Coinbase supports inbound and outbound international [SWIFT] wire transfers; ventures deeper into Asia

Coinbase, a leading cryptocurrency exchange platform in the US, has taken another massive step to support their institutional clients and high-volume business across Asia. The platform announced today that they have opened their doors to professional trading and custody platforms for institutional clients and high-volume customers in Asia.
On their official blog post, the exchange stated that their clients across Asia can now access the platform’s trading services for institutions, cold storage service, and Coinbase custody.  In order to achieve this, the platform will “now support inbound and outbound international [SWIFT] wire transfers, allowing Coinbase clients in Asia to fund their accounts from non-US bank holdings”.  They added that this feature will help their non-US customers to access the platform’s deep pool of cryptocurrency liquidity.
The exchange further stated that they will also be providing these high-volume customers in Asia the access to trade, deposit and withdraw Circle’s stable coin, USDC via Coinbase Prime, allowing customers to access several trading pairs available on the platform. Additionally, approved high-volume customers in Asia have access to the platform’s Coinbase Custody, an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure manner.
They said:
“We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office.”
To add on to customer’s delight, the platform will be rolling out their recent OTC trading desks to all the approved Coinbase Prime clients around the world, allowing a few select customers to perform large amounts of trade.
Andrew Robinson, head of institutional sales and trading for Coinbase in Europe, the Middle East, and Africa, said in an interview with Forbes:
“The OTC, which went live in the U.S in November and the in the U.K. just before Christmas, has been well received so far. This latest upgrade means Coinbase customers outside the U.S. are now able to trade without a domestic U.S. bank account – something we think is going to make a big difference for out trading volumes.”
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Source: AMB Crypto

Yahoo co-founder Jerry Yang: Banks and trading have found a natural technology in blockchain

Speaking at a panel discussion in Singapore, Jerry Yang, the co-founder of Yahoo, threw his support behind blockchain technology and said that it is a natural technology for banks and trading.
The co-founder of Yahoo was attending the Nikkei Innovation Trading Forum when he put forth his views on technology in the context of the US financial industry and its competitive rivalry with China’s emerging technological sphere. He said:
“Blockchain is a natural technology for banks and trading. If you look at US institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open huge amounts of doors.”
Yang, who is also an investor in technology startups through his firm AME Cloud Ventures, further expressed his strong belief about the utility of cryptocurrencies and blockchain technology and implored banks and trading systems across the world to harness the applications emerging out of the nascent field.
However, Yang also advised caution when he said that trust is key to the mass adoption of the blockchain and that the technology will fade if trust in it isn’t built or strengthened soon.
Jerry Yang’s comments are welcome at a time when much of the early hype associated with cryptocurrencies is yet to be realized. His statement will only lend credence and support to countries such as Spain that have been adopting blockchain for wider purposes in the public sphere.
Blockchain technologies have the potential to reshape everything from finance to banking and investing in such technology and its applications could have a revolutionary effect on the world.
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Source: AMB Crypto

Ripple/XRP: XRP’s Private ledger FUD busted by Ripple’s CTO

The private ledger of XRP FUD erupted after the news about the transfer of money from Mexico to the U.S. took place a few days back. People who tried to find the transaction on the XRP ledger failed to do so and were convinced that there was indeed a private ledger for xRapid transactions via XRP.
As per the company, they made a transaction worth £3,521.67 i.e., 86,633.00 from U.K. to Mexico. The company even stated that they saved 79.17 pounds and 31 hours on this transaction.
@MarkCryptos and @XRP_Mahn1 both asked a similar question to the CTO of Ripple, David Schwartz if this was actually true in separate tweets.
@XRP_Mahn1 asked:
“@JoelKatz Some seem to think there is the ledger, and a hidden ledger, (One retail, one institutional) that will eventually be merged together. This to my understanding seems ridiculous as the protocol rules state one state is valid, and it’s immutable.”
David Schwartz replied:
“It’s hard to imagine what such a merger would look like. It would have to follow the rules of the public ledger. It’s kind of funny, I was actually thinking just today about how cool it would be if you could run the XRPL software in a private ledger mode and later bridge…
to the public ledger. For example, you could have an asset issued on both ledgers that’s bridged by the validators of the private ledger who multisign txns for the public ledger. It’s actually a cool use case to cut txn fees and scale.”
The conversation on the Twitter thread continued and a user asked if there is a possibility of a private ledger that could be set up between organizations for transactions via xRapid
Schwartz continued that the XRP Ledger is public and it is the “authoritative proof” that a person holds XRP. He continued that there were ways that a person/organization could use the real XRP on a private ledger but would require for that person/organization to actually buy XRP to do the bridging.
David Schwartz further stated:
“That gives you two interesting use cases: 1) No XRP for cases where the cost of XRP is a factor. You only need/use XRP when you need to interact with the public ledger. 2) XRP fully linked, for cases where you want liquidity and connectivity and don’t mind the very small costs.”
Furthermore, Schwartz said that none of this was built yet and even if it were to be done it would not be difficult. Moreover, he said that if such a thing ever happens it would be questioned over the system being centralized. He continued that he liked the idea of federation run ledgers.
David Schwartz concluded saying:
“If you were creating such a walled garden, why use a crypto or blockchain at all? This seems like just recreating private ledger balances — what everyone’s been doing already.”
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Source: AMB Crypto

