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Facebook will reportedly use cryptocurrency for transferring money through WhatsApp

Poster: Here goes the Fintech Industry Privacy & Integrity

"The social media giant is developing a way to use cryptocurrency to transfer money on WhatsApp messenger in India, Bloomberg reports.

But it’s not using bitcoin. Instead, Facebook plans to use a “stablecoin,” a digital currency pegged to the U.S. dollar. Facebook’s hiring of former PayPal President David Marcus sparked rumors that the company would eventually dive into financial services.

Facebook is reportedly working on a cryptocurrency for global payments.

The social media giant plans to use a digital currency to focus on small payments in India, Bloomberg reported citing people familiar with the matter.

But it's not using bitcoin. Instead, the tech giant reportedly plans to use a "stablecoin," a digital currency pegged to the U.S. dollar. Cryptocurrencies have been marked by volatility this year, often seesawing 10 or 15 percent in a single day. Stablecoins however mirror the price of a government-backed currency and could solve the issue of volatility.

Facebook did not immediately respond to CNBC's request for comment.

The company's hiring of former PayPal President David Marcus sparked rumors that Facebook would eventually dive into financial services. Marcus moved to Facebook to run its messenger app in 2014, and now runs the company's secretive blockchain initiative.

Facebook is one of many tech and financial services giants at least exploring blockchain, the technology underlying bitcoin and other cryptocurrencies. Amazon, J.P. Morgan, Walmart and IBM are among other well-known companies testing the technology. Its potential has been compared to the internet but so has its hype.

Still, few established U.S. companies have embraced cryptocurrencies themselves. CEOs from Jamie Dimon to Warren Buffett have bashed bitcoin and warned investors of the speculative bubble as it ushered in retail buyers last year. The world's largest cryptocurrency is down more than 70 percent in 2018 alone, according to data from CoinDesk.

Facebook-owned WhatsApp has gained traction in India, where remittance payments are big business. According to the World Bank, people sent $69 billion from other countries into India last year."

https://www.cnbc.com/2018/12/21/facebook-reportedly-working-on-a-cryptocurrency-for-transfering-money-through-whatsapp-.html

XRP Seems to Be the Top Candidate For the Bull Run in 2019, and Here’s Why

"XRP has been pretty much asleep for a very long time and as we are approaching the end of 2018, the much-needed news about Ripple’s partnerships with major financial institutions have started erupting in the crypto-space..."

"...Ripple’s infrastructure is designed to make transactions faster and convenient for banks and other financial institutions. It explains why the platform has already seen over 100 institutions adopt its technology and there are more that are joining by the day. The platform’s blockchain, RippleNet, offers businesses and financial institutions different programs that help cross-border payments happen smoothly.

This includes xRapid, a program that allows financial institutions to minimize liquidity cost if they use XRP as a bridge from one fiat currency to another. xCurrent which is a payment processing system for banks. And also xVia which allows businesses to send payments through RippleNet. All three solutions are crucial in enhancing Ripple value.

Ripple’s Partnerships
Using XRP as a bridge currency helps accomplish cross-border payments in a maximum time of 3 to 4 seconds and unlike traditional banks, XRP and Ripple’s technology can be used 24x7x365.

In comparison with other cryptocurrencies, Ripple and XRP make the transfer between any currency, any asset and any commodity possible. With all these partnerships Ripple and XRP, in a tag-team plan to take on the remittance and the cross-border payment industry which is worth $155 trillion in total.

Ripple has now made massive partnerships with major banks and financial institutions around the world, like Israel’s GMT, Turkey’s Akbank, MoneyGram, AmericanExpress, CIBC, Earthport, and many more who have the access to use Ripple’s blockchain technology for cross-border payments and more.

Akbank announced that it was using Ripple’s blockchain technology Ripple Net to transfer the GBP to UK’s Santander, another financial services company. This announcement doesn’t clarify that it is not using XRP as a bridge currency, but it doesn’t mention that it isn’t either..."

"...Coinbase Taking RippleLabs’ Coin on Their Custodian Services
Coinbase recently announced that it is adding more than 30 assets to its trading list and XRP was one among them. Coinbase has always been known for scrutinizing an asset thoroughly before adding it to their trading lists.

Since that has been thrown out of the window, the cryptocurrency community speculates that it could be due to the bear market wiping off more than 80% of Coinbase’s trading volume since its all-time high in 2018, which was reported by Diar in a research.

Ripple (XRP) used to be the cryptocurrency that was considered an outcast in the crypto community. There is a reason Ripple (XRP) did not end up on Coinbase even though it is an older cryptocurrency than Ethereum (ETH). The crypto community back then was very anti Ripple (XRP) in its early days because of what it stood for. Before 2017, the crypto community mostly comprised of tech geeks who had heard early about Bitcoin (BTC).

Most of them were either developers, miners or early adopters who believed in what Bitcoin (BTC) stood for. This is why most of them first flocked to Bitcoin (BTC) and then Litecoin (LTC) when they realized that Litecoin (LTC) could solve some of Bitcoin (BTC)’s issues that might lead to future adoption for Litecoin (LTC). However, Ripple (XRP) was ignored for the most part during that phase.

Building Trust and Regulatory Clarity in Blockchain and Digital Assets
SVP of Global Operations at Ripple Eric van Miltenburg said in his official announcement that Ripple is an international business by definition.

“We use blockchain technology and digital assets to remove friction from global payments. From the very beginning, we’ve worked within the existing international banking system, as opposed to around it, engaging with regulators worldwide to ensure success for our customers. While we’ve seen exciting regulatory progress over the past year, challenges still lie ahead.”

They’ve held a panel inviting leaders on the front lines of digital asset and blockchain regulation to Ripple HQ. Panelists Kevin Werbach, author and professor at the Wharton School, Valeria Bystrowicz and Sarah Hody, both associates at Perkins Coie, joined Miltenburg for this inaugural Ripple Expert Views event.

The panelists noted that this approach is showing some early signs of success in emerging markets around the world—especially in the ASEAN market.

In this region, millions are gaining access to banking services for the first time through non-banking channels, like mobile wallets. The World Bank estimates East Asian markets received $129 billion in remittance payments last year alone. Further, SMEs are estimated to be responsible for up to 60 percent of employment in the developing world, but that number is thought to be as high as 70 percent in ASEAN countries."

https://www.coinspeaker.com/xrp-bull-run-2019/#