TronWeekly

Crypto World News

You are here: Home / Archives for Ripple Partners

Ripple Partners

Here’s how Ripple’s Partner rattled SEC with its big move

by

Ripple has had a busy few weeks, both in terms of business and legal disputes with the US Securities and Exchange Commission. The trial judge’s decision to allow Ripple’s partners to voice their opinions in court was only made public yesterday, and today Filipino I-Remit formally sent an extended amicus brief.

The new edition is a revised version of a stunning brief that the corporation released in late September. It details how the Filipino payments company employs Ripple technologies, such as RippleNet and ODL, and illustrates why XRP is not a security, contrary to what the American regulator alleges. I-assertions Remit’s in the submitted amicus brief regarding the SEC’s capacity to comprehend the cryptocurrency industry are of special significance. The former director of developers at Ripple, Matt Hamilton, commented on the I-Remit filed brief and noted that one fascinating result of these declarations is that they demonstrate the actual use of XRP by such businesses.

Ripple continues to build global relationships

Both the litigation and the market downturn have not prevented Ripple from consistently expanding. The network continued to expand, and its on-demand liquidity (ODL) was consistently shown to be thriving. The network has now opted to collaborate with two significant platforms in Sweden and France in an effort to increase its ODL business and European presence.

Crypto platforms have had their eyes on numerous European countries over the past few months. France has frequently been a popular option for exchanges. The XRP-firm collaborated with Lemonway, a payment business based in Paris, to introduce ODL services in France.

Jeremy Ricordeau, the Chief Operating Officer of Lemonway, remarked that the ODL solution from Ripple offers payment flexibility. He emphasized the network’s negation techniques and said,

“The traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest into our business while enhancing our customer offering.”

The SEC-troubled firm was launching its ODL service in additional countries along with France. With the help of the well-known Swedish money transfer company Xbaht, the network took a turn in Sweden. It should be highlighted that this platform facilitates the transfer of funds between Thailand and Sweden.

As a result of its most recent relationship with Ripple, Xbaht will provide “instant and cost-effective” retail remittances through ODL with Tranglo, the cross-border payment hub located in Singapore.

Ripple-Santander based One Pay FX payments app expands to 19 more countries

by

Improving cross-border payments and remittances is one of the key objectives of the long-term expansion of Ripple. Major collaborations with organizations such as Moneygram and SBI Remit have been significant developments in the right direction. Now, according to Ripple, the Spanish multinational banking firm Banco Santander has introduced the expansion of its One Pay FX international payment systems to 19 other countries, including the United States, Chile and Portugal.

Initially launched in 2018, One Pay FX was developed in partnership with Ripple, which caters for and facilitates instant international transactions. With the above developments, Santander reported that it would improve its Ripple-powered payments.

Surprisingly, Metzger mentioned that the move towards a partnership with Ripple had proliferated after receiving constructive feedback from the customer.

Ed Metzger said,

“We want to be at the forefront of the merging of finance and technology but our innovation is always customer-led. Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper, and more transparent.”

The CTO added that the customer of the organization raised concerns about the amount of the fee paid to the recipient and the lack of clarity regarding the exchange rate. In addition, transparency was another issue that Metzger believed was not exactly a solution to the conundrum.

The fact that customers were aware of Ripple ‘s functionality potentially indicates that its expansion has slowly attracted considerable interest from various users.

Previously, Santander launched the Ripple One Pay FX application in the United Kingdom, Poland, Brazil and Spain. Now, Ripple is mostly linked and bundled with the XRP utility, but the market is slowly gaining traction towards decentralized payment settlement solutions. XRP is currently ranked 4th in the cryptocurrency ranking, behind the likes of Bitcoin, Ethereum and Tether.

Ripple Partner SBI and Japan’s SMFG to Team Up in a Bid to Cater to Millennials

by

The Asian market has switched very quickly to the cryptocurrency industry, even exceeding the expectations set by the West. China and Japan have taken significant steps to boost their native fintech ecosystems.

The latest reports from Japan claimed that SBI Holdings, one of the country’s largest banking conglomerates, was getting ready to partner with Sumitomo Mitsui Financial Group [SMFG], the nation’s second-largest bank. The two entities will pool their resources to be the leading financial technology leader.