Ripple and XRP discussed by Bank of England’s Governor in an open discussion

XRP is back to being the second largest cryptocurrency in the world after pushing Ethereum [ETH] back to the third spot. 2019 has been a really good year for Ripple and XRP as the latter exceeded more than 200 partnerships with financial institutions.
Moreover, in a recent AMA styled discussion named, “Have your say on the future of money”, Bank of England’s Governor, Mark Carney discussed with a few XRP fans about the bank’s plans regarding the future of cross-border payments.
Carney stated:
“Money is evolving and so is the way we pay and the financial services we want… Bank notes will remain a central form of payment for some time… “
On the discussion forum a user, Steve asked:
“How does the BofE view the increased utility of digital assets? (e.g. the use of XRP through RippleNet as a bridging asset for cross border payments and transfers) and is the BofE working towards the use of a digital asset to perform this or any other monetary tasks?”
Mark Carney replied that the bank had already teamed up with Ripple in 2017 to work towards new ideas in cybersecurity, digital assets, distributed ledger technology, machine learning and many other topics.
Furthermore, he explained:
“For that proof-of-concept study, we looked at whether two transactions in different currencies could be executed simultaneously in separate RTGS systems. he important test is that, if one of the synchronised transactions fails to go through, the other part should not go through. That shows the system is working properly and could in principle be used for cross-currency conversions.”
He said that this could be something that could change how cross-border payments work and ultimately change it in an unprecedented way by reducing fees and transaction times.
Earlier, in October 2018, in an interview with SibosTV, Victoria Cleland, Bank of England’s Executive Director for Banking, Payments and Financial Resilience spoke about their “Proof-of-Concept “, which was a research on the future of money, done by partnering with Ripple. She stated:
“We do want to make sure is that when there are sort of participants or systems who one sort of plug into RTGS that they can do so using DLT so the proof of concepts that we ran over the summer really trying to say if somebody wants to connect to us from a DLT system can that work and the really good news was that it can.”
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Source: AMB Crypto

Ethereum [ETH] Rinkeby Testnet hardfork will land on January 9, 2019, says core developer

The whole Ethereum community has been engulfed with the upcoming hard fork, Constantinople. The hard fork that was supposed to go live in 2018 is finally going to meet its end. The hard fork is scheduled to take place around January 16, 2019, and will take place on block #7080000.
The team has been working on the hard fork since 2017 and proposes key upgrades to the network. The main Ethereum Improvement Protocol includes the reduction of the block mining reward issuance to 2 ETH and delaying the difficulty bomb for almost 12 months.
As the hard fork is approaching closer, the total clients ready for the upgrade are recorded to be 981, i.e., 12.7% of all clients on the network. At the time of writing, the total number of clients for Geth and Parity were 7709, out of which Geth 1.8.20 clients are 281 and the remaining are Parity 2.1.10+ or 2.2.5+ clients.
Peter Szilagyi, a core developer at Ethereum said:
“#Ethereum mainnet Constantinople hardfork (16th of January) is fast approaching. Please make sure you are running Geth 1.8.20+ or Parity 2.1.10+/2.2.5+ to avoid unpleasant surprises!”
Additionally, Peter also announced the schedule for Ethereum Rinkeby on his official Twitter handle. According to an article by Geoff Hayes, Rinkeby is one among the three Testnet of Ethereum, similar to the “production blockchain”. The other two Testnet’s are Ropsten and Kovan. Rinkeby Testnet is a proof-of-authority blockchain, which was initiated by the Geth team to test the upgrade before it goes live on the main chain.
He also said:
“Rinkeby #Ethereum testnet hardfork will land around 13:00 UTC on Wednesday, 9th of January! Last call to update your nodes. Also, please ensure you’re either running with `–rinkeby`, or that you `geth init`-ed your node with the updated genesis spec from “
Prior to Rinkeby Testnet, the Ropsten Testnet hard fork went live in the month of October 2018. However, there were several issues encountered during the Ropsten Testnet, resulting in the postponement of the Constantinople hard fork on the main chain.
In a post-mortem report, a core developer of Ethereum, Lane Rettig stated that they had discovered a consensus bug in the Parity implementation of Ethereum. He also stated that there were concerns in terms of lack of miners on Parity, Geth or Aleth for Ropsten.
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Source: AMB Crypto

