Connect with us
XRP XRP

Asia

Enlarging Business: How Ripple’s XRP Affects the Cryptocurrency Market

 3 min read / 

Investor interest around Ripple and the new cryptocurrency, XRP, is on the rise. The company isn’t shy about their impressive list of clients and is continuing to hint at other relationships that are currently in the works. Ripple’s international expansion will substantially impact the cryptocurrency market; here are the latest updates.

Ripple and Japan

Unlike most other Western companies, Ripple is making a lot of progress in its efforts to expand into Asia. In typical Ripple fashion, the company is carving out a path of its own by partnering with SBI Holdings to tap into the region’s growing interest in Blockchain technology. Setting up a solid foundation in Japan will facilitate a move into China – a market which presents enormous B2B payment opportunities.

Ripple has been drip-feeding comments on Twitter of their Chinese expansion, new backers to the project and their upcoming Swell Conference to raise both investor awareness and excitement for their international growth. In addition to the progress already made, Miguel Vias, Head of XRP Markets at Ripple, hinted that further partnerships are in the works.

 

Furthermore, the company recently hosted an interview with Mr. Yoshitaka Kitao, CEO of SBI Holdings, to promote the development of the company’s relationships with traditional financial institutions. He highlighted the success of the joint venture, claiming that shortly after the partnership was announced “we launched a consortium of 61 banks, including the top in Japan to use Ripple for both domestic and cross-border payments.” Notably, this syndicate of banks covers around 80% of Japan’s banking assets.

It’s worth keeping in mind that the majority of Ripple trading is still being conducted between XRP/KRW (South Korea’s currency), meaning the sentiment of traders in the region have a higher effect on the value of the cryptocurrency. As excitement about Ripple’s expansion into Asia builds, investors can expect a subsequent increase in demand to be fueled by Asia’s cryptocurrency investors.

Ripple and UAE

UAE Exchange has expressed interest in partnering with Ripple to help with remittances in the region to improve issues around transaction speed and security. Considering over 70% of workers in the UAE are expats, helping remittance operators such as the UAE exchange with cross-border payments is a smart move. Despite facing competition from Swift in the remittances space, Ripple is making serious progress. 

Ripple and the USD

One should keep an eye on the upcoming jobs report, which will be released this Friday. If the report isn’t as promising as some investors are expecting, cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple may benefit from a selloff of USD as investors look for other profitable assets.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

America

Trump’s Presidency and Russian Relationship: The Future

 4 min read / 

Trump Russia

Much has been said about Donald J. Trump’s love affair with Russia. Questions deserve a thorough and honest investigation. As distasteful and risky it may be, the best outcome of the enquiry is accusations continue to swirl, Trump limps through three more years, and in 2020, he is crushed at the ballot box. The world moves on. If removed from office, odds are Trump whips his base into a frenzy. Only the height and duration of civil unrest is in question. A worse case is that Trump emerges emboldened, eager to settle Putin’s longstanding challenge.

Putin Mocks Trump

The competition is real. Putin’s economic and political dominance gnaws Trump. Putin knows this. So, he taunts the President and dares Trump to employ the same ruthless tactics he exploited to consolidate power and possibly become the world’s richest man. Since Trump only sees green, he took the bait. The race is on to be the world’s first trillionaire.

Russia’s population is 142 million. Its $3.86trn translates into a measly $26,900 per capita GDP. In contrast, the 326 million people of the United States generate $18.62trn in GDP, nearly five times Russia’s total. The US per capita GDP of $57,600 more than doubles Russia’s. Despite Russia’s meek economy and reports  that Putin has embezzled up to $200bn in assets, Putin remains incredibly popular in Russia.

The apathy regarding this unparalleled heist makes Trump and Putin salivate over what they could jointly pilfer from the world economy. To advance their contest, the pair will identify a common threat. US-Russia relations will warm. Under the guise of “Peace through strength,” Russian sanctions will be lifted, and the Magnitsky Act repealed.

