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No Competition Between CBDC and XRP – Price Drops 11%

Jamie West by Jamie West
August 21, 2020
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SAN FRANCISCO, California – XRP doesn’t compete with national cryptocurrencies, as per Ripple’s senior executive, Emi Yoshikawa. It’s not a competitor against stablecoins and CBDC or Central Bank Digital. On a different source, scammers of XRP stole 1.543 million XRP via fake YouTube videos, as per Xrplorer.

Ripple’s international operations’ senior director, Emi Yoshikawa, demanded that XRP was not challenging with stablecoins and CBDC or Central Bank Digital Currencies.

Yoshikawa had an interview with FXcoin, a Japanese digital asset exchange. In that interview, the senior executive stated that this cryptocurrency is balancing to the general improvement, and it’s in the development of stablecoin and CBDC. The executive said that XRP is the “bridge asset” in global payment.

As per Yoshikawa, there are numerous crypto-asset-types. However, the executive believes that the XRP’s role is the bridge in global payment. It’s not a competitor against CBDC and stablecoins. On the different parts, it’s a balance. The company thinks that several CBDC and stablecoins will establish an interaction by fixing the liquidity issue, and it’s by liking independent digital assets.

Yoshikawa stated that the top payment product of Ripple, which is the ODL or On-Demand Liquidity. The ODL of Ripple, previously called xRapid, will practice cross-border settlements immediately, and it lessens operational charges. Also, the senior executive highlighted that Ripple’s ODL is to remove pre-backing in cross-border arrangements.

Both CBDC and stablecoins stated some of the main goals of the ODL of Ripple. Some of the current CBD initiatives, such as the virtual yuan of China, warns a thread to SWIFT’s dominance when it comes to an operation speed. Several international funding institutions also perceived the probability of CBDC to lessen the cost of backing operations.

The remarks of Yoshikawa came presently after Tether (USDT) overtook the third-biggest digital asset by market capitalization in May 2020.

On a different side, it’s a piece of bad news for the XRP Army as scammers were able to get 1.543 million XRP through fake videos from YouTube. This announcement was as per Xrplorer, a ledger tracker.

Ripple stated that fraudsters got 60% of the whole XRP from Coinbase users. Plus, 25% came from the private digital wallets of these XRP users.

Binance was the most-utilized digital asset service provider for laundering took crypto-assets, and it’s the provider accountable for washing 508,000 XRP, coming from 839,000 XRP. As per Xrplorer. NiceChange, a cryptocurrency exchange, is the second most-used provider, having 273,000 XRP transferred.

The fraud videos impersonate companies and tech figures, and these claim that digital asset users can transfer a little amount of crypto-asset to a virtual address. In return, they will gain more.

Thomas Silkjaer, the CEO of Xrplorer, stated that Coinbase, along with other digital asset companies, has chances to be hands-on and notify their users when it comes to transferring assets. It should warn them, especially when they’re moving to a probable scam address. Also, the company is trying to track the accounts before the transfer of XRP.

In April, Ripple filed a case over YouTube for pondering inaction, which makes it easier for fraudsters to steal digital assets.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: balancebankbridgeCEOcompanycrypto assetcryptocurrencydamagesdigital assetfraudfundingglobal paymentinvestmentinvestorsoperationsscammersstoleUSAYouTube
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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