Tron [TRX/USD] Technical Analysis: Bull at the verge of losing coin to bear

The cryptocurrency market was painted with both red and green this month, with the majority of the days going green. The festive month also chose to keep the bear’s brutality at bay as the bull took the oath of protecting the coins from a massive plunge. However, as the month is nearing its end, the market seems to be at the verge of losing its power to the bear again.
According to CoinMarketCap, at press time, Tron was trading at $0.0197 with a market cap of $1.31 billion. The cryptocurrency holds a trade volume of $68.26 million and has plunged by more than 12% in the past seven days.
Tron one-hour price chart | Source: Trading View
The one-hour chart is demonstrating a downtrend from $0.0239 to $0.0212 and further down to $0.0205. It is also showing another slight downwards trend, which is from $0.0207 to $0.0205. The uptrend has found its starting point at $0.0183 and its ending point $0.0201.
The immediate resistance for the coin is recorded to be placed at $0.0208 and the strong resistance at $0.0218. The cryptocurrency’s price level of $0.0182 has stepped forward to help the coin in case the bear attempts to strike down the coin.
Parabolic SAR is indicating that the bull is currently worn out, giving the bear the benefit of regaining its position in the market. This is because the dots have started to align on top of the candlesticks.
Bollinger Bands is showing that the two market players are not going to collide soon, as it is forecasting a less volatile market.
Chaikin Money Flow is showing that the money is flowing out of the market, indicating that the bull is severely injured because of the constant battle.
Tron one-day price chart | Source: Trading View
In the one-day chart, the cryptocurrency is showing a downtrend from $0.0498 to $0.0213. The chart also shows the coins progress this month as it records two uptrends, the first from $0.0119 to $0.0129, and the second from $0.0132 to $0.0186.
The coin is going to face the immediate resistance at $0.0217 and the strong resistance at $0.0398. The immediate support for the cryptocurrency is currently at $0.0186 and the strong support at $0.0118.
Klinger Oscillator shows that the bear has managed to break-down a wall in the market, as the indicator is showing that the reading line has made a crossover only to go south.
RSI is showing that the buying pressure and the selling pressure for the coin is currently evened out in the market.
MACD is still holding strong next to bull, however, it picturing that there is an imminent crossover in the pipeline.
The bull is showing signs of exhaustion as it has lost several indicators to the bear. This includes the Klinger Oscillator from the one-day chart, Parabolic SAR, and Chaikin Money Flow from the one-day chart.
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Source: AMB Crypto

Cryptocurrency Rundown 2018: The year in numbers and events

The cryptocurrency market in 2018 saw its fair share of up and downs this year with events like market surges, exchange hacks and major developments on networks making the entire picture. News from within the cryptocurrency market also gave out signals that the world of digital assets was slowly but surely making it into the mainstream realm.

