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UN Begins Official Investigation into Cyber Crime Sponsored by North Korea
Following its report naming North Korea as the brain behind several crypto cyberattacks, the UN has now begun an official investigation into the illicit activity.
UN Begins Official Investigation into Cyber Crime Sponsored by North Korea
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Source: CoinSpeaker
Ripple (XRP) is steady, adds 5.3 percent
SWIFT, in a global trial, settled a cross-border transaction from Australia to Singapore in 13 seconds
In a test, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), achieved speeds closer to those of Ripple. A possible threat to Ripple’s global expansion, XRP prices are firm, adding 5.3 percent in the last week.
Ripple Price Analysis
Fundamentals
Statistics from the World Bank reveal that the global remittance market was valued at $1.93 billion in 2018. However, it is what the future holds that is spurring substantial investment from interested players. By 2025, the report adds, global remittance will to surge to over $8 billion.
If anything, this could explains why the competition for market share is so fierce. Lucrative for triumphant startups, centralized firms are, nonetheless, dominant. Of the many, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a network of banks, is the most visible.
Not only is it evolving, building on their broad base and retaining customers, but gradually, SWIFT is unsurprisingly receptive of blockchain. Recently, in a trial, SWIFT completed a cross border payment from Singapore to Australia in 13 seconds.
These speeds are closer to those of Ripple’s xRapid. Leveraging on XRP, xRapid transactions settle at 4 seconds. However, in the future, settlements would be faster because of Cobalt. Besides, unlike SWIFT, Ripple’s fees are relatively low.
XRP/USD Price Analysis
At the time of writing, XRP is stable and up 5.3 percent week-to-date. Despite sell pressure, XRP bulls are intact. In line with previous XRP/USD trade plans, aggressive traders can fine-tune entries in smaller time frames, loading the pullbacks.
It is easy to see why. From a top-down approach, bulls are in control. Anchoring this overview is September 2018 bull candlestick. In the last ten months, prices have been oscillating inside this humongous, high-volume candlestick.
As such, from an effort versus result perspective, buyers have the upper hand. However, this is reliant on the ability of buyers to prevent liquidation below 30 cents. So far, traders have been successful. Because of this, the recent reaction from Q1 2019 support is yet another opportunity for traders to load the dips with stop limits just below 30 cents.
Alternatively, risk-averse traders can wait for a conclusive break and close above 40 cents before buying the dips while aiming at 50 cents.
Technical Indicators
Determining whether bulls have a chance or not, depend on the level of participation of the breaching bar. Leading this trade plan is May 14 candlestick. It has high trade volumes of 187 million. As such, for bull trend continuation reflective of May upswings, the leading bar, lifting prices above 40 cents, must be with high participation ideally surpassing 187 million.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Ripple (XRP) Bulls Are Back, Prices up 5% Despite SWIFT’s Stiff Competition appeared first on NewsBTC.
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The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT has successfully completed a cross-border payment from Australia to Singapore, in only 13 seconds in a new trial the international payments prcoessing giant is experimenting with, reaching speeds closer and closer to what Ripple – the crypto asset aiming to distrust SWIFT and the cross-border payments industry – is capable of.
Last month, Ripple announced a partnership with cross-border settlement powerhouse MoneyGram, in its latest attempt to disrupt the industry. But while the news was able to cause MoneyGram stock prices to soar, it’s done very little for Ripple and XRP, which has only further dropped in price and sentiment since then. Is Ripple swiftly losing ground to SWIFT, or is the MoneyGram move enough to secure Ripple’s place in the cross-border settlement space?
SWIFT Makes a Major Payments Splash While XRP Crypto Barely Makes a Ripple
Ripple, also known as XRP, the native cryptocurrency token for the Ripple protocol, is positioned to become the eventual replacement for cross-border settlements and payments, such as SWIFT-based bank wires, Western Union payments, and more. It’s a multi-trillion dollar industry that’s done little in the way of evolving over the years.
Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains
But even with a higher transaction per second capacity, a transparent distributed ledger, and payment speeds from destination to destination taking only 4-7 seconds and costing only a fraction in fees, Ripple has failed to garner market share. This puts the company and crypto asset at a disadvantage, during a time when crypto is no longer being viewed as the golden goose, regulation is looming, and competitors like Swift are catching up.
In its latest global trial, interbank payments processing-giant SWIFT has completed a cross-border transaction from Australia to Singapore in just 13 seconds. The trial involved integrating SWIFT’s existing Global Payments Innovation Instant into Singapore’s native payment service called FAST. Ten banks in total participated in the trial, including heavyweights like HSBC and Royal Bank of Canada.
SWIFT considered blockchain technology like that which Ripple is built on to bolster its cross-border payments systems, however it the firm discovered it was too “challenging” to implement for only a small margin of improvement.
