Category: Ripple

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Ripple: one of the most influential DLT companies

Categories Blockchain, Cryptocurrency, ICOs, Technology, Ripple

Ripple: one of the most influential DLT companies

With the cryptocurrency market as unstable as it is, businesses are looking at development and partnership as a marker of growth and success, instead of market prices. One of the key players in the blockchain space, Ripple Inc has been leading the way for some time now, working hard to integrate its blockchain tech into a range of financial institutions. The company is currently valued at an impressive $17 billion and the current value of XRP stands at $0.29054 USD but it is Ripple’s partnerships with big businesses that have helped it retain its value in a somewhat unsteady market.

There is but one problem; the question of decentralised governance has become something of a thorn in Ripple Inc’s side as the big stake that Ripple has in XRP, ultimately gives the control. The increase in the influence of Ripple as a blockchain solution provider has been a bit of a concern for some.

As Ripple Inc continues to flourish as more and more banks and big businesses around the world continue adopting their technology the sky seems to be the limit, a sentiment that was echoed by the MD of Ripple South East Asia, Navin Gupta.

“Now we don’t approach banks…they approach us.”

At the time of writing, xCurrent and xRapid technologies are integrated with over 100 banks across the globe such as the Bill and Melinda Gates Foundation, JP Morgan Chase, American Express and Santander.

These votes of confidence from some of the world’s most well-known and well-respected names mean that not only will Ripple’s technology continue to increase in popularity, but it seems like this will also be reflected in its value and trading popularity. Over the last 24 hours, a daily volume of $273 was traded across global exchanges placing the XRP coin in third place on the Coinmarketcap log with a total market cap of $11,439,269,165 USD.

 

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Virtual Currencies are increasing in value

Categories Blockchain, Cryptocurrency, ICOs, Smart Contracts, Cryptocurrency Exchange, Payments, Bitcoin, Regulation, Ethereum, Ripple, Market, Market Cap

Virtual Currencies are increasing in value

For the first time in two months, the value of Bitcoin has exceeded $8200 and it seems that slowly but surely the value of the world’s most popular cryptocurrency is regaining some of the strength that it had before the spectacular crash of January 2018.

In July, the value spiked rather suddenly and it value started to creep towards the price it reached two months ago at $7502. But what is causing its price to grow? Here are five reasons why?

Facebook and Google relax their rules

When news broke that both Google and Facebook had relaxed their rules around advertising cryptocurrencies and related products on their platforms. Coinbase, one of the largest cryptocurrency exchanges in the world is now allowed to advertise its services on Facebook and Google has now listed the top cryptocurrencies in its exchange rate converted. This newly founded web visibility and a significant vote of confidence from the world’s largest tech giants has undoubtedly had a positive effect on the value of BTC.

The possibility of a BTC ETF

Another big vote of confidence for BTC was the announcement from the Chicago Board Options Exchange that they had sought approval for a Bitcoin ETF. This request from one of the most well-known exchanges comes at the same time as a number of similar requests from other leading big names. Whether or not the application will be approved, remains to be seen but in the meantime, this news is believed to have helped create the surge in value that we are seeing today.

Approval from big institutions

Some of the world’s leading banks such as JP Morgan and Goldman Sachs have started showing more and more interest in cryptocurrencies. At one time, leading figures in the industry were quick to criticise and dismiss the technology, but it appears that the tides have turned. The fact that such prominent names have shown interest in investing in and utilising the technology has been a big boost for the industry as a whole.

Regulatory changes

Following in the footsteps of Malta that recently introduced three new Acts that would support the growth and development of cryptocurrencies, ICOs and blockchain technology, more and more jurisdictions are considering changing their approach. The market has suffered from a lack of regulation or unclear laws which has lead to confusion, abuse, and crippling of cryptocurrencies value. Now the US Chamber of Commerce along with the SEC and CFTC are working on creating a better regulatory environment, crypto is set to thrive.

It’s summer!

The price of BTC seems to surge every summer and 2018 is no exception. Whilst the leap of 2017 was the largest so far, before that we saw considerable upswings during the summer season. So far, the level of growth in 2018 pales in comparison to previous years, we still have August to go and considering points 1-4, we could be in for a pleasant surprise.

