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Ripple Expands its List of Partners With Five More

NewsBTC

Not many other blockchain companies can boast new partners on a weekly basis. Ripple is one that can and, love it or hate it, the San Francisco based global payments provider has added to that list of over a hundred with five more this week.

In addition to banks in Brazil and India, Singaporean and Canadian money transfer service providers have also joined ranks with Ripple. According to reports Brazilian Bank Itaú Unibanco and remittance provider BeeTech have joined RippleNet in order to facilitate faster and cheaper global funds transfers. Indian bank IndusInd is also onboard alongside Canadian company Zip Remit who are all seeking to benefit from blockchain based financial transactions at a fraction of the cost.

Emerging Markets to Benefit Most

Emerging markets such as Brazil, India and China are home to 85% of the global population with almost 90% of people under 30 residing within those markets. They are a huge draw for companies such as Ripple looking to expand product adoption for xCurrent and RippleNet financial transfer platforms and networks. Over $60 billion was transferred into both India and China in 2017 and Brazil saw $600 million arrive from the US.

Head of business development at Ripple, Patrick Griffin, is confident that blockchain solutions are the way forward to improving the lives of users in emerging markets.

“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”

Singaporean Partners to Expand RippleNet

Southeast Asia’s leading digital cross-border money transfer service provider InstaReM is also joining RippleNet to facilitate faster payments to other members of the rapidly growing network. It currently consists of over a hundred banks and other financial institutions providing real-time messaging, clearing and settlement of financial transactions. InstaReM’s partnership will allow their corporate and SME customers quick and hassle-free payouts to a number of destinations in the region.

Prajit Nanu, co-founder and CEO, stated; “We are pleased with this new partnership with Ripple which will see RippleNet members utilizing InstaReM’s unique payments mesh we have developed in Southeast Asia to further streamline payment processes.”

The company processes over 500,000 transactions per year, and is concentrated on connecting businesses and individuals from Australia, Canada, Hong Kong, Singapore, and India to over 60 countries worldwide.

RippleNet is not a part of the company’s cryptocurreny XRP which drives a separate system called xRapid. It was reported last week that Western Union were trialing transfers using xRapid and XRP.

The post Ripple Expands its List of Partners With Five More appeared first on NewsBTC.

Bitcoin Demand in South Korea Rises as Trade Volume Hits Monthly High

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As demand returns to the markets South Korea is once again leading the way for trade volume. Bitcoin recorded a monthly high trading volume on exchanges in the country as fears of clampdowns subside and confidence returns to the crypto markets.

Local media reported that domestic Bitcoin trading volume reached a maximum value in the month following the holiday season. Over $250 million has been traded in BTC on South Korea’s leading exchange Bithumb in the past 24 hours.

New Bitcoin Trade Volume High

The recorded volume on the 19th was the largest in a month indicating a steady return to crypto trading for South Koreans. Over 84,979 Bitcoins were traded at a value of 1.24 trillion won. This is higher than the last peak level on January 20 when 80,829 BTC were traded. The surge rose more than half of the 16 day trading volume of 42,094 Bitcoins two days ago, and the 17 day trading volume was only 58,329 coins. The Kimchi premium, which shows overheating in the domestic market, also stood at around 6-7%.

During the big dip on February 6 Bitcoin prices fell lower in South Korea than elsewhere however it has since doubled in less than two weeks. Transaction volume has increased with the inflating price and a lot of investors got in at a psychologically significant 10 million won price level ($9,300). Positive conclusions from crypto conferences in the US, and self-regulatory bodies being setup in Japan, has boosted buoyancy in the markets and traders are returning.

Bitcoin is currently trading at $11,420 on Bithumb, and $10,800 internationally. There are often discrepancies in prices on Asian exchanges as demand is greater. The fact that a new volume level has been reached is a positive indicator for the state of the markets in general, South Korea is once again leading the way back to full confidence in cryptocurrencies.

According to Coinmarketcap Bithumb is the world’s fifth largest exchange with over a billion dollars in daily trade for all crypto assets. Ripple is currently the top traded coin on the exchange with over $300 million traded in XRP/KRW in the past 24 hours. It accounts for 30% of the total volume on that exchange with Bitcoin second at 24% and EOS third at 12.5%.

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