Ripple is a “Proud American Company” But Can Move to Japan or Singapore


Cryptocurrency regulations should not be a guessing game. For this reason, Ripple, the San Francisco-based payment company behind RippleNet, will consider Japan, Singapore, the United Arab Emirates, Switzerland and the United Kingdom as potential destinations if they move from the United States, its CEO, Brad Garlinghouse Bloomberg said in an interview on October 21.

Ripple considers five countries if the United States is slow

Ripple is a for-profit company. Its executives, especially Brad Garlinghouse, have been urging U.S. regulators to formulate and implement appropriate encryption rules to help spur emerging sector growth in the world's leading economy.

Brad said that considering the weight of the regulation, there should be more clarity. In fact, regulations should not be left for interpretation. Instead of conjecture, U.S. lawmakers should clarify whether cryptocurrencies are commodities, properties, currencies or bonds.

While blockchain companies in the United States remain in limbo, Japan, Singapore and other countries that the payment company is considering have taken steps to develop appropriate laws that guide projects, clearly stating their expectations and what they must do to operate without problems within the limits of the law.

"The common denominator among all of them is that their governments have created clarity about how they would regulate different digital assets, different cryptocurrencies. Regulation should not be a guessing game. Ripple is definitely a proud American company and we would like to stay in the U.S. if that were possible, but we also need regulatory clarity so we can invest and expand the business."

Japan, for example, Brad said, has created an environment that allows the development of a very healthy market. It is in this jurisdiction that Ripple has a fruitful relationship with SBI Holdings, one of Japan's largest financial giants.

Through their partnership with the Yoshitaka Kitao-led company, they established SBI Ripple Asia, an alliance that helps drive the Ripple brand in Southeast Asia.

New Regulatory Framework in the United States

As BTCManager reported, the Conference of State Bank Supervisors - representing regulators from all U.S. states and territories in mid-September - launched a new regulatory framework for Fintech companies, including cryptocurrency companies.

They agreed on a single set of supervisory rules to reduce compliance costs, making it possible for money transmission companies, including cryptocurrency exchanges, to expand easily in different U.S. states.


Ripple Technology Outperforms Banks in Many Sectors, says Boston Consulting Group report

  • A new report by the Boston Consulting Group describes that payment providers like Ripple outnumber banks in many industries.
  • Banks must develop new technologies to keep up with the latest advances.

Cryptocurrencies have become an integral part of today's financial market and are in direct competition with traditional payment providers such as banks or world-renowned payment networks such as SWIFT or Mastercard. According to a new report by the Boston Consulting Group (BCG), banks should develop strongly, otherwise, new young talent in the sector, such as Ripple, will surpass them.

Ripple and other better payment providers than banks in many areas

Over more than 34 pages, the report examines the advantages and disadvantages of traditional and new payment systems and also thoroughly analyses new technologies. According to BCG, blockchain technology is particularly forward-looking as it delivers much better performance in many areas than old banking technologies.

Companies like Ripple outperform banks in terms of speed, price, API integration and overall customer experience. Therefore, BCG calls on banks and other large financial institutions to develop new solutions, because otherwise, young projects like Ripple or Earthport will rob their customers:

''Card networks, fintech and infrastructure providers such as Ripple and Earthport have entered the international payments market in recent years. These challenges often outperform banks in speed, pricing, API integration, and overall customer experience. To stay competitive, banks will need to change their approach.''

For a long time, SWIFT and Co. were considered an absolute reference in the sector and were incomparable. This can be seen in the fact that more than 11,000 financial institutions worldwide are connected to the SWIFT API and that their existing services continue to function seamlessly in their current state. However, BCG claims that new blockchain-based payment solutions offer significant cost and speed advantages:

''Many banks have introduced SWIFT gpi to improve the speed and tracking of international payments. But with challengers providing convenient solutions like 'payment solicitation' that facilitate remittance and reconciliation, banks need to keep updating their own offerings.''

To keep up with the current trend, banks must reduce their cost base, increase operational efficiency, and completely modernize their core business processes. In this context, it may be important to explore new ways to optimize your own business processes with Fintech partners such as Ripple.

The digitization of all processes, from the sending of the transaction to the receipt, should also be fundamentally reviewed to offer the end customer the best possible experience. It is also important to implement a simple and reliable KYC process:

''In addition, as part of their corresponding bank realignment, wholesale banks should consider streamlining the number of corresponding banks in high-risk jurisdictions in order to minimize compliance risks and costs. They should also consider applying global standards to know their client (KYC), screening sanctions, and monitoring transactions to identify money laundering and terrorist financing attempts.''

