Ripple is under threat after the payment processor giant Visa launched a blockchain-based solution for cross-border payments for financial institutions. Ripple feels that in the increasingly crowded marketplace, it could easily be overthrown by Visa and we read in the latest cryptocurrency news why.
Visa announced the launch of the business-to-business platform just a day ago, aiming to enhance the efficiency of cross-border transactions for financial institutions around the world. Traditionally, the smaller financial institutions have had to rely on larger banks and their intermediate services causing high fees and delays for days.
The B2B Connect blockchain platform is built on the Hyperledger Fabric blockchain software from Linux and IBM. The company developed a blockchain-based platform in order to increase and improve transparency and traceability however the platform is not decentralized. The blockchain platform facilitates direct bank connections with upfront shown payment fees. It now has about 30 payment corridors but aims to increase up to 90 by the end of this year. Visa explained that the B2B Connect transactions will settle quicker in a few days.
One or two days might be quicker than the SWIFT system but this has already been superseded by the Global Payments Initiative (GPI) in 2017. This system can process the majority of payments in less than 24 hours. The SWIFT is also looking to improve with blockchain technology announcing a potential partnership with Ripple’s competitor R3 back in January this year.
Of course, the crypto community and Ripple supporters believe that Ripple is under threat because of these major institutions but despite it all, it should feel proud and pleased with itself. As explained previously in the altcoin news, Ripple has likely little to fear from these huge names in the industry in terms of speed. The SWIFT system also showed an unbelievable 6% failure rate which was one of the strategies that kept Ripple going.
Visa’s popular brand could, of course, be a deciding and key factor in this game. However, based on previous experience, Visa may make the process much more efficient if it manages to stay satisfied with its current success and doesn’t become too greedy and blow it up very soon.
Gold-Backed Russian Crypto Could Crush The USD Standard
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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