The beginning of the year was a great time for Bitcoin, with the cryptocurrency trading at around $17000. Janus coin made a massive 6370% hike.
Additionally, Coincheck, a popular South Korean exchange, froze its assets leading to the surge in BTC price. The decision was made because almost $700 million worth of digital assets went missing from the platform.
On the positive side, bitFlyer a crypto exchange became the first regulated exchange in Japan, US, and Europe. Mark Zuckerburg led Facebook decided to ban all crypto-related advertisements, to protect the institution from con artists.
Brisbane airport in Australia became the first airport to accept cryptocurrencies as a mode of payment, in partnership with TravelbyBit. They announced that they would accept Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] and Dash.
In the same month, China decided to ban all cryptocurrency related media on social media platforms like Baidu and Weibo.
March seemed like a productive month for the crypto space, with the positive updates outweighing the negatives. Coinbase launched the Coinbase Index Fund, to cater to new customers, making Coinbase one of the first popular changes to do so.
Furthermore, Snapchat, led by Evan Spiegel had followed the steps taken by Facebook, Twitter and Google to ban all advertisements related to cryptocurrencies and ICOs.
In April, the crypto space got institutional support from the International Monetary Fund when the IMF Chief Christine Lagarde explicitly stated that Bitcoin tools could make the financial system safer. The IMF head also stated that bags and digital currencies coexist.
She thinks that a clear right approach can help harness the financial gains and avoid the pitfalls when describing the benefits associated with cryptocurrency assets.
Justin Sun revealed that the Tron testnet was finally live. This was aimed to make the mainnet launch possible later and will have the ability to migrate all Tron projects to its blockchain including the original ERC 20 tokens.
May started with Japan’s SBI revealing its own cryptocurrency exchange that would be allowed to trade Bitcoin, Ethereum, and XRP. Also, CZ’s Binance announced that had made three times more profit than Twitter, the first quarter of 2018.
Justin Sun, the founder of the Tron foundation had acquired BitTorrent, making it the largest decentralized ecosystem in the world. However, there was no official confirmation from both the organizations.
Steve Bannon, the former Chief Strategist of President Trump and one of President Trump’s close allies seemed to have ideas of launching his own cryptocurrency and said that this was “disruptive populism”.
The month also Coinbase launching its first custodial services for Bitcoin and other cryptocurrencies, with features like online segregation of digital assets and offline private keys that are split.
In addition, Brian Armstrong, the CEO Coinbase, also the Forbes 40 under 40 list.
Ripple received a boost after Japan’s SBI completed the investment round in clear market holdings. The main aim for this was to enter the derivates market for cryptocurrencies.
Ethereum launched the Ethereum 2.0 designed to be compatible with mobile phones and push the concept of the Internet of Things to a full reality.
In addition to Columbia’s President announcing support for cryptocurrencies, he also invited cryptocurrency companies to his country.
Dogecoin, the meme-inspired cryptocurrency saw a massive surge of 121%, with some speculating the reason for this to be its addition to a crypto exchange called Poloniex.
TransferGo, the platform for “fast & cheap money transfers”, announced the usage of Ripple’s Xcurrent technology, aimed to support transactions from Europe to India.
Justin Sun led Tron also announced Utorrent surpassing 1 million active users.
The most-popular Bitcoin Cash hard fork happened in this month, with Bitcoin ABC led by Roger Ver and Jihan Wu, and Bitcoin SV led by Calvin Ayre and Craig Wright. As Bitcoin ABC had more blocks mined, it was the winner.
Post this, a massive price crash took place with Bitcoin dropping as low as $4000.
In the last month of 2018, United Corp, an asset management company sued the Bitcoin ABC camp, including Bitmain and Roger Ver, as a result of the Bitcoin Cash hard fork. They claimed that the ABC has manipulated the mining during the hard fork.
The market continues to be on a rollercoaster ride, with the bullish surge listing Bitcoin [BTC] above the $4000 mark. Bitcoin Cash surged by 150%, making it the biggest gainer in the crypto-chaos.
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Source: AMB Crypto

Bitmain CEOs are reportedly stepping down from their position for “better survival” of the company

Bitmain, the leading Bitcoin mining company and the biggest ASIC chip producer in the world, has constantly been the limelight ever since news regarding the IPO broke-out in the market. The mining company was also the main highlight during the Bitcoin Cash hard fork, with its support leaning towards Bitcoin ABC implementations. However, according to the latest reports, the company will be laying off more than half of its employees as a result of the bear market.
The ASIC chip producer, on this event, stated that the company has been going through some adjustments with their staff as they “continue to build a long-term, sustainable and scalable business”, in an interview with Bitcoin Magazine. They also stated that they will “double down” on their hiring process, with the intention of on-boarding the best talent from various backgrounds.
Currently, Bitmain is making a buzz in the market with news stating that the leading heads of the company, Jihan Wu and Micree Zhan will be stepping down from their positions. According to Odaily Planet Daily, a Chinese news portal, the work of the founders will be carried forward by a person with a surname, Wang, and based on the source, he is currently in the transition period.
Additionally, the report also suggests an internal brawl between the Founders, with the company’s two CEOs strategy ending up unsuccessful. The move of stepping down is noted to be for “better survival” of the company.
Invictus, a Twitterati said:
“No, I refuse to let Bitmain off the hook! Bitmain MUST capitulate together with Jihan Wu. They have caused havoc in this space and the lesson must be learned. We must weed out the anti bitcoin characters with the only thing they understand -CAPITULATION!”
Calvin Ayre said on Twitter:
“does this mean that Bitmain will abandon ABC chain, it was a massive mistake as we now see….Bitcoin SV is better for their core business but not sure what diabolical plans Jihan has for dysfunctional ABC chain.”
Fortunekr [LTC], another Twitterati said:
“Yeah. I’ve heard that too. Makes sense for bitmain if they want to survive. I think they will also liquidate their entire bcash stack…..slowly over time.”
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Source: AMB Crypto

SEC has lost its first legal battle in its unlawful quest against cryptocurrencies, says John McAfee