Related Reading | Ripple Effect: MoneyGram Stock Continues to Soar, When Will XRP Price Follow?
A 13-second transaction is only double the length of time it would take for a Ripple transaction to complete, however, anything under a minute is likely negligible for the average user or bank client, which would consider either cross-border payment solution to be more than sufficient. With speeds comparable to Ripple, it’s not too surprising to see investor sentiment around XRP begin to decline, along with its price.
Featured image from Shutterstock
The post SWIFT Approaching Ripple (XRP) Speeds In Latest Cross-Border Payment Trial appeared first on NewsBTC.
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Japan to Begin Developing SWIFT-like Network for International Cryptocurrency Payments
Japanese government to create a network similar to SWIFT, for international cryptocurrency payments. The Ministry of Finance and the Financial Services Agency will deploy this network to also tackle financial crimes.
Japan to Begin Developing SWIFT-like Network for International Cryptocurrency Payments
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Source: CoinSpeaker
The Japanese government has started developing a crypto payments platform similar to SWIFT according to reports. The effort has come as part of a wider spread initiative to combat money laundering.
SWIFT Not So Swift
According to Reuters, citing ‘a person familiar with the plan’, the international network for crypto currency payments will rival SWIFT which is the current standard. The existing service links over 11,000 financial institutions in more than 200 countries and territories worldwide.
However, in today’s modern times, the Belgian head-quartered financial transfer protocol is often considered antiquated and expensive. As a result Japan has joined the likes of Ripple in developing an alternative.
The report added that Tokyo plans to have the network in operation within the few years. Japan will co-ordinate with other nations via the international Financial Action Task Force (FATF) which approved the plan for the new network last month. The G7-initiated intergovernmental organization promotes legal, and regulatory measures to fight money laundering on a global scale.
Japan’s Ministry of Finance and the Financial Services Agency (FSA) proposed the platform as a further effort to secure the transfer of digital assets and help to stimulate its fintech industry.
The east Asian island nation was the first to recognize Bitcoin as legal tender in 2017. It also implemented crypto regulation in the same year and was one of the first countries to officially open its doors to digital assets.
Cryptocurrencies are still in themselves largely unregulated although the exchanges are, and there is concern that consumers will still favor the former over a state controlled transaction system.
Facebook Crypto Concerns Climbing
The news comes just days after the US Treasury Secretary cited illicit activity and money laundering as the curses of crypto currency. Japan could also be joining the growing number of countries concerned about Facebook’s proposed foray into global finance.
The social media giant has certainly rattled a few regulatory cages recently with its ambitions to control user’s financial transactions on a scale similar to its manipulation of their information. Nations of the world are growing wary of a US tech giant backed by a bunch of other US tech giants controlling a dollar backed crypto currency with a potential market of 2 billion people.
The development of an alternative crypto transfer protocol maybe Japan’s effort at safeguarding its own financial economy from outside threats, which Facebook clearly is. Other nations in Asia such as India, China, Russia, and Thailand have also mulled their own central bank based crypto assets to maintain and control of the flow of money across their borders.
Image from Shutterstock
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Ripple Acquiring MoneyGram Was Fake News But It Gave XRP Price the Boost
After a rumor broke out yesterday that a California-based crypto start-up Ripple has acquired the major US-based money transfer company MoneyGram, both companies refused to comment. Still, even the rumor was enough for XRP price 8% boost.
Ripple Acquiring MoneyGram Was Fake News But It Gave XRP Price the Boost
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Source: CoinSpeaker
The Siam Commercial Bank (SCB), which is Thailand’s largest commercial bank has recently confirmed that it will integrate Ripple’s blockchain.
Reportedly, the Siam Commercial Bank (SCB) made this known via its official Twitter handle.
SCB Didn’t Confirm XRP Adoption
However, the Thai bank did not reveal whether it will be making use of the XRP token. According to the bank, the community will have to wait to find that out if it will use the XRP token.
We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.
— SCB Thailand (@scb_thailand) May 22, 2019
Importantly, the Siam Commercial Bank (SCB) is not just the largest bank in the country, it is also the oldest bank.
Reportedly, the Thai bank has at one point carried out a cross-border payments trial while utilizing Ripple’s technology.
The bank used Ripple’s blockchain to complete a transaction which normally takes an average of two days in a minute.
Hopefully, the bank will opt-in to use the XRP token as it will help increase the token’s trading volume. Therefore, increasing its value for its various holders.
Not the First Bank
This is not Ripple’s first go at being integrated by a bank.
Recently, Federal Bank, a leading private sector bank in India, confirmed a partnership with the ripple.
According to the bank, it will implement Ripple’s technology to improve its cross-border payment services.
Then, the Federal Bank CEO — Shyam Srinivasan said:
“Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.”