Ripple and the banking sector

Ripple is already working successfully with several banks, such as Banco Santander. Europe's largest bank uses Ripple's technology in its One Pay FX App, which can process international payments in real-time. Ana Botín, CEO of Banco Santander, says that 50% of the total volume of the transaction is now processed via One Pay FX.

In addition, Ripple has met with several representatives of several central banks in the past, but no sensitive information about cooperation or similar has been disclosed at these meetings to date.


Ripple: Vietnam’s Huge Bank Joins RippleNet

  • The Orient Commercial Joint Stock Bank (OCB) with an estimated value of $4.6 billion joins RippleNet.
  • The CBO has potential ties to the Chinese government and its integration could lead to greater adoption of Ripple in Asia.

Phong Nguyen, VP, Head of Fintech and Project Management at Vietnam-based Orient Commercial Joint Stock Bank (OCB), unveiled a new partnership with Ripple. Considered one of the most important banks in the Asian country, the OCB manages about $4.6 billion in assets. Nguyen said they joined RippleNet and therefore are now "strategic partners."

OCB's head-to-head is located in Ho Chi Minh City. The institution has more than 130 branches throughout the Asian country. Its services are focused on providing credit services to retail customers and small and medium-sized enterprises. In the second quarter of this year, 15% of the bank's shares were acquired by Aozora Bank of Japan.

Ripple and CBO to disrupt financial services

Nguyen said the cooperation materialized after 10 months of work in which multiple "resources were mobilized" and use cases were explored at the business level. In this regard, the Head of Fintech of OCB said the following:

"I would like to announce that OCB has officially joined RippleNet as a strategic partner. With this investment in blockchain technology that is powered by Ripple, we intend to apply new technology to the business in order to cut expenses, increase productivity and bring transparency and the best customer service with International Shipping and Payment - competitive rate, instant - Payment method. "

In addition, Nguyen thanked the Ripple Singapore team for "their dedication and commitment." The cooperation aims to offer more services and improve those already offered by the bank to its consumers in Vietnam. The head of Fintech has agreed to provide more details soon on how cooperation will allow them to "disrupt" banking, financial and insurance services.

The XRP community welcomed the partnership between Ripple and the banking institution. One user stated that this is another milestone in increasing adoption of Ripple solutions. Another user-provided context about the importance of cooperation and its implications for Ripple:

"(OCB) is a joint venture between the Vietnamese government and BNP Paribas. The Vietnamese government/banking sector has deep ties with the Chinese government. This is great - it represents another piece of the puzzle fitting in."

Therefore, it is possible to speculate on possible additional adoption of Ripple in Asia. OCB joins TB Bank as one of the company's most important partners in Vietnam. Upon receiving the "CX Impact" award at the Ripple Swell Conference, representatives of the TB bank said the institution is "eager to innovate."

As reported by the CNF, since July, there are rumours that Ripple could open a pay aisle to Vietnam. Speculation began after Ripple's partner, SBI Remit, announced a collaboration with Bank Michinoku. The purpose of this cooperation is to facilitate the sending of shipments to Japan.


Adoption of XRP And Blockchain Will Explode in The Coming Months

ripple in fire

Ripple published its third annual report on "Blockchain in Payments" with positive results for the blockchain industry, digital asset XRP and cryptocurrencies. The report is based on research conducted from August to September this year. The 854 respondents are involved in providing payment services and are spread across 22 countries.

In addition, Ripple revealed that the companies surveyed range in size in terms of revenue from $500.000 to more than $10 billion. In this sense, Ripple makes a comparison with the 2019 results and states that the blockchain industry is in its final stages of adoption. In the current context, with the global economy affected by the Covid-19 pandemic, the report states:

"Commercial interest in digital assets, when combined with blockchain payment technology, has grown dramatically as early users seek to increase the speed in payment settlements."

In this sense, the report indicates that 79% of participants have shown growth by entering untapped markets and improving their services and products. Of all sectors, the most important was innovation in payment technology, according to 44% of participants. The companies surveyed say their customers expect them to "continue to innovate in payment technologies."

In terms of adoption, the report found that 34% of participants are in the production of some solution with blockchain technology. Therefore, this sector has taken a leap between "the first to adopt the early majority". 24% of participants expect to complete production and pass a pilot test and proof of concept over the next two years, as shown below.


In emerging markets, 37% of participants are in production to implement blockchain technology. Asia Pacific (APAC) is the leading region in these terms with 41%, followed by Latin America (LATAM) by multiplying its share in blockchain production by 6. Then the Middle East and Africa (MEA) with 24% of production and a possible increase to 29%, as shown in the following chart.


