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Ripple develops blockchain payment app with 61 Japanese banks

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Ripple has developed a payments app that settles transactions instantly, in partnership with a consortium of 61 Japanese banks based on blockchain technology.

digital currency

Ripple develops blockchain payment app with 61 Japanese banks

Ripple says that the app, called “Money Tap,” will first go live in the fall. It will initially be available with three banks included in the consortium — SBI Net Sumishin Bank, Suruga Bank and Resona Bank — before being rolled out to the rest of the consortium.

Blockchain, otherwise known as distributed ledger technology, is more commonly known as the tech that underpins cryptocurrencies such as bitcoin. It maintains a growing list of transactions or other data across a decentralized network.

Ripple’s own blockchain technology is known mainly as the underlying network for its cryptocurrency, XRP, often referred to itself as ripple. But it is also used more generally for real-time transaction settlements.

Due to its decentralized nature, blockchain networks remove the need for an intermediary, such as a large bank, to clear and settle money transfers.

Ripple said that the app would make it easier for banks to settle round-the-clock domestic payments in Japan. Consumers will require a bank account, phone number or a QR barcode to use the app, Ripple said.

The banking consortium is led by SBI Ripple Asia, a joint venture between Ripple and SBI Net Sumishin Bank’s parent company SBI Group.

“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers,” Takashi Okita, CEO of SBI Ripple Asia, said in a statement.

posted Mar 11, 2018 by Eddie

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Ripple has developed a payments app that settles transactions instantly, in partnership with a consortium of 61 Japanese banks based on blockchain technology.

digital currency

Ripple develops blockchain payment app with 61 Japanese banks

Ripple says that the app, called “Money Tap,” will first go live in the fall. It will initially be available with three banks included in the consortium — SBI Net Sumishin Bank, Suruga Bank and Resona Bank — before being rolled out to the rest of the consortium.

Blockchain, otherwise known as distributed ledger technology, is more commonly known as the tech that underpins cryptocurrencies such as bitcoin. It maintains a growing list of transactions or other data across a decentralized network.

Ripple’s own blockchain technology is known mainly as the underlying network for its cryptocurrency, XRP, often referred to itself as ripple. But it is also used more generally for real-time transaction settlements.

Due to its decentralized nature, blockchain networks remove the need for an intermediary, such as a large bank, to clear and settle money transfers.

Ripple said that the app would make it easier for banks to settle round-the-clock domestic payments in Japan. Consumers will require a bank account, phone number or a QR barcode to use the app, Ripple said.

The banking consortium is led by SBI Ripple Asia, a joint venture between Ripple and SBI Net Sumishin Bank’s parent company SBI Group.

“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers,” Takashi Okita, CEO of SBI Ripple Asia, said in a statement.

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Don't say you weren't expecting it …

Amazon reportedly is in talks with a number of banks — including JPMorgan Chase and Capital One — about establishing an Amazon-branded consumer checking account.

story at CNN.com cited a Wall Street Journal report about Amazon's purported foray into retail banking services. The online giant already has an agreement with Chase for an Amazon-branded Visa card, and issues an Amazon store card through Synchrony.

At this point, not much else is known about the Amazon project, CNN said. JPMC and Capital One both have declined to comment on the reports.

Setting up an Amazon checking account through an existing bank would simplify things significantly for Amazon, which would reap brand recognition without regulatory bother.

In an emailed statement, Ryan Tuttle, senior consumer finance analyst at Euromonitor International, commented further on the potential branding benefits to Amazon:

Amazon has built a tremendous amount of brand equity which could go a long way toward extending banking services to consumers, regardless of whether Amazon itself holds the accounts or whether they partner with an established bank. Consumers have already shown a strong level of trust towards Amazon through their willingness to exchange personal data and privacy in order to benefit from its many services. Offering banking services could offer another potential avenue for Amazon to both extend its influence and learn more from its consumers.

On the other hand, while a bank could benefit financially by providing the infrastructure for an externally branded checking account, it would run the risk of subverting its own brand in doing so, and would risk possible commoditization and disintermediation with its own target consumers.

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Bitcoin and digital money mining have given a steady and developing business sector for the PC equipment makers that create the pertinent chips for each fragment. The primary player on the GPU side (rather than ASIC mining) in 2017 was Nvidia, yet even it couldn't envision the solid request from excavators as the year advanced 

Mining Boosts Earnings 

Nvidia Corporation (NASDAQ: NVDA), the illustrations handling unit (GPU) producer, has announced a record income for the final quarter (which finished January 28, 2018) of $2.91 billion, up 34 percent from $2.17 billion a year sooner. The organization accomplished this pinnacle money related execution, at any rate to a limited extent, because of solid request from digital currency diggers which purchase its illustrations cards in mass. 

"We accomplished another record quarter, topping a fantastic year," said Jensen Huang, originator and CEO of Nvidia. "In a capable indication of our advance, participants at Nvidia's GPU Technology Conferences achieved 22,000, up ten times in five years, as programming designers working in AI, self-driving autos, and an expansive scope of different fields kept on finding the quickening and cash sparing advantages of our GPU figuring stage." 

Up to $230 Million in Mining Revenue 

"Solid request in the cryptographic money showcase surpassed our desires," Nvidia Chief Financial Officer Colette Kress said in the organization's final quarter income call. "While the general commitment of cryptographic money to our business stays hard to evaluate, we trust it was a higher level of income than the earlier quarter. All things considered, our principle concentrate stays on our center gaming market, as digital currency patterns will probably stay unpredictable." He included, "We demonstrated crypto roughly level" for next quarter. 

