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⭐ Features
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Crypto Alternative to PayPal? Long Road Ahead: Past ICO Review

  • Eric Eissler
    ⭐ Features

    Requesting financials...pending approval...approved!

Crypto Alternative to PayPal? Long Road Ahead: Past ICO Review
Cover image via u.today

The crypto alternative to PayPal is here, but is it ready for the long road to mass crypto adoption?

Request Network is a decentralized platform that allows anyone to request peer-to-peer payments. Its goal is to replace payment systems such as PayPal and make the most advanced payment terms available to everyone.

It also allows users to approve payment requests, which is not the case with the current payment system; the merchant charges you without the card holder’s permission.

On the road

Request Network raised $33.6 mln in three days, between Oct. 13-16, 2017. The token entered the market on Oct. 20 at $0.05 and saw a staggering 100 percent gain up to $1.07 in Jan 2018 but only came crashing down to $0.07 at the time of writing. It has a market cap of $55 mln and a CoinMarketCap rank of 152.

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ETA unknown

Request Network has released its beta invoice payment app and its online payment app, the latter allowing users to send and receive online payments in crypto for only a 0.1 percent transaction cost to the customer.

The website states that it is free but upon closer inspection, it lists the above small fee. Under development and pending a soonish release there will be an app for accounting and auditing and support for more currencies.

Further, Request Network is developing support for Bitcoin and ERC20 tokens in applications, a crowdfunding app, a payments dashboard app and more financial applications. While the roadmap is chock-full of many goals, there are no expected dates for implementation.

Team

Christophe Lassuyt, Co-founder and CFO, has much experience in the past as a CFO at other fintech and crypto companies. He is a firm believer that Blockchain will become more transparent over the next few years and what we are seeing now, is only the tip of the iceberg of what is to come.

Etienne Tatur, Co-Founder and CTO, previously worked for Moneytis, along with Lassuyt, where the goal there was to establish the cheapest way to send money cross-border without incurring so many fees that traditional fiat does. Previous to that he has worked for several other companies working in finance.

Vincent Rolland, Lead Engineer, has been working for the past 10 years as a developer. He also worked at Moneytis as lead developer.

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The crypto alternative to PayPal? Not so fast

There are many people who see Request  Network as an alternative to Paypal and other related online payments services. But in reality, PayPal works well and it's very well received by the public. Despite high transaction fees, people continue to use it because it provides a great service, without it payments would be very difficult.

Therefore, it will take a lot of time and effort to make people want a crypto version of PayPal. Further to competition to PayPal, before having a crypto alternative to PayPal, there needs to be legitimation of cryptocurrencies in general and the general public must realize that crypto can be an actual and useful alternative to fiat.

While hopes are high for success and there is a full roadmap but without target, completion dates Request Network faces many high hurdles to jump. While it would have been great to gain more insight on the challenges the company faces, Request Network was unavailable for comment. Emails were sent out and the company was given a week to respond to questions but there was no response.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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📰 News
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XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange

  • Yuri Molchan
    📰 News

    A major XRP community member shares data that XRP is generating 80% of volume on Bitso exchange that is Ripple’s partner at introducing On-Demand Liquidity in Mexico

 XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange
Cover image via www.123rf.com

After Ripple had rebranded its xRapid product as On-Demand Liquidity (ODL) and partnered with the largest Mexican exchange Bitso, the introduction of ODL in cooperation with MoneyGram starts bringing its first fruits. As part of the collaboration, Ripple has invested in Bitso and got them to add one of its top executives to the board of directors.

 

On-Demand Liquidity successfully integrated on Bitso

A member of the XRP community @XrpCenter reports that things are looking good for XRP on the largest Mexican exchange Bitso and for Ripple’s ODL product. ODL was introduced there after the crypto giant invested an undisclosed amount in the trading platform.

The chart in the tweet shows that the XRP/MXN pair now accounts for 80 percent of the overall trading volume of Bitso.

Bitso became the key partner of Ripple and MoneyGram at introducing On-Demand Liquidity to the Mexican market. So far, the implementation has been going successfully.

This has not impacted the XRP price much though, since over the last 24 hours it rose merely by 0.54 percent. Unlike it, BTC and its forks – BCH and BSV – have posted much higher gains, as reported by U.Today earlier.

XRP price
Image via Coinmarketcap

👉MUST READ

Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple releases its Q3 report

At the end of last week, Friday, Ripple issued its regular report on the results of Q3. In the document, Ripple covered several major issues, such as movements of XRP from escrow and back to it, recent Ripple’s partnerships with Logos, Algrim and other startups, Coinme crypto ATM network.

Ripple also addressed the issues of FUD (fear, uncertainty, doubt) that has been recently actively spreading around the company and its XRP asset.

Ripple Q3 report
Image via www.ripple.com

What are your thoughts on the Ripple expanding XRP use in Mexico? Share them in the comments section below!

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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