international payment ecosystem.

READ: Ripple gains over 171% last month

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What you should know

  • 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 in sending money worldwide.
  • RippleNet uses a leverage of 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.
  • RippleNet service offerings are available in 95 currency pairs, according to the fintech’s redesigned website.

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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    Business

    Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

    The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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    The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

    This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

    “The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

    “We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

    It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

    The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

    “The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

    In case you missed it 

    Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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    Cryptocurrency

    Dogecoin up 168%, more valuable than Polkadot, Cardano

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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    Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

    Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

    READ: Bitcoin miners are consistently earning $50 million daily

    Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

    Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

    A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

    READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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