Investigators following the stock evaluated the effect, which the CFO was hesitant to measure, in the several millions. RBC Capital Markets' Mitch Steves assessed that Nvidia's digital money income rose to $180 million in Q4 from just $70 million the past quarter. BMO Capital Markets Ambrish Srivastava anticipated that altogether the mining section constituted more than $230 million for the period. "We had said the organization expected to beat and raise, and it beyond any doubt did, to say the least," Srivastava wrote in a note to customers. "Crypto likely had a hand to play in the outcomes."

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CRYPTOCURRENCIES such as Bitcoin, Ripple and Ethereum are all in the green now after a turbulent start to the year. But could all three top tokens return to their previous record highs? Here are the latest price predictions.

Bitcoin had a good weekend after a poor start to 2018, dropping to under $6,000 at the start of February.

As of February 20, CoinDesk's Bitcoin Price Index (BPI) highlights a peak up to $ 11,279.18 (£8,068.54) at the time of writing - the first time the currency has broken through the $11,000 mark since January 29.

Ethereum is up at $949.19 with Ripple up 0.73 percent at $1.15. While LiteCoin Cash, a Litecoin fork that occurred on Sunday night, is currently $ 7.33 (a rise of some 141 percent).

The total market cap for all cryptocurrencies stands at $484,989,000,000.

The rises come after a damaging month for cryptocurrencies as a whole. After peaking at about $834billion on January 7, the market plunged an eye-watering 66 percent, wiping out some $553billion, according to CoinMarketCap.

But with Bitcoin, Ripple and Ethereum all back in the green today, many Crypto experts are confident that the market can reach new heights this year.

Thomas Glucksmann of GateCoin told CNBC: “Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push cryptocurrency prices to all new highs this year.”

He added bitcoin, the biggest and best-known cryptocurrency, could be “pushing $50,000 by December”.

Jamie Burke, CEO at Outlier Ventures, is bullish about the cryptocurrency market, insisting it has the potential to reach $1trillion.

He told CNBC: “We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”

And Panos Mourdoukoutas, writing for Forbes, suggested that after “ being in a deep correction for a few weeks, Bitcoin, Ethereum, Ripple, and Litecoin have been coming back nicely over the last week, gaining 19.87%, 10.48%, 30.57%, and 53.90% respectively”.

He added the crypto turnaround after the recent crash comes as equity markets rebounded from the sell-off early in the month.

And he also wrote the cryptocurrency “technicals” remain strong, saying “83 cryptocurrencies [are] advancing and only 17 declining among the top 100 listed currencies.”

Dennis de Jong, managing director of UFX, says he believes cryptocurrencies remain strong and will not plummet for good in 2018.

He told Express.co.uk: “It may not capture the headlines like the volatility of bitcoin has in recent months, but there have been considerable advances in the underlying technology of the blockchain.

“Many industries are already live with, or in the process of testing, blockchain use cases that have potentially huge knock-ons for data management and security advancements.

“The relationship between crypto usage and investment in the space underpins bitcoin’s value to an extent, and for this reason I can’t see it going anywhere soon."

But as central banks attempt to kickstart regulation - Citibank India being the latest financial authority this week to ban cryptocurrency payments on debit or credit card - some investors believe the market slump could be an indicator of an overall crash in all financial markets.

Bleakley Financial Group CIO Peter Boockvar said: “If bitcoin resumes its decline here, I think that equity investors should pay attention.”

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Wall Street's first analyst to cover bitcoin is debunking a popular bitcoin investment strategy.

According to DataTrek Research co-founder Nick Colas, a vast number of investors erroneously believe that if the stock market rallies, so will bitcoin.

His finding is based on correlation analysis that goes back to the beginning of last year.

"Bitcoin doesn't necessarily go along for the ride," Colas said Wednesday on CNBC's "Trading Nation."

Bitcoin prices and stocks may not rise in tandem, but he did detect one clear trend that could be useful for investors.

"During the recent market drawdown in the early part of February, the correlation was really high. As stocks went down, bitcoin went down," Colas said. "Bitcoin faded just like a stock. However, as stocks began to rebound that correlation fell apart."

Colas, who owns a quarter of one bitcoin (worth about $2,700), contends investors may be better served by using a highly accessible strategy that relies only on an internet connection.

"The precursor for opening a wallet for many people is just googling the term 'bitcoin,' 'how to buy a bitcoin wallet,' 'how to buy a bitcoin' and so forth. So, as bitcoin searches go up, it's a precursor to bitcoin prices appreciating as well," he said.

The correlation was particularly significant between Thanksgiving and Dec. 17, when bitcoin was surging to its $19,843 record. Since then, the emerging asset has plunged 45 percent and is now bouncing along the $10,000 level.

Bitcoin's next catalyst

For bitcoin to stage another breakout, Colas says it would take a major announcement from a retailer such as Amazon about using it for payment. Right now, price volatility and underdeveloped technology is a roadblock.

Even though he doesn't see a near-term surge, he is far from bearish. His 2018 average price for bitcoin is $14,000 — noting that there is a fair amount of crossover between people who own bitcoin and stocks.

"It's such a polar discussion with people. We have clients who love it [bitcoin], and clients who hate it. And, there's really nobody in the middle," Colas said. "Every day it doesn't go to zero is another day it lives. And, every day above ground is a good one. That applies for people and bitcoin."

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