Ripple is Gaining Traction, Set to Beat SWIFT
Ripple is already gaining traction relative to the traditional cross-border payments system— SWIFT.
Currently, the RippleNet network has more than 200 partners, which includes Japan’s SBI Group.
The San Francisco based firm’s network token— XRP has also enjoyed major adoption across centralized platforms. Recently, the coin was integrated into an e-commerce solution platform WooCommerce. Another notable integration is that of Gmail, Microsoft Outlook.
At one point, Skype an internet-based phone calling service was at on time looking to add XRP as one of its payment methods.
So far this year, ripple has outdone most crypto projects when it comes to adoption and integration.
The post Thailand’s Largest Bank Confirms Ripple Technology Integration: [XRP] Adoption Uncertain appeared first on Coingape.
Source: CoinGape
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World’s Largest Banks Investing $50M in Digital Cash Settlement System
Several major banks, including UBS, Banco Santander, HSBC Holdings and Deutsche Bank, are planning to build a blockchain-based settlement system by investing $50M into a joint entity called Fnality.
World’s Largest Banks Investing $50M in Digital Cash Settlement System
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Source: CoinSpeaker
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3 Essential Strategies on How to Become a Successful Blockchain Developer
How can you be successful in a blockchain-based startup? How can you keep up with the pace? Here, Alexander Borodich, CEO of Universablockchain.com, will discuss the Top 3 key tips you should incorporate for success.
3 Essential Strategies on How to Become a Successful Blockchain Developer
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Source: CoinSpeaker
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Ripple, IBM, SWIFT and 100 Other Firms Join New EU Blockchain Association
More than 100 organizations and firms including IBM, Ripple and Swift signed a charter to join a newly created International Association of Trusted Blockchain Applications.
Ripple, IBM, SWIFT and 100 Other Firms Join New EU Blockchain Association
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Source: CoinSpeaker
Distributed ledger technologies currently possess all the necessary features that can ease the pains of cross border remittance industry which have made it a topic of discussion for institutions across the globe whether are these the future. A recent blog post released by World Bank also discussed the same naming how Ripple Circle and JP Morgan are bringing DLT to use in cross border payments.
World bank questions “Is the future of cross-border payments distributed?”
Rodrigo Mejia-Ricart, a research and public policy analyst at the Better Than Cash Alliance, a UN-based partnership of over 60 governments, companies and international organizations, recently released a blog post for World bank that discussed how distributed ledger technology is bringing the world closer by easing the pains of the traditional global remittance industry – by making it quick, easy and less expensive.
The remittance is critical economic resources in emerging economies, helping vulnerable populations withstand adverse economic conditions. The magnitude of the industry is huge and has reached $613 billion in 2017 and are projected to have grown 4.6% in 2018 to a record high of $642 billion. Putting it in perspective global remittances represent four times more than total official development assistance globally, which in 2016 reached $158 billion. For emerging economies, the personal remittances numbers are quite huge for eg it is 10.5% of GDP in the Philippines, 13.7% in Senegal, 28.3% in Nepal and 29.3% in Haiti.
A post discussed that how cross border payment innovations are helping reduction in operational costs for remittances services provides and speaks about how Ripple, Circle, JP Morgan, and Swift are bringing DLT to use too. Quoting for from the report how each of the players has impacted the industry for its betterment.
Ripple: Ripple’s xRapid has saved financial institutions which are involved in the pilot up to 40%-70% in foreign exchange costs, and the average payment times was just over two minutes. The transfer of funds on xRapid took two to three seconds, with most of the processing time explained by domestic payment rails and intermediary digital asset exchanges.
Circle: Circle’s Circle Pay service is currently available in 29 countries and allows seamless transfers between US Dollars, British Pounds, and Euros. Their website reports that they charge zero fees and zero exchange rate markups.
SWIFT: SWIFT has implemented Global Payments Innovation (GPI), aimed at dramatically modernizing B2B cross-border payments by making them faster and more transparent.
VISA: Visa’s B2B Connect is testing a DLT solution for B2B cross-border payments.
JP Morgan: JP Morgan is trialing a DLT application that provides messaging, validation and foreign exchange pricing services to improve the customer’s cross-border payment experience. JP Morgan also developed JPM Coin, a digital coin designed to make instantaneous payments using blockchain technology.
The blog concludes that DLT-based cross-border payments potentially offers a promising pathway to dramatic improvements in the lives of millions of people in emerging economies. This technology has the potential to improve the traceability of remittances and reduce compliance costs for MTOs and supply chain payments, stimulating economic activity in destination countries.
Will DLT be the future of cross border payments? Do let us know your views on the same.
The post Ripple, Circle, JP Morgan all Using DLT Technology for Cross Border Payments: World Bank appeared first on Coingape.
