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Ripple’s SVP of Product: Almost 20% of RippleNet Transactions Use XRP-Powered ODL

Ripple’s senior vice president of product and corporate development, Asheesh Birla, has revealed that over 20% of all transactions the firm conducts on its global network of financial institutions use the XRP-powered On-Demand Liquidity (ODL) solution. According to a tweetstorm Birla published, On-Demand Liquidity is increasingly being used for RippleNet transactions. ODL facilitates cross-border payments […]

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Ripple’s senior vice president of product and corporate development, Asheesh Birla, has revealed that over 20% of all transactions the firm conducts on its global network of financial institutions use the XRP-powered On-Demand Liquidity (ODL) solution.

According to a tweetstorm Birla published, On-Demand Liquidity is increasingly being used for RippleNet transactions. ODL facilitates cross-border payments with the use of the XRP cryptocurrency, the third-largest cryptoasset by market cap.

Birla’s comments came as he mentioned the price of bitcoin has been going up, while the decentralized finance space has been seeing investors lock more and more funds in it, and the adjusted transaction value for stablecoins hit a new all-time high, likely thanks to global uncertainty surrounding fiat currencies.

Moreover, the Ripple executive asserted many in the cryptocurrency space are now focusing on the utility of cryptoassets and not just speculating on their price. This, he said, is leading to a “melding of the old world and new.” As a result, it’s “only a matter of time” before banks offer crypto custody services and lending as they see consumer interest in decentralized finance.

While initially centralized exchanges like Coinbase and Binance provided fiat currency on and off-ramps, now decentralized exchanges are “gaining momentum” to provide liquidity, while fiat on and off-ramps are being provided by stablecoins, Birla said.

The executives’ comments came amid a flurry of high-profile XRP transactions being detected on the blockchain, including one moving 60 million XRP tokens, worth $17.3 million, to Jed McCaleb.

McCaleb, it’s worth noting, helped start Ripple and was allocated 9.5 billion XRP tokens from the cryptocurrency’s total supply of nearly 100 billion.  He then left the firm and, in 2014, he announced he was liquidating his holdings and the price of XRP plummeted as a result.

To stop the price of XRP from tanking, Ripple ended up entering a seven-year agreement with him, limiting his monthly and annual sales limits. Per the agreement, he can sell one billion XRP in the sixth year, and two billion in the seventh.

Featured image via Pixabay.

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ABEY Chief Scientist Highlights the Future Of Crypto At Future Blockchain Summit Dubai

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When Bitcoin ballooned to $20,000 the last time around, the network became so congested, slow transactions put a damper on the excitement surrounding the cryptocurrency industry, and the hype and the valuations it drove all came crashing down.

A similar situation happened over the summer with Ethereum, where gas fees for using the smart contract platform became outrageously expensive due to how congested the network was. And with Bitcoin embarking on a bull run again any day now, there’s a chance the cryptocurrency is destined for the same fate considering how few advances in speed or cost savings have rolled out since the last peak.

The solution to the ongoing throughput problems plaguing crypto will soon be the focus of a speech at the upcoming Future Blockchain Summit in Dubai. Here’s everything you need to know about the ABEY token, why it is taking the mainstream crypto market by storm, and why Dr. Ciprian Pungila’s speech is a can’t miss upcoming moment in the blockchain industry.

Scaling Problems From Last Crypto Peak Remain, But Change Is Here

Bitcoin and other popular cryptocurrencies are driven by speculation, and while there is no denying the technology has incredible potential and how powerful the implications of blockchain can be, the current transactions per second these massive cryptocurrency networks can handle is tiny compared to giants like VISA and Mastercard.

So if Bitcoin and Ethereum are slow, clunky, and can’t scale well, the chances of them actually unseating the current finance crown wearers are slim-to-none. It has since turned even the Bitcoin crowd toward the store of value narrative, and the user base has chosen to ignore its use as a business and e-commerce solution for the future.

It has left these cryptocurrencies vulnerable to becoming the next MySpace in the world of Facebook and Twitter. However, a solution to the problems plaguing these top assets could soon be widely known, as the ABEY token picks up in price and momentum, and just as the token’s co-founder Dr. Ciprian Pungila takes the stage at the Future Blockchain Summit in Dubai on December 6 through 9.

Dr. Ciprian Pungila To Present ABEY Roadmap, Review Key Blockchain Breakthroughs

The ABEY Foundation co-founder and chief scientist will lead a speech outlining the future of finance: ABEY – a business-scale blockchain solution with unique and rare features in the crypto world.

ABEY Research associate Alexe Spataru will support Dr. Ciprian Pungila to deliver a presentation outlining the most important features that help set ABEY apart from the likes of Bitcoin and Ethereum. There, an updated roadmap for the token and the self-sustaining ecosystem will also be a significant focus of the speech.

ABEY is an innovative token for the crypto industry, able to process thousands of transactions per second, on par, and even beating out major centralized payments companies. And unlike most cryptocurrencies, ABEY allows for refunds – a first for the crypto market, making it even more ideal for the massive, global e-commerce industry.

Fundamentally, ABEY is showing rapid adoption and proliferation of user wallets, already reaching a milestone of 100,000 unique wallets. Early adopters recognizing ABEY’s potential have helped grow the token’s value organically from the first mining price of $0.001 per abey.org. Also, be sure to check out Dr. Ciprian Pungila’s groundbreaking presentation regarding the future of the crypto industry coming up this weekend from December 6 through 9.

Source: https://www.newsbtc.com/news/company/abey-chief-scientist-highlights-the-future-of-crypto-at-future-blockchain-summit-dubai/

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Market Analysis Report (03 Dec 2020)

BTC Markets Exchange Exposes Personal Data of 270k Users | Visa Connecting Its Payment Network to Circle’s Ethereum-Powered USD Coin ($USDC) | US Lawmakers Introduce Bill That Would Require Stablecoin Issuers to Obtain Bank Charters

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Visa and Circle Internet Financial (“Circle”), which developed dollar-backed stablecoin USDC Coin (USDC), announced that from today Circle will help Visa card issuers to enable sending/receiving USDC payments.

The Forbes report says that “businesses will eventually be able to send international USDC payments to any business supported by Visa, and after those funds are converted to the national currency, spend them anywhere that accepts Visa.”

Once Circle has gone through Visa’s Fast Track program (sometime next year), Visa will create a card that allows any businesses to send/receive USDC to/from other businesses via the card. After the USDC funds are converted to the local currency, businesses can spend the money anywhere that takes Visa.

Visa’s Head of Crypto Cuy Sheffield had this to say:

“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients”

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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