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Ripple Now Lets Customers of Major Crypto Exchange Instantly Deposit USD

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  • Alex Dovbnya
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    Bitstamp customers can now fund their accounts with USD in no time because of a new Ripple ODL corridor opened by FlashFX

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The users of Bitstamp, one of the biggest cryptocurrency exchanges, are now able to instantaneously fund their accounts with the US Dollar. This became possible after Australia-based FlashFX opened a new Ripple On-Demand Liquidity (ODL) corridor.

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Ripple Unlocks $225 Mln Worth of XRP, Crypto Community Fears Another Price Drop

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New corridors, new adoption milestones

As reported by U.Today, Ripple surpassed 300 customers back in November, which made 2019 the company's strongest year to date. As of now, two dozen companies rely on Ripple's ODL solution for cross-border payments. Their customers include FlashFX, goLance, Viamericas, and major money transfer company MoneyGram.       

"As one of the earliest adopters of Ripple’s On-Demand Liquidity, we’ve seen the benefits firsthand of the product and its potential to not only dramatically improve cross border payments for customers, but to also impact our bottom line," said Nicolas Steiger, CEO of FlashFX.

Recently, the blockchain behemoth finalized its $50 mln investment in MoneyGram to release new payment corridors in Europe and Australia. The deal stipulates that XRP must be used as a bridge currency, which is supposed to propel the token's adoption. 

On Nov. 23, XRP's daily transaction volume reached a new all-time high, surpassing the 4 mln mark for the first time.

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Ripple’s ODL and XRP are Tools for Making Better Remittance System: Weiss Ratings

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Better than SWIFT

In its new post, FlashFX states that Bitstamp users no longer have to wait days for a SWIFT transfer to be completed. As reported by U.Today, Ripple CEO Brad Garlinghouse claimed that XRP was a better alternative to SWIFT payments. 

While the XRP token remains volatile, Ripple can process transactions so fast that its customers are unlikely to be affected by any significant price drop. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Are Ripple and XRP Getting Ready to Replace SWIFT?

Are Ripple and XRP Getting Ready to Replace SWIFT?

Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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