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Click "Man Talks Foreign Exchange Market" under the title to quickly follow Summary of Man Talk Just as Bitcoin was pulling back to correct, another virtual currency, Ripple (also known as XRP), surged 20% in one day after a Japanese credit card company decided to adopt it, setting a new all-time high.  According to relevant reports, Japanese financial services company SBI Holdings and its subsidiary SBI Ripple Asia established in 2016 announced that they will form an alliance with some Japanese credit card companies to use blockchain technology. Ripple soared 20% to a record high of $1.43 on the 27th. Relevant data shows that Ripple’s current market value reaches US$54 billion, making it the third largest virtual currency in the world, second only to Bitcoin and Ethereum. In comparison, Coinbase quotes show that Bitcoin and Ethereum fell by 5% and 1% respectively on the 27th. Ripple is the name of a company in San Francisco that uses blockchain technology to develop payment systems (originally known as OpenCoin). Its customers include banks, digital asset exchanges and other financial institutions. Customers participating in this payment network will use a virtual currency called Ripple (XRP) to conduct transactions. Ripple controls 61% of the 100 billion XRP coins currently in circulation. Ripple's quotation on the 27th hit a record high, and Ripple's market value also expanded to $87.23 billion. Ripple CEO Brad Garlinghouse said in an exclusive interview with the program that in the long run, the value of virtual currency will depend on its use, and Ripple will work hard to build an ecosystem to make this technology popular as soon as possible. According to Ripple's official website, the settlement speed of Ripple is only 4 seconds, which is much faster than Ethereum's more than 2 minutes and Bitcoin's more than 1 hour. Ripple has also been one of the best-performing virtual currencies since 2017. After closing at 0.64 cents at the end of 2016, it has surged more than 20,000% year-to-date. In comparison, the year-to-date gains of Bitcoin and Ethereum are 1,500% and 9,200% respectively. Earlier in December, several Japanese and Korean banks also decided to test Ripple's system. Ripple announced in November that American Express and Santander will use the Ripple network to conduct cross-border payments between the United States and the United Kingdom. More than 100 financial institutions are currently using Ripple's blockchain network. The company has raised $93.6 million in funding from investors including CME Ventures, Standard Chartered Bank, Andreessen Horowitz and Alphabet Ventures GV. Relevant reports say that Ripple may grow faster than Bitcoin. Ripple does not rely on blockchain, but uses a node network formed by banks and financial institutions. Transactions are fast, secure and low-cost. It is regarded as an excellent way to send money. The same goes for Litecoin, which has the advantages of fast transaction speed and cheap fees. Some people have previously said that if Bitcoin is as powerful as Bitcoin and has died in China's official market, what kind of waves can Ripple make? In fact, this is not the case. Bitcoin itself has many anti-government and anti-legal currency characteristics at the beginning of its creation. On the one hand, it basically completely destroys the possibility of Bitcoin being completely compliant. It is doomed that Bitcoin has official fear factors in various countries. Its anonymity and high acceptance provide fertile ground for illegal Bitcoin transactions. With its inherent advantage of natural compliance, Ripple will surely stand out in the competition with Bitcoin in financial compliance and occupy the official market of financial institutions and banks. The characteristics of Ripple determine that distributed clearing technology will eventually be used for compliance in the near future. Official banks and financial institutions will apply this cutting-edge technology on a large scale within the scope of supervision. Judging from the current development trend, the big cake of financial institutions and official banks is likely to be swallowed up by Ripple. (Risk warning: Investment is risky, please choose carefully. The content of the article does not constitute any investment advice, and no guarantee or commitment is made to the accuracy and completeness of the content. Past performance does not represent future performance. Investment may result in loss of principal. Anyone making investment decisions based on this shall bear their own risk. )  |
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