XRP and its role in the growing adoption of blockchain

Another key point revealed by the Ripple report is the diversification of use cases by companies using blockchain technology. 98% of participants using a blockchain have deployed technology for supply chain management (62%), trade and finance (51%). So it's not surprising that 99% of participants said their company could use a digital asset like XRP to process payments or as a means of exchange. In contrast to the 2018 results, this number grew by 94%.

Among the strengths that participants said blockchain technology has, the speed to make international transactions received 40% of the responses. In this respect, the XRP digital asset and its instant transfers with Ripple's On-Demand Liquidity solution offer the most important benefit to the responding companies. Along with cost (32%) reliability (27%), as shown below.


Among the obstacles to blockchain adoption, participants mentioned the lack of regulatory clarity, the amount of investment needed to implement technology and security. However, the results show that digital assets like XRP are increasingly becoming an important part of blockchain industry development. The report concludes:

"Emerging markets are leading the charge, recognizing that responsible use of blockchain and digital assets can unleash the enormous potential for its economy. Undoubtedly, both will generate greater financial inclusion and economic growth, not unlike the impact of the Internet. Mature markets can also benefit."


Ripple Donates $10 Million to Mercy Corps in a Proposal For Financial Inclusion


Ripple kicked off its long-awaited Swell conference on October 14, with the event highlighting the blockchain company's various products and services while reinforcing Ripple's vision of financial inclusion. On the second day, in an effort to increase this vision and contribute to global economic strength, Ripple announced a $ 10million contribution to Mercy Corps.

Mercy Corps will operate in partnership with Ripple and a non-profit organization founded by Chris Larsen, Rippleworks. Its three-year initiative includes support from Mercy Corps for solutions that leverage digital financial technologies, such as distributed ledgers, digital assets and cryptocurrencies. This would allow people to enter emerging markets into the global economy.

Ripple is already working with Mercy Corps Ventures and with the latest contribution:

“… It will also be used to support the education of the Mercy Corps field team working to address the financial challenges faced in these regions and apply digital financial solutions. In doing so, Mercy Corps aims to reach 10 million people in the next decade. "

Due to holes in the current system, 1.7 billion people have no bank account, while women are disproportionately excluded. The responsibility lies with evolving technologies, such as crypto and blockchain, to transform this system, taking into account the needs of these vulnerable sectors. According to Senior Executive Director of Mercy Corps Ventures, Scott Onder:

"We will leverage our global resources and reach to ensure that the voices of the community are heard and that vulnerable population are not left behind in the fintech revolution."

The contributions of Ripple and Rippleworks will support the launch of FinX, which is a joint initiative of Mercy Corps Ventures and Mercy Corps. This initiative will attempt to reimagine the existing financial system and build a coalition committed to ensuring that this new system is inclusive for populations without and without banks.

CEO Brad Garlinghouse recently spoke about the “meteoric rise” of digital banks and payment service providers. This step can be a big leap towards the company's financial inclusion objective, a leap that can allow these services to reach the non-bank.


RippleNet Processed More Than 2 Million Transactions


20% of all transactions on RippleNet are now carried out using the XRP encryption asset.

RippleNet, according to Garlinghouse, has already done more than 2 million transactions with a face value of more than $ 7 billion. Ripple CEO Brad Garlinghouse also revealed that 20% of all transactions on RippleNet are now conducted using the XRP cryptographic asset.

At a video broadcast event seen on Youtube, Ripple's CEO revealed a significant amount of updates to Ripple's international payment network and its XRP-based On-Demand Liquidity (ODL) platform.

Garlinghouse said:

“In the three years that RippleNet has been active, we have done more than two million transactions with a face value of more than $7 billion. We have hundreds of customers. We are seeing the greatest traction in Asia … It is now also clear that our customers are increasingly interested in emerging markets"

"This includes Latin America, Africa and the Asia Pacific. I also think we can all agree that some of these regions have been largely abandoned by traditional banking correspondents in the past decade…"

It is also clear to me that XRP is the key behind RippleNet.

Its speed, scalability and low cost per transaction make it perfect for instant settlement and value exchange. It was built for payments. It has real use [and] that’s why it works.

RippleNet, according to Garlinghouse, has already done more than 2 million transactions with a face value of more than $7 billion. Ripple CEO Brad Garlinghouse also revealed that 20% of all transactions on RippleNet are now conducted using the XRP cryptographic asset.