In recent tweets, John McAfee, the popular cryptocurrency enthusiast, and influencer have been talking about the United States regulatory body, the Securities and Exchange Commission [SEC].
The founder of McAfee Associates commented on the SEC’s administration of the cryptocurrency space and said that the authority’s interference is an “unlawful right”. In a previous tweet, McAfee had written:
“The SEC loses its first legal battle in its unlawful quest to regulate the Crypto space. As I pointed out, they have no lawful right to interfere with us. I can hardly wait for them to tangle with me. We are winning people.”
He also stated that the SEC is a corrupt body and has been rightfully put down by the legal system of justice. He also implied that the SEC should be shut down in order for less arrogant people to step forward and utilize the power in the right way that benefits the Americans.
Regarding the bull run of the cryptocurrency market, McAfee stated that Bitcoin [BTC] breaking above $4,000 is a sign of the market flip. According to the influencer, if it has turned, it is only the beginning. Moreover, he conveyed the point of view that 2019 could be the year the future generations look back on and name “the year of emergence”.
The Founder of McAfee Software has been a loyal participant as well as an oracle in the cryptocurrency and blockchain industry. From Docademic to Bitfi Wallet, he has supported several projects on his journey in the space. He also took initiative in calling out HitBTC when it was fiddling with the funds of its customers.
As of now, the crypto-market is blooming as it continues the bull-marathon. Here, all the big coins like BTC, XRP, Ethereum, Bitcoin Cash and suchlike have gained great momentum in their price as BTC crossed the $4,000 landmark.
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Source: AMB Crypto

Bitcoin [BTC] proponent Mike Novogratz: I don’t think we’re going to decentralize the whole world

Michael Novogratz, the founder and Chief Executive Officer of Galaxy Digital recently spoke about decentralization, privacy and AI technology in a podcast interview with Laura Shin.
The CEO, while discussing the concept of decentralization and its importance said:
“I don’t think we’re going to decentralize the whole world. I really don’t. I think there are parts of the world where decentralization makes sense, for peer to peer you know relationship makes a lot of sense.” 
Novogratz further pointed out that the reason for this opinion is his major concern about privacy. He spoke about Artificial Intelligence [AI] and how the absence of it 10 years ago was beneficial in maintaining the required privacy. However, he also appreciated and acknowledged the progress AI has made since last few years and “what it’s going to do in the next 10 years is staggering.”
The CEO related his concerns about privacy to the availability of his DNA to trace him and his life belonging with the various companies. He said:
 “And now my DNA is on somebody’s database with my name on it, and everything else. And if you look at how much hacking is going on, on the internet, that doesn’t make you feel so good. And they’ve already sold that DNA to some research companies”. 
Novogratz explained the progress in AI technology, by giving an example of how an embryo before even it is developed can give information about eye color, and height. Most importantly, AI can facilitate heightened IQ within the fetal stage which was impossible once but possible now, he said. Similarly, he added, it is possible for any company to gather all the data about an individual and to use it for the sake of business or anything else. He went on to say:
“And so having some firewall between our personal data and these big silos that can use it for good or bad reason, to me is wildly essentially what gets me the most excited about putting so much my energy into the space.”
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Source: AMB Crypto

Ripple’s xRapid can’t be used by Coinone’s Cross due to government guidelines; XRP community suggests alternative

Coinone exchange’s Cross, officially confirmed that it is not using xRapid due to regulatory obligations that have to be met for using cryptocurrency-based [XRP] services.
Coinone is a South Korea-based cryptocurrency exchange which launched ‘Cross’ – a remittance app utilizing Ripple’s services to facilitate speedy cross-border payments on December 10, 2018.
When asked if Cross was open to using Ripple’s xRapid, Cross replied to a Twitter user named ‘XRP Veteran‘:
“Hello overseas remittance is cross Our service is not used in the remittance business according to the Government guidelines of the Republic of Korea. The Xrapid solution is not available at this time because it is based on a cryptocurrency XRP transfer, unlike the Xcurrent solutions used by cross.”
To a subsequent question, Cross replied that if the cryptocurrency regulation was removed then they would be open about looking into xRapid solutions.
Thailand’s Siam Commercial Bank became the first financial industry on RippleNet to pioneer a key feature called, ‘multi-hop’. The multi-hop feature eliminates the need to have a bilateral relationship between financial institutions to settle payments.
Since XRP is explicitly legalized and endorsed as per Ripple’s CEO Brad Garlinghouse, Coinone could still use the multi-hop feature and connect to its already existing partner, SCB, without actually using XRP.
Dr. T, a prominent individual in the XRP community also suggested the same in his tweet. He said:
“I guess since they explicitly said they can use xCurrent, David’s idea of xRapid transaction happening in the outer flow of a multihop payment seems like only alternatively. They have SCB connection, and that makes things possible as Thailand has legalized XRP for banking use too”
As per Dr. T, David Schwartz, the CTO of Ripple explained on Discord about the multi-hop feature for payment settlements without having to bear the burden the regulations.

