Wall Street-Backed Blockchain Consortium R3 on Its IPO Consideration

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Wall Street-Backed Blockchain Consortium R3 on Its IPO Consideration
Blockchain consortium startup R3 is said to be considering an Initial Public Offerings (IPO). Sources familiar with the report reveals that R3 is in talks with an adviser over a potential public listing.
Wall Street-Backed Blockchain Consortium R3 on Its IPO Consideration

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Source: CoinSpeaker

Australian Top Banks Join Scentre, IBM to Outstrip The Paper Bank Guarantees Using Blockchain

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Australian Top Banks Join Scentre, IBM to Outstrip The Paper Bank Guarantees Using Blockchain
Three of Australia`s giant four banks have partnered with Scentre group and IBM to outstrip the paper-based guarantee technique, designing a blockchain network that will potentially intensify the agreements.
Australian Top Banks Join Scentre, IBM to Outstrip The Paper Bank Guarantees Using Blockchain

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Source: CoinSpeaker

XRP/Ripple: R3’s Corda to further partnership with credit-union centric CULedger

The XRP community has added yet another accolade to its growing repertoire, with the inclusion of CULedger on R3’s Corda network. This partnership is a bid to expand the credit-union centric firm’s cross-border payment options.
A press release published on May 21 stated that the R3 Corda platform will greatly improve the payments realm for credit unions and financial cooperatives. The press release added that Corda will act as a foundation for CU Pay, the firm’s electronic funds transfer [EFT] product.
CULedger aims to leverage this partnership with R3 to help its credit unions better deal with the risks pertaining to cybersecurity, fraud, and malfeasance. In addition to this safeguarding, the association will boost “member experience, streamline internal processes and reduce administrative and operational costs.”
In lieu of this partnership, Corda Settler, the open-source Cor-DApp centered around the settlement of Corda transactions, will be integrated with CULedger and CU Pay. The press release adds,
“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”
CULedger and R3’s relationship began in 2018 and now, the firm aims to further the same with the objective of CU Pay, which is pegged to launch in early 2020 and will be available for credit unions on their network.
David E. Rutter, CEO of R3 stated,
“Corda’s unique approach to privacy and security will support CULedger’s efforts to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection. We look forward to working with them to create significant efficiencies for credit unions and their members.”
Adoption is reigning high for Corda, with several partnerships making the news. As per their official website, Corda has now partnered with almost 250+ organizations worldwide, and some of these partnerships include companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.
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Source: AMB Crypto

R3 Corda Built, Marco Polo Blockchain Carries Out it’s First Trades

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R3 Corda Built, Marco Polo Blockchain Carries Out it’s First Trades
German banks LBBW and Commerzbank announced the successful completion of their first pilots on the Marco Polo trade finance blockchain network built on R3’s Corda platform.
R3 Corda Built, Marco Polo Blockchain Carries Out it’s First Trades

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Source: CoinSpeaker

R3 adds Qatar’s Commercial Bank to Corda ecosystem for developing blockchain applications, solutions

Commercial Bank became the first bank in Qatar to join enterprise software firm R3’s Corda ecosystem. This collaboration will help the bank in developing innovative applications and solutions on the Corda network.
Corda Network is an ecosystem where corporations can transact privately using Corda applications, and since Corda is currency agnostic, corporations are free to use a digital asset of their choice. However, Corda currently supports only XRP.
Robin Marshall, the Chief Information Technology officer of Commercial Bank, said,
“We already know that blockchain technology has the potential to make transactions between banks frictionless and secure, but there are potentially other, huge benefits of this technology that we are not even aware of.”
Marshall also added that the bank collaborated with R3 to discover other benefits of blockchain technology and simultaneously improve customer experience, reduce friction between parties, and drastically cut down fees.
David Rutter, the CEO of R3, stated,
“Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform…
We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”
R3 is working with over 300 partners from across the world by providing them with faster, secure, and reliable payment methods using Corda applications on the Corda Network. Moreover, Corda Foundation was founded recently and is independent of R3. It will work towards encouraging the wider adoption of the Corda Network.
According to their official website, Corda partnered with almost 250+ organizations worldwide, including companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.
@ralf66557696, a Twitter user, commented,
“However, now that R3 has begun integrations with SWIFT, in the short term, banks will prefer to settle Corda payments in fiat currency, and not XRP.”
Another Twitter user, @XRP_OWL, replied,
“True but they will have the option to settle with xrp…it will be faster and cheaper. Word spreads fast, what do you think will happen once one or two banks settle with xrp and see true utility? Hint …Dominos”
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Source: AMB Crypto

