SBI Ripple Asia started cross-border payments testing

Ripple shows huge price jump on the background of this event 
15 December 2017   1598

Created by SBI Ripple Asia, a consortium of 61 banks announced the beginning of testing of Ripple blockchain for cross-border payments.

Two large South Korean financial institutions participate in the pilot project - Woori Bank and Shinhan Bank, with total market capitalization exceeding $ 30 billion. As reported on the company's website, cross-border payments between Japan and South Korea through a distributed RippleNet network are being implemented for the first time.

According to representatives of the consortium, Ripple technology can significantly reduce the costs of cross-border payments, eliminate intermediaries and make transactions instant.

In addition, the Japanese banking consortium created a working group that will study the possibilities of blockchain and XRP for institutional market participants. 

The Japan Bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor. The use of RippleNet to send cross-border payments reinforces that financial institutions are ready to provide a modern payments experience and enable to the Internet of Value.
 

Emi Yoshikawa
Director of partnerships, Ripple

South Korea is the third most important trading partner of Japan. In case of successful test results, the first real cross-border payments between these countries will be implemented in the spring of 2018.

It is also worth noting that, against the backdrop of positive news from Asia, Ripple's crypto currency is demonstrating staggering growth. Over the past seven days the price of XRP has increased by 200%.

 Top 5 cryptocurrencies
Top 5 cryptocurrencies

Ripple was able to push down Bitcoin Cash from the 3rd spot.
At the moment of press, these are main XRP market parameters:

  • Average price $0,784776
  • Market Cap $30 401 551 136
  • 24h Volume $6 202 070 000

XRP is most traded at:

  1. Bithumb 29.97%
  2. Poloniex 11.75%
  3. Bittrex 11.19%

New Morgan Creek Fund to Exclude Pre-Mined Crypto

Ripple and Lumen won't be included to Morgan Creek Digital Asset Index Fund
28 August 2018   342

Morgan Creek, which manages $ 1.5 billion in assets, launched its own crypto fund, the Morgan Creek Digital Asset Index Fund, but refused to include some large crypto-currencies. This is reported by Forbes.

For example, in the new fund, which was managed by the American company Bitwise Asset Management, such cryptocurrencies as XRP, developed by the Ripple, and Lumen (XLM) of the Stellar project, are not represented, as their release was carried out through the so-called pre-goal.

If there’s a central party that owns 30% or more of supply then we withhold those from the index. Because we think that introduces a lot of additional risk that may not be there if it was a more decentralized network.
 

Anthony Pompliano
Partner, Morgan Creek Digital 

The index fund includes a set of 10 major cryptocurrencies weighted by market capitalization, which is rebalanced monthly. There are some other requirements, such as the presence of custodial solutions and a restriction on the concentration of trade.

When forming the fund, the risks of centralization of crypto assets were taken into account because of the increased probability of manipulating their prices and possible issues of regulators if such assets were recognized as securities.

We’re fully prepared and feel we’ve built something that institutional investors will find attractive regardless of how the assets are categorized. Whether they’re securities or not.
 

Anthony Pompliano
Partner, Morgan Creek Digital 

According to the co-founder of Bitwise co-founder Hunter Hosley, the main difference between the Morgan Creek Digital Asset Index Fund and the HOLD 10 fund launched by his company is the availability of the first inspection committee, which included Morgan Creek CEO Mark Yusko, Pompliano and Bitwise Research Department head Matt Hogan.

Hosley said that the decision of the committee to limit cryptocurrencies with pre-currency is caused by two main factors: fears about the opportunities for fraud, which are possessed by large holders of assets, and the doubts of regulators for which a high degree of centralization is an additional basis that allows to recognize crypto currency as a security.

The Morgan Creek Digital Asset Index Fund is already available for institutional and accredited investors. Hosley promised that the fund will be audited by Cohen & Company from this fall, the results of which will be published on an annual basis. The first report will be submitted in early 2019