Although Coinone has officially and explicitly announced that they can’t use xRapid due to regulatory concerns, the XRP community explains another way to use the xRapid solution.
XRP Research Centre, a Twitter user replied to Dr. T saying:
“Yeah that’s genius. Thanks for helping me to understand this back then. I think there will be a couple of key jurisdictions in the future that will be the chosen hubs for xRapid liquidity.
My take: -Thailand.-Japan. -Malaysia. -Luxembourg. -Malta. -Brazil. -Hope USA.”
Dr. T replied:
“Thank you for your analysis. Which one of these are you thinking is critical?
I also think Korea will legalize digital asset use in the future. The countries that concern me however are China and India.”
CryptpHeimdall, another Twitter user commented:
“Or don’t put your hopes up too much. xCurrent serves them just fine in this case.”
To this, Twitter user Zerp_Hound replied:
“xRapid is still the end game. The only thing slowing it down is regulatory clarity for crypto and global liquidity for #XRP.
Both of these take time but we are moving closer to achieving both of those everyday.”
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Source: AMB Crypto

Ripple, XRP could trigger the bull run of 2019 and overtake Bitcoin [BTC]

XRP has been dormant for a very long time and as the end of 2018 approaches, much-needed news about Ripple’s partnerships with major financial institutions have started erupting in the crypto-space.
In addition to the above, XRP and cryptocurrencies are being backed by major players in the financial industries, like the managing director and the chairwoman of the International Monetary Fund [IMF], Christine Lagarde, which is a telltale of massive adoption of cryptocurrencies in real-world.
Ripple’s Partnerships
Ripple made massive partnerships with major banks and financial institutions around the world, like Israel’s GMT, Turkey’s Akbank, MoneyGram, AmericanExpress, CIBC, Earthport, and many more who have the access to use Ripple’s blockchain technology for cross-border payments and more.
Akbank announced that it was using Ripple’s blockchain technology [Ripple Net] to transfer the GBP to U.K.’s Santander, another financial services company. This announcement doesn’t clarify that it is not using XRP as bridge currency, but it doesn’t mention that it isn’t either.
Moreover, Brad Garlinghouse, the CEO of Ripple, words did come true, but partially because he had said that at least one bank using Ripple’s ‘xRapid’ by the end of the year 2018.
More specifically he stated:
“I have publicly said we expect this year for at least one bank to use XRP in their payment flows to use xRapid.”
With only 14 days remaining for 2018 to come to an end, it feels like this what Brad Garlinghouse was talking about.
Apart from the above, there have been rumors in the XRP community that The World Bank could be in close cahoots with Ripple, which sounds too good to be true.
However, there is a definitive proof that The World Bank is considering using cryptocurrencies as per the study by Dr. Ramanathan Somasundaram and SM Quamrul Hasan, who are both researchers specializing in government procurement, proposes the development of a blockchain network to boost efficiency across government procurement systems worldwide.
Christine Lagarde, the chairwoman of IMF said that “Money itself is changing” referring to cryptocurrency revolution that is incoming. Brad Garlinghouse retweeted with a comment saying:
“@Lagarde is absolutely correct: Money itself IS changing. Digital assets not only help to solve the financial inclusion problem, but also the very real issue of a fractured global payments system – it just makes sense that Central Banks would lean in.”
With the current banking and the financial system, the transfer of money between countries takes a lot of time and has huge fees, that’s where Ripple comes into play with XRP as a bridge currency.
A Twitter user ‘XRP Veteran’ tweeted out an infographic representing the how XRP acts a bridge currency between different world currencies. Fiat currencies have a web of interconnected and inefficient ways to convert currencies, which is subject to liquidity
Source: Twitter @XRP VETERAN
Using XRP as a bridge currency helps accomplish cross-border payments in a maximum time of 3 to 4 seconds and unlike traditional banks, XRP and Ripple’s technology can be used 24 x 7 x 365.
By using Ripple’s xRapid there is a massive reduction in Nostro accounts, which are tedious and expensive, but with XRP, Nostro accounts will be eliminated altogether as banks only need hold the bridge currency which is XRP.
In comparison with other cryptocurrencies, Ripple and XRP make the transfer between any currency, any asset and any commodity possible.
With all these partnerships Ripple and XRP, in a tag-team plan to take on the remittance and the cross-border payment industry which is worth $155 trillion in total, as mentioned by Navin Gupta.
He stated:
“Ripple is not an ordinary company… We are here to make a dent in the universe… And that’s the reason six years ago we were born with the mission of moving money like information moves today.”
He said cross-border remittances is a $155 trillion problem and that they would solve that problem first, make a difference to everyone in that industry and then move to next industry.
XRP spreads its reach
Coinbase recently announced that it is adding more than 30 assets to its trading list and XRP was one among them. Coinbase has always been known for scrutinizing an asset thoroughly before adding it to their trading lists.
Since that has been thrown out of the window, the cryptocurrency community speculates that it could be due to the bear market wiping off more than 80% of Coinbase’s trading volume since its all-time high in 2018, which was reported by diar, in a research.
Furthermore, the community speculates that adding XRP to Coinbase could somehow aid and recover the lost trading volume.
Binance’s CEO, CZ also voiced his opinion regarding Coinbase on a Tweet by Joseph Young.

