Ripple’s xRapid Payment Platform Goes Live

Ripple’s xRapid Payment Platform Goes Live
October 4, 2018

There is hardly any movement in the crypto market at the moment and Bitcoin (BTC) remains anchored at $6,500 levels, with the other altcoins moving in a narrow range. It seems the market is expecting big news (maybe approval for Bitcoin ETF, etc.). However, RippleNet, which offers blockchain powered real-time gross settlement system for banks, has unveiled its xRapid platform on a commercial basis. xRapid facilitates completion of cross-border payments in a matter of minutes rather than 2-3 days. The platform also avoids the need for banks to maintain a pre-funded nostro account. Payment processors such as MercuryFX and Cuallix have already provided positive reviews of the platform by saying that they were able to save between 40% and 70% on costs.

 

Government level developments

British Finance Minister, Philip Hammond, has opined that the problem of goods movement across the Irish border, after Great Britain moves out of the European Union (EU) in March, might be resolved by implementing blockchain technology. While talking to the press at the Tory party meeting in Birmingham, Hammond reportedly stressed that “there is technology becoming available […] I don’t claim to be an expert on it, but the most obvious technology is blockchain,” when asked how the UK government aims to realize smooth trade after Brexit. Both the United Kingdom (UK) and the EU have agreed to leave the border between the Northern Ireland and Republic of Ireland open. However, a workable solution is yet to be reached. The implementation of blockchain could resolve the Irish border problem, as the tamper-proof technology permits products’ movement to be recorded transparently.

In Ukraine, a legislator has suggested parliament consider waiving taxes on cryptocurrencies up to 2030. In this regard, the lawmaker, identified as Yuriy Derevyanko, a member of the anti-corruption Movement of New Forces established in 2017 by ex-Georgian politician Mikheil Saakashvili, tabled his version of the proposed law at the conciliation board of The Verkhovna Rada of Ukraine, the country’s parliament. Commenting on the effort, Derevyanko said: “The bill provides tax exemptions for all the participants of the crypto market up to the 31st of December 2029.”

 

Private sector initiatives

The US-based retail brokerage firm, TD Ameritrade, which currently serves about 11 million clients, is funding the formation of a new crypto exchange -ErisX. Other prominent firms, who are funding the venture, include DRW Holdings and Virtu Financial. These two firms have also agreed to act as market makers for ErisX. ErisX is a revamped version of Eris Exchange, which was launched in 2010. The exchange was initially operating in the traditional futures market. The exchange is anticipated to list both cryptocurrencies and futures contracts in 2019. Initially, investors will be allowed to trade in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).

The Italian Banking Association (ABI), which comprises 14 major Italian banks, has announced the successful completion of the first phase of testing the blockchain-based interbank system. The consortium is planning to enhance inter-banking operations. Furthermore, the association aims to decrease the transaction processing time, improve transparency and facilitate validation and exchange of information directly within the system. As of now, the consortium has completed 1.2 million transactions on the blockchain, which consists of 14 nodes shared among the banks. The banks are now planning to apply the blockchain-based application for storing data pertaining to daily operations.

The Enterprise Ethereum Alliance (EEA) and Hyperledger have joined as “Associate Members” in each other’s organizations to fuel enterprise blockchain adoption. The EEA, an enterprise blockchain organization, established in March 2017 by JP Morgan, Santander, and several other members, is focused on enhancing the scalability, privacy, and security of Ethereum (ETH) blockchain applications. Hyperledger’s Fabric technology has already been implemented in several industrial sectors. Last month, the logistics firm, FedEx, joined Hyperledger, which has more than 270 members, in order to study the use of blockchain technology for logistics, supply chains, and transportation.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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