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One or two days might be quicker than the SWIFT system but this has already been superseded by the Global Payments Initiative (GPI) in 2017.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.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Samsung Just Added Bitcoin Support To Its Blockchain Keystore
Regulation2 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Blockchain News4 days ago
BitMEX Loses The Leading Position To Emerging Competition
Bitcoin News4 days ago
Dallas Mavericks Is The Second NBA Team To Accept Bitcoin
Bitcoin Scams3 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Bitcoin News4 days ago
Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins
Bitcoin News1 day ago
Bitcoin Price Hesitates But Further Recovery Is Likely
Altcoin News4 days ago
Coinbase Ditched Zcash And Here’s The Real Reason Why