Ripple’s XRP to Be Adopted by Largest Asian Bank

  • Yuri Molchan
    📰 News

    ⚡ 🛠A largest bank in Thailand intends to start using Ripple’s XRP with an official announcement to follow soon📣 🔜


Ripple’s XRP to Be Adopted by Largest Asian Bank
Contents

The Siam Commercial Bank (SCB), largest in Thailand, has written on its Twitter account that it plans to start utilizing XRP soon in order to improve its system of financial transactions.

Ripple’s XRP to Be Adopted by Largest Asian Bank

Ripple’s blockchain comes first

Ripple was meant to be a rival to banks in the future, however, the company sets up partnerships with banks, preferring to merge with them rather than compete openly.

The majority of Ripple’s banking partners so far are testing Ripple’s products but not using XRP.

The same thing has been recently announced by Thailand’s Siam Commercial Bank. When a Twitter user @JorgeGarciaDe16 asked them when they plan to start using XRP, the reply came that Ripple’s blockchain will be the first to adopt.

No particular date for beginning to accept XRP has been named yet but the bank promises to do that later on.

JorgeGarciaDe16

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Ripple and MoneyGram

Rumours are going along Twitter that Ripple has acquired MoneyGram payment service. The two have been collaborating since January 2018 with MoneyGram testing Ripple’s products in its operations.

The XRP community has divided – some hope that this rumour is true and an official announcement will be made later, but some are definite that this is not true.

Initially, the information about Ripple buying MoneyGram came from the @TheCryptHawk user.

However, @XrpCenter denies it stating that the above mentioned account has been connected with at least two crypto scams and must not be trusted.

Both Ripple and MoneyGram have refused to comment on the situation and recommend watching official announcements.

Cover image via u.today
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About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
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Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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