Source: CoinGape
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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
Ripple price recover
SWIFT is dominant, moves $300 billion a day
Participation levels low, likely to rise as XRP prices edge higher.
SWIFT partnership with Ripple in an arrangement that incorporates xRapid will cause XRP prices to explode. All the same, SWIFT is confident that they are dominant and are not willing to join forces citing numbers. Meanwhile, Ripple (XRP) prices are edging higher and could close above 34 cents in days ahead.
Ripple Price Analysis
Fundamentals
In a proof of concept, SWIFT did link their GPI Link with R3’s Corda Settler—owned in part by SBI Group, the chief agitator for Ripple and XRP. It was understandable that many Ripple supporters were excited that SWIFT was finally ready to fuse with the XRP Ledger and even use XRP for their cross-border service.
No doubt, benefits will flow in thick and fast if they do especially now that Ripple through xRapid has proven that their solutions are superior, cost-cutting and above all fast. It‘s a feature that we get in all DLT projects and something that SWIFT’s Lisa O’Connor, the MD, is not worried about as “numbers speak for themselves.”
In an interview with the popular news churning CNBC’s Crypto Trader, the executive oozed confidence, conveying a subtle message that Ripple has a long way to go before being a primary challenger for the dominant network.
“I would just say that I think the numbers speak for themselves, in that the old days of it taking several days to make a payment cross-border don’t exist anymore. And outside of that, Swift has something called GPI, the Global Payments Innovation. I would say the numbers speak for themselves in that $300 billion a day is done across the Swift network.”
Candlestick Arrangements
Like it has been with XRP in the last couple of weeks, prices are stagnant. Trading within a tight 4 cents range, the failure of bears to drive prices below 30 cents, our sell trigger and support line is bullish for the third most valuable coin.
Now that prices are in range mode, trading inside Jan 30 high low as participation levels drop, all we expect is a high-volume close above 34 cents. Not only will it catalyze participation but will trigger renewed in XRP as prices gain momentum as prices surge towards 40 cents.
On the other hand, any drop below 30 cents nullifies our Ripple (XRP) trade plan.
Technical Indicators
Volumes are thin, and despite increasing demand in lower time frames, we need proof of XRP demand. That means a satisfactory close above 34 cents complete with volumes exceeding 14 million and 61 million of Feb 24.
The post Ripple–SWIFT Direct Partnership Slim, MD Points at Hard Numbers appeared first on NewsBTC.
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Lisa O’Connor, the Managing Director of Asia Pacific at SWIFT, spoke about the company’s stance on Distributed Ledger Technology or blockchain technology, in an interview with Ran Neuner for CNBC Crypto Trader.
The Managing Director began the interview by briefly speaking about the core role of SWIFT. SWIFT, aka Society for Worldwide Interbank Financial Telecommunications, is one of the largest payment messaging networks around the world, enabling instant payments via a standardized system of codes.
O’Connor was asked whether the main role of SWIFT was bank-to-bank foreign exchange transfer. She stated that the organization was “much larger” than just bank-to-bank foreign exchange transfer, adding that it was, in fact, a corporation with over 11,000+ members globally. She further stated that these members were a collaboration of banks, brokers, asset managers, and corporates. She said,
“We’re owned by those members which is what makes this a cooperative by nature. we are also the registration authority for the way that financial institutions speak to each other called ISO. so ISO is the standard.”
This was followed by the Managing Director speaking about SWIFT using blockchain or Digital Ledger Technology [DLT]. She stated that SWIFT is “selectively looking at the use” of DLT.
The managing director went on to say,
“So, they’re looking at how do they leverage DLT for certain business problems. We don’t think that DLT or blockchain is the answer to every problem, what we like to do first is look at the problem and then apply the right technology as the solution.”
O’Connor stated that the firm was looking into using DLT/ blockchain solutions for proxy voting in Singapore, which, according to her, “is a big industry challenge.” She further added that SWIFT worked with large market infrastructures such as the Australian Stock Exchange, which is using DLT solutions for their new clearing and settlement system. She added,
“[…] hat we would like to be in the future is a platform that helps to connect our members up to the best of these blockchain solutions. so we’re working with for example R3 who’s been doing a lot of work as it relates to trade finance and how do we link together that trade finance value chain to the payment value chain that underpins at all.”
The post SWIFT’s Managing Director: We don’t think DLT or blockchain is the answer to every problem appeared first on AMBCrypto.
Source: AMB Crypto
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Mercury FX Makes History Completing First Commercial Payment with Ripple’s xRapid
Ripple’s xRapid allowed Mercury FX to complete the payment in a few seconds compared to 31 hours usually required. What is more, the fees saved made up $102.
Mercury FX Makes History Completing First Commercial Payment with Ripple’s xRapid
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Source: CoinSpeaker
