Tag: Ripple

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Santander Chairman Praises Ripple (XRP) – Powered App

Moenchengladbach,Germany, Oktober 19, 2017: Exterior view of Santander Bank building in Germany, Moenchenglabdach

It’s becoming clear in 2019 that more banks and financial institutions are implementing blockchain or at least exploring blockchain technology behind the scenes. It’s still rare, however, for many of these financial institutions to openly praise blockchain, and many in the cryptocurrency community believe that they still view the technology as more of a threat than an asset.

However, that doesn’t seem to be the case with Santander. The executive chairman of Santander has openly praised an app powered by Ripple for its efficiency. This marks a rare case where an individual in a high position at a financial institution has openly praised the potential of blockchain.

About The App

33640193 – woman using her mobile phone, city skyline night light background

The specific app that was praised is called OnePayFX, which runs on XCurrent, which is blockchain software developed by California-based blockchain startup Ripple. The praise occurred at none other than Santander’s International Banking Conference in Madrid, Spain.

The executive chairman of Santander, Ana Botin, pointed out the versatility and efficiency of the app, stating that one can “do FX transfers, real time” between various countries. She also pointed out that the bank plans to expand One Pay FX and offer more customers the ability to send money worldwide through the app.

About Competitors

For those wondering how OnePayFX stacks up against competitors – one of its main competitors is Transferwise. The company has a user base of millions, and does offer real-time settlements in the UK, but is slower when it comes to cross-border payments. In fact, the limitation is even acknowledged on its own website.

That is why Ripple has received so much attention recently, because of the fact that it can actually offer real-time payments across various countries and continents. Santander offered OnePayFX earlier last year in April 2018 – and Botin previously pointed out that the app is already handling a significant amount of its FX payments.

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Kraken Tweets At Ripple (XRP) Army Cause Controversy

There are many who have differing opinions about how influential cryptocurrency figures should speak about cryptocurrency projects. The truth is that competition is natural, and while everyone understands that it is many individuals’ job to be a proponent for a certain project, some people feel as though insulting other projects is unnecessary and unethical.

However, just like traditional business – competition is natural. While many are hoping for an overall mass adoption, there is no doubt that there are cryptocurrencies that are competing for the same users and individuals. It appears as though a cryptocurrency exchange has taken the liberty of offering their opinion on a specific project.

Kraken Speaks

Kraken is an established and well-known cryptocurrency exchange. In fact, the exchange regularly has daily volume of over $100 million USD. As of press time, the volume at Kraken over the last 24 hours was over $110 million.

The cryptocurrency exchange has taken to Twitter to address the exact semantics around “Ripple” and “XRP”. Many have questioned the exact tone of the tweet, and wonder whether it was appropriate or simply informativ.

Tweet Details/Context

In the tweet, it appears as though Kraken seeks to clarify things for the “XRP Army”, the active online community that is constantly asking exchanges and other companies to utilize XRP. The exchange pointed out that while Ripple is a payment protocol, it is not the same as XRP, which is the native currency of said protocol.

https://twitter.com/krakenfx/status/1079102466803720194

While some might consider the tweet harmless, it is important to note that there is some history here. Specifically, Jesse Powell, the CEO of Kraken, was once involved with Ripple as a director and board member of Ripple. However, he publicly disagreed with the company, and was sent a cease-and-desist order as a result, in 2014.

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Crypto Lending Coming To Australia

There have been many individuals in the cryptocurrency space that have pointed out how blockchain technology can revolutionize the global payment sector for several reasons. For example, money can be sent and settled in real-time, which means that the receiving party does not have to wait days to receive the money. In addition, the recipient can also receive more money, because cryptocurrency does not utilize the exorbitant fees that traditional financial institutions, such as banks, do.

Lending and Blockchain

It also follows naturally that blockchain could potentially revolutionize the lending sector, as well, as loans would be cheaper to issue, and blockchain might be able to offer more transparency. In addition, blockchain and its immutable nature makes it more secure, which would mean that less forgery would be possible.

One company that has championed the idea of cryptocurrency lending and has gained traction the last year is Melbourne-based Helio Lending, a company that is actually a licensed and regulated cryptocurrency lender.

Crypto As Collateral

The idea of crypto lending is unique in particular because it would allow customers to actually access fiat funds without touching their digital assets. For those who truly believe in their cryptocurrency investments, this could be extremely appealing. For example, those who have been long-term holders of Bitcoin and accumulated years ago, can leverage their Bitcoin holdings and gain access to cash. The company claims to offer 50% more spending power to customers than they would by simply holding onto their crypto assets.

Founder John O’Shea had this to say about the untapped potential of the market: “Currently there are only two or three providers globally, and we are excited to offer such an exciting service acting as a direct lender, with a quick and seamless process and exceptional customer service.”

In a separate interview, O’Shea stated: “We provide finance to both individuals and businesses through cryptocurrency asset-backed lending. This means that clients who hold Bitcoin, Ethereum, Litecoin, or Ripple can use their assets as collateral for loan financing.”

Location, Location, Location

Helio Lending is smart to be exploring the Australian market, in particular. A recent survey indicates some astonishing information about 2018 and the Australian interest in cryptocurrency. Apparently, a brokerage firm by the name of Hivex surveyed thousands of respondents and found that the number of Australians that hold cryptocurrency may have tripled in 2018, despite the bearish market. In addition, an astonishing 80% of those surveyed would be open to using crypto for daily purchases, as well.

 

Helio Lending does require a minimum borrowing amount of 1,000 Australian dollars, and it follows traditional KYC and AML procedure, as well.

 

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Coinbase Considering Adding Ripple (XRP)

During a year where many cryptocurrency investors are having their faith tested – Ripple (XRP) has stood out as a cryptocurrency project that has gained more traction than ever. Specifically, Ripplenet has recently formed a partnership with the multi-billion dollar Malaysian group CIMB. However, this isn’t the only partnership that Ripple – based in San Francisco – was able to forge this year.

Gaining Ground

Ripple also was able to announce partnerships with globally-known companies. For example, they also formed a partnership with Santander and American Express specifically for US-UK payments. A Top 10 U.S. bank, PNC, has also apparently seen the value in Ripple with regards to international payments. These moves have propelled XRP to becoming the second-largest cryptocurrency by market capitalization, moving Ethereum to third place.

There is an advantage with using XRP, and it isn’t surprising that many financial institutions are looking into partnering with Ripple. This is because XRP allows users to enact transactions in real-time, instead of through the traditional financial system, which often take days. It is easy to see how international companies would value real-time settlements regarding transactions, rather than waiting days for payments.

Ripple has even parodied the inefficiency of banks in an advertisement that many in the cryptocurrency community have praised for its humor and insight. In the commercial, a banker travels extensively, through all sorts of terrain, in order to directly deliver cash to another individual. The commercial also displayed the text: “Why is it possible to instantly send a message, but with payments, it’s sometimes faster to board a plane and fly it there yourself?”  The advertisement is titled: “Faster Cross Border Payments Shouldn’t Require A Boarding Pass” and can be seen below:

The momentum doesn’t appear to be slowing for Ripple. Coinbase, one of the most well-known and influential companies in the cryptocurrency sector, and valued in the billions – is considering adding support for a “broad range of assets” – including Ripple.

It wouldn’t be a stretch to say that Ripple would be one of the first choices for Coinbase, considering that Coinbase has added coins with a lower market capitalization, and more controversial coins, as well, such as Zcash. Time will tell whether San Francisco-based Coinbase will finally add Ripple, but it certainly appears that it could happen fairly soon.