R3: SIX is the most ambitious project, says R3 CEO David Rutter

David Rutter, the CEO of R3, said in an interview that SIX was the most ambitious project and elucidated how he won the contract for SIX Group’s proposed digital asset exchange.
SIX is a Swiss Stock Exchange and recently announced that it will be creating the world’s first XRP ETP called AXRP. In addition to XRP, SIX will be launching four more ETPs based on Bitcoin [BTC], Litecoin [LTC], Stellar Lumens [XLM], and EOS.
According to DigFin, a news media outlet, R3 has the contract to build a digital asset exchange for SIX. In an interview with DigFin, Rutter said:
“SIX is the most ambitious project we’ve seen… This is a new platform involving the end-to-end lifecycle of the trade.”
SIX announced that it would first list the digital native equities to the new exchange, with Corda handling primary issuance, secondary trading, and pre-trade and post-trade processing. This would be followed by bonds, funds, and structured products and tokenized securities.
Rutter added that supporting SIX was only possible because R3 went through the DTCC project. More specifically, DTCC is the Depository Trust & Clearing Corporation (DTCC) that virtually processes all securities transactions in the U.S.
Rutter stated:
““Had we not gone through the DTCC project, testing the limits of our throughput, we couldn’t have known whether we can support SIX’s ambitions.”
For DTCC to be successful, Corda needed to process approximately 600 transactions per second [TPS], but Rutter confirmed that Corda was geared up to handle 18,000 TPS.
The contract allows R3 to design the exchange, but Rutter confirmed that they would be designing the centralized matching engine, while the pre-trade and the post-trade workflows would be distributed.
@XRPoseidon, a Twitter user, commented:
“From my point of view this event is bigger than any ETF or Starbucks Bakkt whatsoever, because it’s not only about one cryptocurrency but about the tokenization of kind of assets and trading them side by side.”
@spence12341, another Twitter user, commented:
“And the #USA still Lagging behind , watching things fall apart , but #xrp has been resilient to the down trend , with a ton of good news every day , the price would have a profound effect to finance one day.”
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Source: AMB Crypto

Russian Alfa-Bank Joins the Marco Polo Network to Pioneer Trade Finance with Blockchain Technology

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Russian Alfa-Bank Joins the Marco Polo Network to Pioneer Trade Finance with Blockchain Technology

Alfa-Bank announced that it joined the Marco Polo Network to bring significant efficiencies in financing trade and working capital.

Russian Alfa-Bank Joins the Marco Polo Network to Pioneer Trade Finance with Blockchain Technology

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Source: CoinSpeaker

SWIFT’s GPI Counters Ripple’s Emergence in the Global Money Remittance Space

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SWIFT’s GPI Counters Ripple’s Emergence in the Global Money Remittance Space

SWIFT’s GPI riposte initiative reported growth from 15% to 56% representing a 270% year-on-year change enabling the company to shun its competitors and move at least $40trn in 2018.

SWIFT’s GPI Counters Ripple’s Emergence in the Global Money Remittance Space

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Source: CoinSpeaker

SBI CEO: ‘Every Bank In Japan Will Use Ripple’s XRP By 2025’

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SBI CEO: ‘Every Bank In Japan Will Use Ripple’s XRP By 2025’

Ripple‘s XRP token currently bears further uplifting news as SBI, which is a Ripple enthusiast, has planned to have a few banks in Japan and utilize the token by the 2025 Osaka Expo.

