Ripple's xRapid approved by Spanish banking giant BBVA

BBVA CEO is hopeful about Ripple after the bank reported a series of tests with the platform resulted in a success
15 March 2018   351

BBVA, a behemoth in Spanish banking world reported to have successfully tested Ripple's DLT to make real money transfers. The tests concerned cross-border transactions within the territories of Europe and South America. These areas were carefully selected as BBVA has the most presence exactly in those countries. BBVA officials have claimed money transfer was without any particular issues and the operation completed rapid fast.

Mainly, BBVA is interested in innovation in cross-border payments, especially given its footprint in Europe, Mexico, USA and Latam. BBVA is an active participant in several initiatives in cross-border payments (and other areas where blockchain could be applicable) and in that context, did a project with Ripple in 2017 in order to glean learnings on the efficacy of cross-border payments in various contexts using money, not cryptocurrency. It also has carried a series of tests with blockchain consortia R3, Hyperledger and Ethereum Entreprise Alliance in order to get insights into the use of blockchain in the financial services sector.

 

Spokesperson, BBVA

The news was warmly welcomed by South American nations as the platform poses potential long-awaited renovation of the local financial infrastructure. The dramatic condition of the current infrastructure of the region yields up to a 3-4 day delay of bank transfers.

We think something really big is happening in this sector, and we want to be at the forefront. A successful string of moves can possibly catapult BBVA into the public eye within the US financial services sector.

 

Onur Genç

CEO, BBVA Compass

Ripple has recently gained a significant backup of the respected financial institutions like MoneyGram, Western Union, Fleetcor and now - BBVA.

Australia Rolls Out New Crypto Exchange

Blockbid Beta launch is set to go live on April 16, 2018
16 April 2018   178

It has emerged that there is a new cryptocurrency exchange which is launching with headquarters in Australia. Previously, we have reported that Australian Transaction Reports and Analysis Centre has announced the new regulatory requirements for digital currency exchange providers which came into force from April 3, 2018.

A week ago, Blockbid exchange became one of the recipients of an AUSTRAC license, meaning they have been granted permission to legally operate as a cryptocurrency exchange, according to Australian law. Blockbid is a secure exchange with the goal of facilitating the highest volume of trades for the most cryptocurrencies with a single login.

Blockbid announced in its press-release that its Beta launch is set to go live on April 16, 2018. The platform will allow operation in fiat and cryptocurrency, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP), USD, AUD, JPY and EUR.