If you have invested in Bitcoin or are considering doing so, contact one of our team today to ensure that you are making the best out of your investment and that you are in compliance with all applicable fiscal regulations.

 

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Is Amazon about to launch virtual payments?

Categories Blockchain, Cryptocurrency, Technology, Payments, Bitcoin, Tokens, Wallet, Utility Tokens, Security Tokens, Ethereum, Ripple

Is Amazon about to launch virtual payments?

Rumours have been swirling for months that e-commerce giant, Amazon is set to launch its cryptocurrency payments. Earlier in the year they purchased a range of crypto-themed domain names such as amazoncryptocurrency.com and amazonbitcoin.com which just fuelled the reports further.

Now reports from an anonymous software engineer have been circulating on Reddit stating that Amazon has been talking about accepting Bitcoin payments and that the only reason they haven’t done it yet is due to issues surrounding refunds and volatility.

There have also been talks of them offering blockchain solutions through their AWS Blockchain Templates which can be used to launch an Ethereum of Hyperledger Fabric network in a matter of moments. It has also been speculated that they are creating their own cryptocurrency. In fact, they created one back in 2013 called Amazon Coin but it never took off due to the fact it was not based on any blockchain technology and could only be used on the Amazon platform.

Whilst the tech and e-commerce giants have not revealed anything about accepting crypto or developing blockchain tech over the previous months, they have made some interesting moves during the last few weeks. An Amazon subsidiary “Amazon Technologies Inc” recently issued a patent for a data streaming marketplace which allows clients to view crypto transaction data as it happens. It is designed to function like a crypto stock trading portal with real-time updates.

The patent states:

“A group of electronic or internet retailers who accept Bitcoin transactions may have a shipping address that may correlate with the Bitcoin address. The electronic retailers may combine the shipping address with the Bitcoin transaction data to create correlated data and republish the combined data as a combined data stream.”

Whether they will do something more concrete to move forward in the space remains to be seen but what we do know is that they are interested in dallying with the technology and its implications. The fact that crypto and bitcoin has even been recognised by Amazon is a big step forward and a vote of confidence for the sector.

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

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Cryptocurrencies prices will eventually overtake Bitcoin

Categories Blockchain, Cryptocurrency, Malta, Technology, Regulation, Tokens, Wallet, Ripple

Cryptocurrencies prices will eventually overtake Bitcoin

In 2018, cryptocurrencies have experienced their volatile nature, reporting a dip of about 66%, lesser than the previous year. It is noted that prices of cryptocurrencies listed in the market cap are highly correlated with Bitcoin. Ripple’s CEO Brad Garlinghouse stated with CNBC that in the near future the crypto market will realise the difference in assets set by each crypto coin. He continued stating that “… over time you’ll see a more rational market and behaviours that reflect that.”

It is reported that there are over 1,500 cryptocurrencies in circulation around the world. Mr Garlinghouse believes that in 10 years’ time 99% of these digital currencies will not exist. He said that “There’s gonna be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out.”

Ripples popularity with investors

Ripple is the 3rd most ranked cryptocurrency per market cap following Ethereum and Bitcoin respectively. Its aim is to create a faster network of financial payments. While, XRP is the digital token name of this currency, enabling financial institutions to transact payments quickly on the blockchain.

Ripple’s CEO declared that the company had increased its profits in its first quarter, by signing 20 production contracts with new firms. On Wednesday 29th May, Ripple reported that they sealed a deal with Kuwait’s largest bank. Through this agreement, the bank will supply XRP tokens to their clients. Although Ripple has been doing badly as a digital currency, losing about 70% of its value of XRP, this trend was seen throughout all the trading cryptocurrency market.

Since the market is yet to be established and understood by many traders, the crypto market remains unstable. During the interview, Garlinghouse stated that “It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases.”

However, big leaps in Maltese regulation has given ICOs a better way to form new cryptocurrencies. In fact, ICOs will eventually partake in the initiative to trade their tokens along with other cryptocurrencies. A bright future awaits this sector, the next step is for other jurisdictions to follow in Malta’s footsteps, regulating cryptocurrencies and opening up to blockchain based companies. In contrast, the US, represented by the SEC is still battling to regulate ICOs, stating that all ICOs are securities.

 

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