At a video broadcast event seen on Youtube, Ripple's CEO revealed a significant amount of updates to Ripple's international payments network and its XRP-based On-Demand Liquidity (ODL) platform.

This includes Latin America, Africa and Asia Pacific. I also think we can all agree that some of these regions have been largely abandoned by traditional banking correspondents in the past decade …

It is also clear to me that XRP is the key behind RippleNet.

Its speed, scalability and low cost per transaction make it perfect for instant settlement and value exchange. It was built for payments. It has real use [and] that’s why it works.

Quick fact:

  • RippleNet is a network of institutional payment providers that include banks and payment providers that use solutions developed by Ripple to provide seamless money sending experience around the world.
  • RippleNet uses cutting edge blockchain technology to optimize payment services that help reduce costs.
  • It should also be added that On-Demand Liquidity (ODL), Ripple's XRP-based cross-border payments product, is available in the USA, Mexico, Europe, Philippines and Australia.


Ripple Presentation Highlighting The Bank of America Partnership Goes Viral – Is XRP in The Spotlight?


A presentation at Ripple's Swell conference promoting the San Francisco-based startup's partnership with Bank of America is going viral.

The presentation featured simulated demonstrations of Ripple's XRP-based cross-border payments product, On-Demand Liquidity, as well as its payment messaging system, which does not depend on the crypto asset.

The demos quickly caused unrest among investors and supporters of the fourth largest active crypto, triggering a renewed discussion about Ripple's partnerships and exactly how Bank of America is using Ripple's network of banks and financial institutions.

According to DigitalGen Financial Services CEO Panos Mekras, Ripple's payment messaging product demo used Bank of America, while Ripple's On-Demand Liquidity demo used the Fast Remit money transfer business as an example corporate.

Ripple's non-XRP product, which is a competitor to the international financial network Swift, helps banks settle real-time fiat-to-fiat transactions using a secure messaging system to route payments and verify transaction details.

During a podcast in April, Julie Harris, head of the digital strategy for the global bank at Bank of America, shed new light on the financial giant's relationship with Ripple.

“The customer experience, and this combination of high touch and high technology, is really important in a large area of ​​focus for us. So, not just the ability, but the real experience and the ability to get things done anytime, anywhere, because we are a 24/7 society"

"And the second [objective] is the ability to integrate. And Derrick touched on that a lot. It's not about our platform and our capabilities. It's about you as a customer and the infrastructure you have and the ability to integrate, whether with platforms and resources we build or partnerships we have with companies like Ripple or Swift. These are fintechs we partner with. They have gone through all of our legal and compliance rigour, and we can leverage our banking system as a platform to offer this to you"


Ripple’s Garlinghouse: US Regulators ‘Favoring’ Chinese Encryption Technologies


The United States government's regulation for cryptocurrencies is so dispersed that it is "really favoring Chinese technologies", according to Ripple CEO Brad Garlinghouse.

Speaking at Fox Business on October 14, the CEO of the San Francisco-based international payments firm echoed last week's warning that the U.S. approach - or rather the lack of an approach - to cryptocurrencies and blockchain technology is so dispersed that Ripple is considering leaving the country.

"If the U.S. government is doing things to benefit Chinese technology at a disadvantage for a company like Ripple and others like Ripple, then this is a really frustrating place to be," said Garlinghouse. "And that is why we have taken the step forward, should we relocate the company to a country where it is clear?"

The world and the US need to understand that "we are in a race with China," he said, adding that "China is leaving others in the dust".

China's focus on blockchain started off strongly on October 25, when President Xi Jinping said China should "take the leadership position in the emerging field of blockchain". This started a race for land to start blockchain companies in China.

"I think the Chinese Communist Party is being very strategic and is very focused on mastering this technology," said Garlinghouse. “I think there is no doubt that today China is well ahead of other places in the world. And I think we have to decide as a country, and really the rest of the globe, how we want to respond to that. "

Regulatory clarity required

Pointing to the 83-page report released by the Department of Justice on October 8, “Cryptocurrency: An oversight structure,” Garlinghouse complained that he listed eight separate United States agencies that regulate cryptocurrencies.

Each of them, said Garlinghouse, has “a slightly different view on cryptography … [s] it is sometimes seen as a currency, or a commodity, or perhaps a security. And depending on how it is viewed, it is regulated very differently. "

It is not just China that the United States is behind in this regard, he said.

"The US is out of sync with what many other countries, G20 markets - countries like the UK … Singapore, Japan, even the UAE and Switzerland," Garlinghouse pointed out. "All of these are really good examples where there is a clear regulatory framework."

