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SBI Holdings: Ripple and R3 to revolutionise financial operations
SBI Holdings: Ripple and R3 to revolutionise financial operations

SBI Holdings, the Japanese financial giants, said that Ripple and R3 Corda are going to leverage the XRP token to revolutionize financial operations. SBI CEO Yoshitaka Kitao said the following regarding the potential impact that Ripple and R3 can have on the future of international payments:“Swift has run out of options, Swift has given up on what they can do internally….We have to have a global standard, if you use Corda’s settler, with XRP embedded in it, so that’s good for Ripple, for Corda r3, it’s a win-win, and we (SBI) are the largest shareholders of both.”R3 recently announced the “Corda Settler”, which settles transactions between crypto and traditional assets using the blockchain technology. The protocol is using XRP as its first crypto payment rail.As reported by FXStreet, SBI Holdings are the largest outside shareholders in R3 and had earlier entered into a joint venture with them this Wednesday. The joint venture will carry out the following activities:Ripple chart on February 1: XPR/USD goes from hero to zeroThere is calm after the storm on the cryptocurrency market. The unexpected storm saw cryptocurrencies the market returned in the red after a week of recording formidable gains. Ripple, for instance, had corrected upwards and tested the resistance at $0.35 twice. However, the bearish pressure cut short the recovery leading to a slide past several support levels at $0.33, $0.32 and $0.30 before finding balance at the low formed at $0.2982.While there has been a reversal above $0.30, XRP/USD upside has been capped around $0.3050. The price is also trading below the hourly Simple Moving Averages (SMA); the 50-day SMA and the 100-day SMA at $0.3221.The bulls are slowly gaining traction against the sellers with Ripple trending 1.19% higher on Monday. The hourly Relative Strength Index (RSI) at 37.837 up from the level around 24.00. Besides, the slow stochastic has also changed direction upwards from levels of 5.88 to the current at 55.88. Ripple is inclined to make movements to the north as along the price can break above the immediate resistance at $0.3050 in the short-term. If that is not possible, expect sideways trading to prevail in the coming sessions along the day.Alastair Constance – CEO of Mercury FX, partner of the blockchain tech oriented company Ripple, noted out that the firm is setting plans in-motion to power payments faster using XRP‘s xRapid platform from UK to the Middle East and Canada.Mercury FX provides currency exchange in a global scale that has partnered with the team behind the third largest cryptocurrency by market capitalization to find use of their cross-border money remittance solutions for cheaper and faster transfers.“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now…It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”Constance believes that xRapid could be the nearest to experiencing mainstream adoption of blockchain technology as users will see the benefits of this era-changing tech first hand as trx could take only seconds compared to the present used services of days:“I think from a customer point of view, you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is. I don’t understand how a car works, but if it parks for me that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time and they’re paying a lot less, if anything, for it. And I think that’s the key.So when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favor of a Ripple payment over xRapid, perhaps over Swift, the numbers are actually quite eye-watering.”The head of Compliance and Operations at Euro Exim Bank, Graham Bright, told the audience at the Ripple Regional event in London that their biggest challenge was to make sure their customers got fast, reliable, trusted and secure service. He also explained why they chose xRapid.We need our clients to be able to pay us in their local currency. It is very difficult for them to get a hold of dollars in some of the jurisdictions which we operate. So we need to make it easy to move funds as easily…and cost effectively as possible.Big data analyst and Forbes contributor Thomas Silkjær is dissecting the XRP Ledger to uncover new details on what’s happening behind-the-scenes.By applying Google’s PageRank algorithm, which is traditionally used to rank websites by popularity, Silkjær has created a look at what he calls the “most important” XRP accounts in 2016, 2017 and 2018. The list shows the rapid rise of the powerhouse crypto exchange Binance. XRP addresses owned by the exchange first appeared in 2017 and soared to the top of the list in 2018.Using Google’s BigQuery, which is designed to analyze massively large sets of data, Silkjær has also created a number of artistic outlines of the XRP Ledger, including this chart that highlights the most active addresses.Silkjær has also uncovered some of the biggest XRP scams on Twitter.Thieves are notorious for creating profiles on the social media platform that imitate leading figures in the world of cryptocurrency, and pretending to give away Ethereum and other coins. The cyber thieves tell unsuspecting victims to send them a small amount of crypto and promise to send a larger amount in return, which never happens.By following the trail, Silkjær tracked where the stolen XRP went and identified which crypto exchanges the thieves used to cash out.Of the ~200K XRP that has been sent to the giveaway scams, I have been able to follow 150K directly to exchanges where they have either been cashed out or traded further.According to Silkjær, 13,000 XRP ended up on Binance, 25,000 XRP landed on Kraken, 21,000 XRP went to Cryptonator and 83,000 XRP made its way to ALFAcashier.

cryptoDATA 01 Feb 2019 cryptoTIME 5 min read
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