SBI CEO: ‘Every Bank In Japan Will Use Ripple’s XRP By 2025’

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Source: CoinSpeaker

XRP/R3: Corda has the potential to scale vastly, says R3’s head of solution engineering Dave Hudson

In a recent podcast called ‘Life in the fast chain’, Todd McDonald, the co-founder of R3, and Dave Hudson, head of solution engineering, R3, spoke about the partnership between Swift and R3, Corda Settler, and how blockchain technology is changing the payments industry.
Hudson spoke about how R3 is trying to connect customers across different corporations and help them transact privately. Hudson added that there were blockchains that broadcasted messages to everybody, and unlike them, Corda Network maintained the privacy of users.
Speaking about the scalability, Hudson added that Corda was “designed to scale and allow messaging to happen in an organic way”. In addition, he said:
“… Over the last year, we’re finding more and more applications where that’s [scalability] a key requirement. We want to be able to build things that scale massively and so the capability of any individual component can improve over time but the capacity of the entire network can be absolutely vast.”
Talking about another feature, Hudson said that they were working on “shrinking” Corda and elucidated the idea by using Linux as an example and how one needed expensive hardware to use the operating system. He added that they were trying to do the same with Corda. Hudson stated:
“The idea of shrinking Corda is really exciting, we’ve made some design choices that will allow us to do that sort of thing. We are not relying on things that will only ever have to be vast in scale.”
R3 is a US FinTech company which deals in blockchain-related technology [Distributed Ledger Technology] and developing and maintaining Corda, a distributed ledger technology platform. R3 has over 250+ partners spread across the world and has added another partner to its list recently, ING bank, which will also make use of Corda’s payment solutions.
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Source: AMB Crypto

XRP/Ripple: R3’s Corda Settler dApp to be tested by InstiMatch Global using XRP

The development and extensive adoption of cryptocurrencies across various institutions is a continuous operation. Ripple’s XRP, which is currently the third largest cryptocurrency in the market is constantly cultivating different partnerships and pushing the virtual asset forward for major trade applications.
InstiMatch Global is a networking firm which is trying to digitize the institutional system of allowing borrowers and lenders to establish trade through their own digital network. The company has now established a partnership with the R3 consortium which includes the testing of the Corda Settler platform for high-speed payments.
InstiMatch will test the Corda Settler platform and its ability to conduct large transactions in XRP as part of a pilot project. The testing for the platform is supposed to settle high volume transactions of over $1 billion with XRP in a tie-up with around 50 banks.
R3, a company based on distributed ledger technology for blockchain solutions has an extended platform product which is Corda. The Corda Settler platform is an open-source decentralized application on the R3 network and it was designed to enable large corporations and companies to move virtual currencies and assist in trade settlements and payments.
R3’s official website states that,
“Our money market offering in R3 Corda is a highly secure, GDPR compliant DApp allowing Banks, Family offices, Corporations, Utilities etc. to exchange liquidity amongst each other. This DApp offers the modern alternative to voice broking and replaces our present, centralized database version.”
InstiMatch has been able to tackle the latest settlement API and it has added the option of high-speed payments, which is crucial for the dedicated and quick execution of intra-day trades, via the Corda Settler dApp.
InstiMatch is hoping to have more than 100 counterparties from various sectors of trading and reach a broader region of involvement in the next 12 months.
This is not the first time Ripple’s XRP and R3’s Corda are headlining together. Previously, a major partnership had developed between both the companies and SBI Holdings, which acted as a medium of comprehension.
The President and Representative Director of SBI Holdings, Yoshitaka Kitao recently pointed out that XRP will become a global currency in the near future. He also mentioned,
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”
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Source: AMB Crypto

XRP price prediction 2019: To the moon or to the depths of the abyss?