Regulatory consistency has worked for American high technology in the past, he added: "Part of the United States' success on the Internet was because there was clarity for companies to invest in."

And there is a move to improve that clarity, he said, pointing to the newly introduced and bipartisan Digital Commodity Exchange Act.

“We want to be aware of this because my experience has been when people understand the problem and are like, Oh, ok, wait a minute. We did not intend to create that dynamic in which the advantages of Chinese technology over American companies. ”


Ripple’s money transfer network available in Nigeria


Ripple, the fast-growing fintech and owner of XRP unveiled its global payment network, RippleNet, is now live in 55 countries, including Nigeria, with XRP remittances living on five continents.

RippleNet also said that its service offering was available in 95 currency pairs, according to the redesigned fintech.

RippleNet is a network of institutional payment providers that includes banks and payment service providers that use solutions developed by Ripple to provide a seamless experience for sending money around the world.

RippleNet uses cutting-edge blockchain technology to streamline payment services and help reduce costs.

It should also be added that Ripple's XRP-powered cross-border payments product (ODL) is available in the USA, Mexico, Europe, Philippines and Australia.

Sequel to this feat, recall about a month ago gave a critical view of how Ripple, the world's fastest-growing cryptocurrency payment power, worked with bank regulators and policymakers in various governments to adopt digital payments.

Global banks are already working with Ripple

Mitsubishi UFJ Financial Group, with an asset in excess of USD 2.8 billion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the Japan-to-Brazil payment corridor.

  • Banks using Ripple include European banking giant HSBC Holdings Plc, with assets of around $ 2.5 billion, which revealed in 2019 that it would use the XRP payment solution.
  • Japan Post Bank with assets of $ 1.9 billion, Sumitomo Mitsui Financial Group and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia.
  • Others that have a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada and Toronto-Dominion Bank

Ripple Co-Founder: XRP Price Is Not Linked To Liquidity On Demand

  • Ripple's liquidity-on-demand payment technology has no impact on the price of XRP, according to Chris Larsen.
  • The company is willing to work with central banks to promote the development of a CBDC.

As the CNF reported yesterday, Chris Larsen, CEO of Ripple, spoke at the LA Blockchain Summit about a possible exodus from Ripple from the U.S. and a Cold War between China and the U.S. over the financial technology of the future. For the XRP community, however, Larsen's statements about the XRP token and liquidity on demand (ODL) may also have been very interesting.

Larsen expressed his opinion that investors should not expect ODL to influence the price of XRP. According to the co-founder of Ripple, the value of XRP is much more strongly correlated with Bitcoin and Ethereum, rather than the Ripple ODL projects that are currently determining this.

''If you look at the XRP Ledger, XRP the decentralized digital currency, most of what happens in that ecosystem is actually correlated with Bitcoin and Ethereum. It's like $ 100 billion worth of trading a year, say. The vast majority are connected to what is happening in the global market, and are being driven by all the things that drive Bitcoin and Ethereum.''

''Is it a value store? Is it perhaps just holding it as something that we value in a digitized and globalized future? Is it speculation? This is all happening in its own economic reality, completely separate from what Ripple is focused on.''

Larsen also explained that Ripple "continues to make great progress" and positions itself as a corporate blockchain solution. The gateway to Ripple are banks and payment service providers, which already have "100 million customers", as well as large wallet providers, such as Ripple partner bKash, which offers more than 135 million wallets for people in Bangladesh who would not otherwise have a bank account. Larsen further commented on this:

''So it's all these financial institutions that bring in these huge amounts of customers and bring in all the other infrastructures that are not changing here, custody relationships, security relationships, AML. So we think this is a good approach to quickly address these really big networks.''

Jeff John Roberts also asked Larsen if Ripple would consider acting as a consultant to central banks, and if that would open the company to new accusations of being "the sovereign of XRP". Larsen saw no problem with this and explained that ODL is only a small fraction of the XRP market and that the company would like to work with a central bank.

In this sense, Larsen also pointed out good relations with the Bank of England, which is known for having performed a proof of concept with Ripple in 2017, as well as with the U.S. Federal Reserve and institutions in Japan and Singapore. According to Larsen, decentralized currencies, such as the XRP, are a bridge between political and centralized digital currencies:

''You know, you look at ODL, in the last two years it's about $2 billion, so it's a small fraction of the overall experience that's going on in those markets. So I think Ripple is the company - we just look at how you have a fit product/market.''

''So, if there is a suitable product / market with a central bank that wants to exploit digital currencies - absolutely, we will be involved. It is a different thing, but we find it valuable. We think that all central banks should have discussions about a digital currency.''