Ripple increased this Wednesday by 9 percent against the US dollar and some believe that the increase is a result of the partnership between Swift and the blockchain consortium R3. In the altcoin news below we are analyzing the price movements of XRP.
Starting the day, the XRP/USD pair was trading at 0.2934 and as the sentiment moved the market, the pair continued to increase in the next three hours reaching a high up to 0.3292. By 13:00 today, Ripple had already risen by 12.2%.
The global banking giant Swift announced that they will be integrating R3’s finance platform within their Global Payments Innovation solution (GPI) when the CEO Gottfried Leibbrandt said:
“We are announcing later today a proof-of-concept with the R3 blockchain on [a] trade where you can initiate a payment on the [trading] platform, and then it goes into GPI.’’
R3 had previously integrated Ripple Labs’ XRP token for their Corda platform and they also partnered with other banking giants such as Barclays and Royal Bank of Canada. In 2017 however, R3 took Ripple Labs into a legal fight for violating the purchase agreement of $5 billion XRP tokens. Both of the companies resolved the matter and XRP was the first integrated cryptocurrency in R3’s open-source blockchain solution.
Leibbrandt was reserved towards XRP as a global crypto payment asset saying that the banks are still hesitant to use cryptocurrencies because of their high volatility.
In the meantime, the senior market analyst at eToro Matt Greenspan expressed his bullish prediction about XRP but still staying it is a ‘’unique digital asset’’ adding:
‘’And when they knock on the door of a bank, the bank says tell us about it. They’re going to say ‘why are you holding onto a majority?’ That will be a reservation.’’
Huobi Crypto Exchange Adds Three Trading Pairs For XRP In The USA
XRP Price Jumps By 3% But The Upside Actions Seems Weak
OKCoin Exchange Invests In Crypto Custody Provider Prime Trust
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
Coinbase Expands Its Crypto Offering To 11 More Countries
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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