Moreover, TD Ameritrade, a 40-year-old brokerage firm stated in a tweet that it is planning to explore addition if XRP.
The tweeted stated:
“Glad you’re enjoying our content! We’re still exploring the #XRP space – stay tuned for more information. Our team is working hard to make things like this happen.”
Leading travel we]ebsite ‘Travela’ with more than 500,000 properties in over 200 countries has announced that users could book hotels in those properties using Ripple’s XRP.
XRP and Ripple enthusiast ‘XRP Vibe motivation’ tweeted out a map that shows a map of all the partners that are currently using Ripple’s blockchain services and exchanges that have listed XRP for trading. This could signify the reach of XRP and Ripple’s empire.

XRP’s market cap FUD
There was a huge commotion in the XRP community recently regarding the correct market cap of XRP. CoinMarketCap [CMC] not considering the XRPs in the escrow escalated due to the chief marketing officer of Ripple’s Cory Johnson, tweet.

To the commotion CMC replied:
“Hello, to help us process this request, we kindly ask that you have a member of an official team submit a supply update request here: and select “I want to update information on an existing cryptocurrency or exchange”. Thank you for your understanding.”
With aggressive adoption and partnership amongst Ripple and other financial institutions if and when these banks go live and start using xRapid, XRP prices will definitely soar higher leading the next bull run.
This bull run in combination with the correct market cap of XRP could be how XRP becomes the first largest cryptocurrency in the world overtaking Bitcoin [BTC].
The post Ripple, XRP could trigger the bull run of 2019 and overtake Bitcoin [BTC] appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Development Not Controlled by Anyone Says Crypto Veteran

No one controls the focal point for Bitcoin development, said Jameson Lopp in his latest blogpost.
The Bitcoin veteran, who has been a crucial part of crypto developments since the beginning, opened recently about how developers run the world’s biggest decentralized financial network without fragiling it. He also attempted to answer individuals and groups that criticize bitcoin core, a large group of software veterans, programmers and even newbies, for controlling the network’s present and future developments by taking unilateral decisions.
How Bitcoin Development Works
The central point throughout the Lopp’s post remained how Bitcoin Core reaches a consensus whether or not it would merge new code proposals into their GitHub repository. Lopp explained that while the core has “maintainer” accounts that have the ability to merge code into the master branch, their duty is more janitorial than authoritative. That said, the core picks maintainer for their provable contributions over a period of time.
Each maintainer holds a unique PGP key and only these encrypted jargons could commit merge codes to the current framework, he added. A malicious actor, in this case, could still use its administrative privileges to inject code into the GitHub repository without maintainer’s consent – through a Pull Request feature.
“While these keys are tied to known identities, it’s still not safe to assume that it will always be the case — a key could be compromised and we wouldn’t know unless the original key owner notified the other maintainers,” Lopp wrote. “As such, the commit keys do not provide perfect security either, they just make it more difficult for an attacker to inject arbitrary code.”
The code that has been verified using the PGP keys into the Bitcoin mainframe is prone to auditing. Developers, for instance, can run an integrity check, dubbed as verify-commits, on their machines.
“If the script completes successfully, it tells us that every line of code that has been changed since that point has passed through the Bitcoin Core development process and been “signed off” by someone with a maintainer key,” Lopp asserted.
Nevertheless, the cypherpunk recognized that the solution was not entirely a cure but a strong prevention tactic to keep the villains out of the core.
“Constant Vigilance,” he recommended while hoping that more developers reviewing bitcoin code could ensure its growth as any other open source project.
Testing Code Coverage
Bitcoin Core includes a specific integration test suite that runs against every pull request, coupled with an extended test suite that runs every night on master. Available to every developer on GitHub, the code, according to Lopp, can be tested openly by cloning the core’s GitHub repository. The same code coverage, meanwhile, can also be viewed at Marco Falke’s page.
That said, each developer can purposely break the code to test whether or not it is committable to the original framework.
“Ultimately, each node operator governs themselves by ensuring that no one else on the network is breaking the rules to which they agree,” said Lopp. “This security model is the foundation for Bitcoin’s bottom-up governance.”
The post Bitcoin Development Not Controlled by Anyone Says Crypto Veteran appeared first on NewsBTC.
Source: New