The administrative state in retreat, animal spirits will run wild. Trump’s name will be emblazoned across the globe. Countries desperate for jobs will be compelled to forge deals sponsored by Putin and Trump. Ethics be damned, the race to the bottom of the $120trn global economy will prompt a wave of corruption never seen before. Every facet of human decency will be compromised: environmental regulations, free and fair-trade by-laws, intellectual property, and human rights protections. The collusion is real.

In time, complicity will turn to double-crossing. It’s the Trump-Putin way. Makeshift “me-first” trade deals will collapse. Boycotts, divestitures and sanctions will be commonplace. Cooperation will evaporate. New political boundaries will be drawn with little world condemnation.

It doesn’t have to happen this way. Patience is a virtue. The checks and balances of the three branches of government are powerful mechanisms to thwart overt corruption.

Yet, for the impatient who seek Trump’s impeachment or removal via the 25th Amendment, be careful what you wish for. Only Trump can tame his army. To assume Trump will plead mercy at the feet of the administrative state contradicts Trump’s lifelong persona. He will relentlessly counterpunch and encourage his followers to do likewise. The short and long-term political and social risks are astronomical.

If Trump stems the tide, consolidates power and aggressively partakes in Putin’s race for two terms, the risks outstrip his forced removal. The consequences will be multi-generational.

Rope-a-Dope Is the Key to Containing Trump

The only path that possibly prevents extensive collateral damage is to check Trump into policy oblivion. Legislators must play rope-a-dope for as long as it takes, even three years if necessary. If Democrats take back both houses in 2018, the tactic will not set up Trump and his base for a final knock-out punch in 2020. For that to occur, numerous members of the GOP must join the effort. They too must throw periodic jabs at Trump then absorb a barrage Trump’s counterpunches.

With foes in every corner, even Trump – the self-proclaimed greatest counterpuncher in history—and his base will wear themselves out well before 2020. Then the decisive knockout punch can be delivered at the ballot box—without collateral damage.

Trump is severely wounded. If he gracefully and peacefully surrenders the Presidency, great. But don’t expect it. Rope-a-dope deployed by both parties is the countries best hope for a peaceful end to the Trump Presidency. Any other scenario risks the once unthinkable; an ‘American Spring’.

Keep reading |  4 min read

Asia

2018 Winter Olympics: North and South Korea will March under a Unified Flag

 1 min read / 

2018 winter olympics

North and South Korean athletes are set to march together in the opening ceremony for the 2018 Winter Olympics, to be held in Pyeongchang.

On Wednesday, South Korea’s Unification Ministry announced that following talks which began earlier this month, both teams have agreed to participate together under the Unified Korea flag – the first time since 1992.

The two nations, who are still officially at war with one another, have also agreed to field a joint women’s ice hockey team and organise a joint cultural performance. Skiiers from both Koreas will train together at a resort in the North and Pyongyang has reportedly said it will allow a small delegation of supporters to attend.

This represents the first major breakthrough in years. Although some cynics are worried North Korea will use it to buy time for the development of its weapons programme, there are promising signs that the Winter Olympics could help to cool rising tensions in the area.

As a sign of good faith, combined drills held by the South Korean and US army have been suspended for the duration of the Olympics.

Keep reading |  1 min read

Asia

Hacks on Cryptocurrency Exchanges Linked to North Korea

 1 min read / 

hacks

A report has linked a hacker group, responsible for targeting crypto-investors and exchanges, to the North Korean state.

The attacks took place against South-Korean crypto-exchanges and included attempts to harvest users’ passwords. The report does not say if the attacks were successful.

The report, by internet technology company, Recorded Future, has identified the attackers as the group Lazarus, known to be associated with the hermit kingdom. The malware was similar to that used against Sony Pictures in 2015, the WannaCry ransomware attack in 2017 as well as the Bangladeshi bank heist in 2016.

Attacks began when cryptocurrencies started to rapidly increase in value. It is believed North Korea favours attacks on cryptocurrency because they are not linked to any bank or government, making attempted heists less politically incendiary.

North Korea has shown a great interest in crypto-currency, potentially as a means for funding itself. In 2017, the elite Pyongyang university started to run courses on the virtual tender.

Keep reading |  1 min read

Trending

Send this to a friend