Ripple stand (and stands) this year, often in the spotlight due to a variety of reasons. On one side, scored Ripple with new partnerships and well-known name. On the other hand, there has been a storm – in particular, by the Community, and criticism for the XRP price Dumping, the worst Performance of the top 10 Coins in this year, and the massive centralization of the Token distribution.The already a long time ago with SBI initiated a partnership is now to show more income. The talk is of new partnerships. Contrary to this position, more and more competitors, such as HSBC, with its own solutions for cross-border payment traffic. Time for an Overview of the current events!
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Ripple and the partnership with SBI
The partnership Ripple with SBI is one of the successful examples of partnerships concluded by the San Francisco-based company.Now Smartereum noted that there are four new banks to enter the MoneyTap use. However, we could find no official confirmation on the side of the SBI Holding, or Ripple. The News, votes, it would be now 29 banks, the use MoneyTap.Reminder: MoneyTap is the xCurrent-powered System. It came up to 2018 on the market and in the framework of the partnership between Ripple and SBI Holdings, gave MoneyTap Ripple more ‘media presence’ coupled with the hope of XRP to give a quick upward thrust.Because of the MoneyTap App, the expectation goes hand in hand, to make the domestic payment transactions more efficient and to increase the transaction limits.
Ripple, HSBC and the XRP Killer?
After the implementation of the first block chain-based financial transaction in may, led by HSBC yesterday, its first yuan-based transaction on Voltron. Voltron is a block chain-based platform, which is based on Corda (=the open-source blockchain) of R3 (=software company), and the next Ripple or XRP-Killer could be.One thing you may forget this never: HSBC Holdings is one of the largest investment banks in the world. Like other banks, it examines the potential of the Blockchain in the Transformation of financial and banking transactions.
Voltron could be the competition of XRP
HSBC has now carried out in China in the first pilot experiment with Voltron, by a lending was carried out in the country’s Yuan currency, with the help of a letter of credit.Short excursion with a simple statement: letters of credit from the Bank issued documents that give promises to pay. Letters of credit can be issued for commercial transactions or to provision of guarantees for lenders. An issuance of a letter of credit between banks on a Blockchain would reduce the level of bureaucracy and corruption in the System.Ajay Sharma, HSBCs regional head of global trade Finance for the Asia-Pacific region said about the time frame and the progress of the implementation of the following:
We hope that we will be ‘something’ until the end of the year, but maybe only in the first quarter of next year. That is to say, that we know of Voltron, what it will cost; on this basis, many other banks just sit on the side line and watch the meeting a decision can then.
The goal of Voltron is similar to Ripple with XRP to reduce costs and increase the speed of transactions. While Ripple aims to eliminate SWIFT in the financial industry, represent independent or co-developed Blockchain platforms of banks is a big threat to the price of XRP.
Ripple criticism of XRP centralization and distribution
Last, but not least: the ongoing criticism of the XRP centralization and distribution, as well as the XRP price Dumping. Bad news are, as the Name suggests, always of a bad nature. However, what was expressed in recent days, criticism of XRP and the Ripple-CEO, Brad garlinghouse, was already more than bad news.After the Community had already started a few weeks ago a Petition for the termination of the XRP price Dumping, it went to the next round. Because with the re-release of millions of XRP the XRP price was set to remain under pressure.The criticism was so loud that Brad Garlinghouse saw himself compelled to make a Statement. In spite of all the criticism, there is nevertheless bullish forecasts about the XRP price. So a crypto analyst has bet, for example, Recently, US $ 100,000, that XRP is Bitcoin 2020 to outperform.
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