Ripple’s blockchain technology to be used to transfer GBP to UK’s Santander Bank from Turkey

Akbank, a Turkish bank, has announced that it is using Ripple’s blockchain technology to transfer Great Britain Pound [GBP] to UK’s Santander Bank from Turkey.
As the most devastating bear year approaches the end, some good news comes afloat as Olga Ulutaş, Executive Vice-President in charge of Direct Banking made his satisfaction of becoming the first bank to use Ripple’s blockchain technology for cross-border payments clear.
Referring to the announcement made last year about adopting Ripple’s blockchain technology, Ulutaş said that they’ve started international money transfer using blockchain technology. He continued:
“Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with different banks.”
GMT Israel’s largest and leading financial services company announced in their blog that they are authorized in using Ripple’s blockchain technology.
The blog stated:
“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.”
Although there are no mentions about the use of xRapid to facilitate the transactions, some people in the community are speculating that it could be xCurrent and not xRapid.
Back in June, Brad Garlinghouse, the CEO of Ripple said at CBInsights that he is sure that at least one bank would use XRP. He said:
“I have publicly said we expect this year for at least one bank to use XRP in their payment flows to use xRapid”
When asked if he was sure, he replied that he was “… a 100% sure”. The community is putting two and two together and speculating that this could very well be that bank as 2018 has only 15 days left.
A Redditor mikenard77 commented:
“They are transferring GBP to Santander. This means they are using Santander as a hub, to pay out in multiple currencies with one bilateral relationship. Santander will send the needed currency to the recipient. Multihop does not require xRapid, but the most efficient multi-hop payments are done through xRapid.”
The news might also bring back the familiar “$589+ by the EoY” to life as it coincides with the well-known BearableGuy123’s riddle and Brad Garlinghouse’s comments.
The post Ripple’s blockchain technology to be used to transfer GBP to UK’s Santander Bank from Turkey appeared first on AMBCrypto.
Source: AMB Crypto

Crypto and Blockchain Smartphones Will be The Next Big Thing

This week the crypto-sphere has been awash with talk about Samsung and its next generation flagship phone coming loaded with crypto goodies. While the company itself has dismissed the story according to reports, rivals are shipping out products that will no doubt keep Samsung on its toes.
Samsung Rumors Aplenty
The hype was instigated by a Samsung community website which ran a story on crypto cold storage functionality being included on the Galaxy S10. According to SamMobile which ran an exclusive a few days ago;
“After hearing about the trademarks for Samsung’s blockchain and cryptocurrency software, we decided to dig around a little deeper. We can confirm that the company is indeed developing one and that it may be launched with the Galaxy S10.”
The story went on to tout a number of features such as a cold wallet for storing crypto, signing of public and private keys, and a wallet for transfers and viewing transaction history. The story was syndicated across the crypto media web building a level of hype akin to that when Facebook was rumored to be delving into digital coins. Even crypto warlord John McAfee commented;
“Has Samsung ever made a strategic miscalculation? I think not. Crypto is not just here to stay. It is taking over. Listen market — you damn well better keep up.”
Contrary reports on Cointelegraph claimed that Samsung has refuted the story labeling it as ‘speculation’. “Unfortunately we are unable to provide any information as the below is rumor and speculation,” the South Korean tech giant reportedly said.
The fact is that Samsung has filed for several blockchain and crypto related patents including those regarding storage and cold wallets, so putting two and two together SamMobile garnered a lot of traffic for itself.
The company is remaining tight lipped but the launch of a blockchain powered smartphone with cryptocurrency transaction capabilities is only a matter of time. The two technologies go hand in hand – making micro-payments instantly while on the move would be better with a dedicated smartphone than a clunky laptop.
Rival phone maker HTC is already on the ball with the launch of its Exodus 1 blockchain phone this week. Reviews are already hitting the web and it was announced that the device would come preloaded with the Brave decentralized browser that is powered by the BAT token which has recently been listed on Coinbase Pro.
From a hardware perspective the device is very similar to those from rivals, but it functions as a node on HTC’s own blockchain to enable the running of dApps and allow fee free cryptocurrency transactions.  The Exodus 1 also comes pre-loaded with a raft of security features and crypto storage facilities.
It is without a doubt that Samsung are working on something similar even if they are being coy about it right now. While these crypto-phones may just be something out of a cypherpunk’s dream, they are the pioneers today of what is likely to be commonplace in the not too distant future.
Image from Shutterstock
The post Crypto and Blockchain Smartphones Will be The Next Big Thing appeared first on NewsBTC.
Source: New