XRP seems to be doing well for itself ever since it overtook Ethereum [ETH] to become the second-largest cryptocurrency in the world [by market cap].
Ripple, on the other hand, has also performed splendidly, considering its partnerships with a plethora of banks and FIs around the world. Ripple wants to build an ecosystem on the RippleNet for remittance and cross-border payments, and it plans on doing the same by leveraging the cryptocurrency XRP.
In the long-term, Ripple will emerge as a winner and along with it will rise XRP, considering the developments going on Japan’s SBI Group and SBI Holdings, which are planning to disrupt and reshape the whole of Japan’s payments industry with XRP as a tool to accomplish it.
The road so far:
2017
The year 2017 was the year of the bulls which projected the prices of every cryptocurrency in the ecosystem to plummet to unfathomable heights. XRP attained a price of $3.349 per token and the market cap at this point reached $145 billion on January 04, 2018, right after Bitcoin hit its peak on December 17, 2017.
2018
Most analysts in the market expected Bitcoin and every other cryptocurrency to pump higher. While some people in the XRP community believed that the price will shoot up from here to $10, others were mesmerized by BearableGuy123, Ripple and XRP’s very own jester, who put out riddles, and people interpreted the price of XRP to reach an appalling $589 by the end of 2018.
Most of the people in the community thought that it would be possible due to Ripple’s payment solution xRapid, which leverages XRP as a bridge currency to perform cross-border payments.
Brad Garlinghose, the CEO of Ripple, said in one of his interviews:
“I’ve publicly stated that by the end of this year I have confidence that major banks will use xRapid as a liquidity tool, this calendar year. By the end of next year I would certainly hope we would see in the order of magnitude of dozens.”
This statement of Brad Garlinghouse made people believe in the jester.
Another reason why people expected the price to reach $589 or “$5.89” was due to Ripple’s plan to launch “Cobalt” which, according to the Ripple, would drastically decrease the already fast transaction time.
People in the community speculated that since Cobalt’s mass number is 58.9, the price could inadvertently reach $589 or $58.9 or $5.89 by the end of the year.
As the year 2018 came to an end, some people admitted that it wouldn’t happen, while others still believed that $589 is attainable.
There were some massive improvements and updates that the company Ripple had provided, like the signing up of 200+ banks. More than five banks across the world have started using the xRapid payment solution now. MercuryFX successfully transferred money across the border using xRapid recently.
2019
Apart from the above, R3’s Corda Network was turned on, which will use XRP as a settlement currency. R3 announced that it had crossed more than 280+ partnerships, which included a couple of central banks.
SBI Holdings, a consortium of banks across Japan, announced a partnership with R3 and set-up a joint venture to improve Japan’s payment industry.
What to expect?
The XRP community speculates that the partnership between SBI Holdings, R3, and Ripple puts XRP smack in the middle of  SBI CEO’s [Yoshitaka Kitao] plans to launch XRP across Japan in efforts to reshape and restructure their payment system before the Osaka Expo 2025.
Technicals
Daily Chart
The chart below shows the year 2018 so far and how the cryptocurrency XRP has performed over the year 2018. A strong downtrend can be seen hanging over the XRP daily price chart that extends from January of 2018 till date.

The one-day chart shows the formation of two distinct falling wedges for XRP as seen in the chart above. Falling wedges are usually trend reversal patterns that indicate a breakout depending on where there are formed.
The first wedge spanned 256 days and the breakout that occurred pushed the prices by 192% i.e., the prices shot up from $0.26 to $0.76. The second wedge has so far ranged for 141 days and a breakout might happen at any moment. There is, however, a possibility of prices moving sideways for a couple more days.
If the breakout happens, it could drastically increase the price of XRP to two possible levels, the first $0.5798, and the other level, a bit higher than before, $0.7971, which is the highest point of the wedge.
Weekly Chart
The longer time-frame for XRP shows a very different scenario as the prices are forming a descending triangle pattern, and as per the definition, it is a bearish signal.

The volume for the weekly chart also shows a declining trend, further substantiating the descending triangle pattern. The prices might dip in the upcoming days as the price might dip a little lower, possibly to the $0.18 to $0.14 range.
This range could be the capitulation range and there is a probability that the bull run might begin after the weak hands get out of the market.
Market Sentiment
The Ripple and XRP community is particularly fond of XRP and are expecting the prices to the moon due to the success of xRapid. As per recent unfoldings, many banks have started using xRapid.
Moreover, SBI Holdings has partnered with Ripple and R3 and is on a plan to disrupt the Japanese payment industry and simultaneously reshape the payments infrastructure. SBI plans to leverage XRP to make it happen and the CEO of SBI, Yoshitaka Kitao has very ambitious plans to make that happen by 2025.
Considering all the above facts, it can be said that the price of XRP could very well disregard the Technical Analysis and shoot up higher, breaking all the resistance points and maybe even crossing the previous highs at $3.65 when xRapid goes into full effect, or when FIs and Corporate players start using Corda.
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Source: AMB Crypto

XRP Can Now be Used at 4,500 e-Stores Worldwide as CoinGate Adds New Payment Option

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XRP Can Now be Used at 4,500 e-Stores Worldwide as CoinGate Adds New Payment Option

Unlike cryptos added to CoinGate’s listing earlier, XRP is not logged on the blockchain, as CoinGate launched an XRP ledger validator to “further accelerate the decentralization of the $XRP network”. 