SBI’s push into the digital asset industry first came to light when it revealed its tie-up with Ripple based in San Francisco. The Ripple Partnership has elevated SBI’s status from being a national bank to a global baking network. SBI and SMFG stated that the new team would seek to create financial products and services that serve millennials much better than existing models.

SMFG is expected to acquire a significant stake in the SBI mobile brokerage unit called NeoModbile Securities. The 20% stake, worth billions of yen, would be the starting point for creating a new and improved banking ecosystem for the younger generation.

Aside from the acquisition, SMFG also plans to deposit a large chunk of capital into a 100 billion yen fund set up by SBI. Once the fund repository reaches an acceptable level, SBI will use the money to invest in blossoming fintech companies. The announcement even caught the eye of Nikkei Asian Review, that said in its latest publication:

“The two groups plan to offer a range of products, including mutual funds and insurance policies.SBI’s planned 100 billion yen investment fund that is to be set up with SMFG will focus on investments in companies that work with digital technology, including fintech, blockchain and 5G wireless networks. SMFG and SBI plan to accelerate their digital business strategies through collaborative efforts with investee companies.”

SMFG is not the first financial institution that SBI has partnered with, as it comes on the back of other tie-ups with lenders such as Shimane Bank, Fukushima Bank and Chikuho Bank. Japan’s focus on growing its native ecosystems was put on show with the partnership as the two companies pledged to support other regional banks and financial institutions.

Although Ripple was not mentioned during the partnership, it was easy to see how the news would be positive for the Brad Garlinghouse led organization. SBI CEO Yoshitaka Kitao is a member of the Ripple board of directors and is known to be a big supporter of its native cryptocurrency XRP as well. SBI’s foray into crypto was solidified last year when SBI Mining Chip, an SBI subsidiary started manufacturing cryptocurrency mining equipment for large scale use.

Ripple Partner MoneyGram Joins Forces With Visa for FastSend launch

by

Cross border transactions have become the norm with several mainstream companies taking the route. Ripple has been one of the several companies taking an initiative from the cryptocurrency sphere and that has shown with the partnerships.

Just recently, one of Ripple’s major partners, MoneyGram, announced a new service that is not using Ripple’s technology, but rather that of its rival, Visa

MoneyGram claimed that FastSend was developed keeping in mind the quick and easy access that people need to money. The service will enable users to send money to a phone number in real time using their particular website or mobile app. Since investing $50 million in the remittance company, Ripple owns 10 percent of MoneyGram.

During the launch, Kamila Chytil, the Chief Operating Officer [COO] of MoneyGram stated:

“Today, MoneyGram is utilizing Ripple’s On Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. It’s a back-end treasury function that’s not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.”

The service is intended to be cheap to ensure everyone uses it. The cost of individual transactions will be $1.99 with the cap limit set at $10,000. FastSend will be supported by Visa Direct rails with the market expecting that it will draw customers into the market. This can probably result in more people learning about Ripple and the cryptocurrency cross border transaction department.

Alex Holmes, the CEO of MoneyGram stated that users will be able to send money as easily as sending a text. Chytil added that the company will use direct original credit transaction to send funds. This mode of transfer will not use Distributed Ledger Technology [DLT] but will instead use open-source cloud services.

At the same time, Ripple uses blockchain-based products extensively to service other products as well. Officials close to the company stated that FastSend functions as a back end treasury function that is not consumer-facing. This also reduces the amount of capital that the bank needs to park around the world. Ripple saw this as the major factor in controlling the amount of liquidity in the market.

Liquidity is seen as the main problem that a lot of banks seems to face With XRP and the company’s proprietary technology, Ripple plans to rid the issue of circulating currency. Once the liquidity for trading increases, the remaining capital can be used for other purposes such as margin trading. According to MoneyGram, the latest feature will utilize the blockchain to change the financial world.

Alex Holmes led the company aims to increase blockchain adoption among financial institutions and believes that it will come to fruition soon. Ripple’s influence had also penetrated into the Asian market recently. The popular Bangladeshi organization Bank of Asia had just announced that they had joined the RippleNet.

The news about Bank of Asia was first discovered by a Twitter user who had noticed the bank’s logo on a Ripple document. The bank now joins the likes of Santander, American Express, Send Friend and Standard Chartered.