Ripple joins forces with Japanese bank card issuers

This news has great influence on Ripple price; XRP gained almost 12% in last 24h
27 December 2017   8598

SBI Ripple Asia, a joint venture of the Japanese financial conglomerate SBI Holdings and the Californian startup Ripple, is forming an association whose participants intend to use blockchain technology to create a single transaction register made using bank cards. This is reported by the Nikkei.

The new association will begin operating activities in January next year. It is expected that by this time about 10 issuers of bank cards will enter it, including JCB, Sumitomo Mitsui Card and Credit Saison.

The project participants count on the fact that distributed ledger technology can help reduce costs and improve the efficiency of business processes in the banking card industry as a whole. In addition, the block will be used to identify customers, combat illegal transactions, issue their own virtual currencies, etc.

This news had great impact on the Ripple price. XRP gained almost 12% in last 24h.

XRP Price Chart
XRP Price Chart

At the moment of press, these are the main Ripple market parameters:

  • Average price $1,26 
  • Market Cap $48 802 799 895
  • 24h Trading Volume $1 566 100 000

The most of the XRP is being traded at:

  1. Bithumb 32.43%
  2. Binance 8.69%
  3. Poloniex 7.82%

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   441

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.