XRP Can Now be Used at 4,500 e-Stores Worldwide as CoinGate Adds New Payment Option

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Source: CoinSpeaker

SBI Group’s “strategic” partnership with Ripple and R3 could reshape the payments industry as a whole

Opinion:
SBI Group is a humungous financial services company based in Japan, which has investments in sectors like Information Technology, Biotechnology, life science, mobile/wireless, environment, and energy.
SBI Holdings, Inc., together with its subsidiaries, engages in the online financial service businesses and investment activities in Japan and internationally.
The most important and well-known in the cryptocurrency realm is the joint venture partnerships with the likes or Ripple or R3 and many more.
SBI Holdings has completed a circle of partnerships which might seem random on the surface but has more to it. These partners include Ripple, a U.S. based company that is trying to disrupt the banking and financial sector as a whole through its blockchain-based payment products and solutions, and R3, an enterprise blockchain software company which is involved in research and development of DLT.
SBI + Ripple
Ripple has over 200 partnerships with various banks and financial players which are spread across the world. Ripple is leveraging its proprietary products like xVia, xCurrent, and xRapid to process payments in a more fast, secure and transparent way than the traditional ones.
SBI Group partnered with Ripple and created a joint venture called “SBI Ripple Asia Co., Ltd.” to provide a next-generation payment platform powered by DLT [Distributed Ledger Technology] to financial institutions and remittance transfer providers in Asia as a joint venture of SBI Holdings and Ripple, a US FinTech venture.
Moreover, the JV promotes to create a next-generation settlement platform for international and domestic use which will largely reduce the remittance cost and the time required for the payments to be completed.
One of the important outcome out of this partnership was MoneyTap, which makes use of Ripple’s xCurrent DLT technology to facilitate inter-day banking transfer, which provides a 24-hour/7 payments service to all the customers in Japan.
SBI Group’s CEO, Yoshitaka Kitao has always been very bullish when it comes to XRP and plans to make use of the cryptocurrency to capture Japan’s financial industry. Kitao had stated:
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
Ripple and R3 have settled their legal dispute on September 10, 2018, which provided a path for the joint venture between R3 and SBI.
SBI + R3
R3, an enterprise blockchain software company which leads a consortium of over 250 banks and financial industries, central banks, in research and development of distributed ledger technology partnered with SBI Holdings to create a JV called “SBI R3 Japan Co. Ltd.” on January 28, 2019.
R3 is concerned with the development, maintenance, and marketing of their application “Corda” which is an open source blockchain project which allows the building of interoperable blockchain networks that transact in privacy utilizing their smart contract technology.
The company recently announced that Corda network was live and that XRP will be used as a currency to settle transactions.
SBI Holdings plans to make use of the partnership of Ripple and R3 to extend a solution across all the sectors of the industry which is not only faster but secure and tamper-proof.
Recent reports by SBI Holdings stated:
“R3-Ripple solution: Become a global standard for financial operations such as international money transfers and trade finance”
Strategic Partnerships
SBI plans to make use of these partnerships not just to disrupt the traditional financial systems but also use these across all industries, which include real estate, healthcare, supply chain, Forex industry, global cash management, etc.
Entry of XRP into either one of the above-mentioned markets, especially the “Forex industry” could make a huge difference in how we perceive XRP and the price, as a result, would sky-rocket to unfathomable amounts.
Most importantly, will Ripple lose its grip on the remittance industry to R3? The recent partnership of R3 with SBI puts R3 in a more comfortable position as compared to Ripple. However, this is not the full story, but just a glimpse of what SBI might be planning behind closed doors.
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Source: AMB Crypto