Blockchain-based financial services network RippleNet provides a safe, convenient, and easy-to-use wallet for holders of the cryptocurrency XRP, and the features to their system’s ledger may be expanding. RippleNet has been developed significantly since it was created in 2012. The system’s users have long had the ability to perform transactions on a decentralized ledger. Soon they may be able to take advantage of a feature on the network which would allow them to mint asset-backed tokens like stablecoins on the XRP ledger.
According to a video released by Ripple last month, Chief Technology Officer (CTO) David Schwartz said he was working on adding new features to the company’s crypto ledger. In addition to “core consensus improvements,” the CTO stood by past statements in not further developing one of the more common features of blockchain:
“Proof-of-Work is kind of a technological dead-end.”
One feature Ripple may be unveiling would allow third parties to launch other third-party cryptocurrencies on the XRP system. The details of this feature have yet to be announced, but Schwartz mentioned it could be used to introduce fixed-value tokens like stablecoins to the ledger:
“One of the features that I think is very exciting is a feature that would allow people to launch — well, stablecoins are the obvious use case, but it’s not just stablecoins — it’s essentially assets pegged to some external value.”
Other blockchain-based networks have been able to let their users run stablecoins. However, Schwartz teased the Ripple feature as particularly interesting, because “the liquidity is guaranteed by the ledger mechanics.” The number of companies in other countries joining the network and adopting Ripple’s technology has increased. With business picking up, Ripple has invested heavily in other transmission networks like MoneyGram. Focusing on developing this feature, rather than others, may break even more new ground.
RippleNet Set To Boost Remittances Across Asia Using New Partnerships
A group of South Korean money transfer and remittance companies has joined Ripple’s blockchain-based financial services network RippleNet to bolster the remittance market in the country. In a Feb. 25 announcement, Ripple revealed that South Korea-based money transfer service providers Sentbe and Hanpass, and mobile and online based cross-border remittance services firm WireBarley have begun using the RippleNet platform.
The collaboration is geared to improve remittances in Korea. According to the World Bank, workers’ remittances, receipts in South Korea amounted to over $6.2 billion, in 2018. The top destination country for emigration-related remittances by South Koreans was reportedly the United States, which constituted more than 50% of the total number of remittances, with Malaysia running second.
In addition to the three partnerships in South Korea, RippleNet has also announced it’s collaboration with London-based remittance service Azimo. The companies will open an On-Demand Liquidity corridor to the Philippines, with Ripple’s native token, XRP, as a bridge currency. Commenting on the partnership, Richard Ambrose, CEO of Azimo, said: “Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.” Using the RippleNet platform will reportedly reduce liquidity costs by up to 60% compared to traditional banking solutions
In February alone, RippleNet onboarded Bangladesh-based Bank Asia and Mexican International Money Express, a money remittance services firm focused on the Latin and Caribbean corridor. Another major financial institution that partnered with RippleNet this month was the National Bank of Egypt, which ostensibly hopes to access new markets, and to support and extend its remittance business in the Gulf region in particular. At the same time, remittances giant MoneyGram announced a new service allowing real-time money sending based on Visa’s Direct Original Credit Transaction. The solution enables MoneyGram’s users to deliver funds to bank accounts through Debit card deposit. Kamila Chytil, COO at MoneyGram, pointed out that while Ripple is not involved in this service, the firm uses blockchain-based extensively in other areas:
“Today, MoneyGram is utilizing Ripple’s On Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. It’s a back-end treasury function that’s not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.”
Ripple’s Xpring Creates A Developer Relations Forum
Ripple’s Xpring will launch a community web page and forum referred to as “developer relations,” or DevRel, for its developer platform. Most of Xpring’s employees work on the engineering and product side of the table, explained a Feb. 1 blog post on the Xpring website. “We think of DevRel as the ears and mouth of Xpring,” the post reads.
Xpring originally functioned as Ripple’s investment branch. In October 2019, Ripple also launched an Xpring developer platform, giving creators a venue for digitizing money. Several months later, in December 2019, Xpring added features to its platform, including SDK, which added compatibility for programmers’ apps.
According to the blog post, Xpring mentioned communicating with builders via content, events and support. Xpring aims to present developers with helpful materials like sample code and tutorials. The blog post also mentioned hosting conferences, as well as giving technical support, all in an effort to engage the community around the Xpring platform. accordingly should a response come in.
‘I Think XRP Is a Scam’ Says Ben Askren Former UFC Star And Bitcoin Advocate
As regulatory concerns over XRP — the world’s third-biggest crypto asset — have intensified, some celebrities are stepping in to voice more FUD about the coin. Ben Askren, former UFC fighter and known Bitcoin (BTC) bull, has driven more scepticism toward XRP with a short tweet on Jan. 28: “I think XRP is a scam.”
Askren’s latest cryptocurrency verdict builds on a background of previous endorsements of other cryptocurrencies. The famous former Olympic wrestler is not only bullish on Bitcoin, but also supports Charlie Lee-founded Litecoin (LTC), the seventh biggest cryptocurrency by market cap as of press time. In January 2019, Askren was purportedly sponsored by the Litecoin Foundation as the mixed martial arts fighter for UFC 235 event. Subsequently, the UFC fighter appeared on his Instagram wearing a Litecoin-branded t-shirt. The celebrity has also promoted Bitcoin on his Twitter in October 2019:
“Just bought more BTC using @eToro was really easy, now all of you twitter geniuses can tell me Crypto is a scam while my assets go up!”
As Askren has been known as a shill for BTC and LTC for a while, a user on Twitter asked him a question: “The fact @Benaskren is staying quiet on XRP tells me its going to take it a long time if ever to moon.” Askren’s verdict didn’t take long, and a part of the crypto community on Twitter expressed some negative stance toward XRP, while the tweet has amassed over 2,000 likes as of press time.
Askren’s statement about XRP comes amid an already worsened situation around the coin as XRP dropped over 40% from $0.364 in 2019 to $0.183 in December, marking a two-year low. The situation has been exacerbated by rising concerns over the unclear regulatory status of XRP’s issuing company, Ripple, which faces a class-action lawsuit alleging that it held an unregistered sale of securities. Despite all this, CEO Brad Garlinghouse has recently hinted at an initial public offering for Ripple, which undoubtedly has some implications for the fate of altcoin. At press time, XRP is trading at $0.238, up over 1% over the past 24 hours, following a major green trend on crypto markets.
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