In the latest blockchain news, we have Moneynetint, which is a UK-based provider of foreign exchange services joining Ripple’s enterprise blockchain solution, RippleNet. The recent addition to the RippleNet blockchain has been officially unveiled this Tuesday.
The payments platform provides cross-border money transfers as well as currency exchange services. It recently announced that it has completed the integration phase with Ripple and now has fully deployed the blockchain solution with payments received from RippleNet members in other locations.
Meanwhile, the RippleNet blockchain network now has over 100 members including banks, payment providers and remittance operators around the world – mostly because of its ability to facilitate payouts in Israel’s fiat currency.
According to the director of account management at Ripple, Nadeem Ladki:
“Their ability to now facilitate payouts in Israeli New Shekel – in addition to Euros – on behalf of other RippleNet members is another big step in expanding the overall network. By leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
As such, RippleNet is a flagship product that enables near-instant money transfers with on-demand liquidity and end-to-end tracking and transparency on a blockchain. According to many experts, it provides a better advantage than the traditional payment rails (SWIFT) used by the global banking systems, which often take several days to settle a transfer at a higher cost mostly due to the multiple participants in a transaction.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch
“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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