After hitting $1 price record earlier last week, Ripple Crosses $1.50 Mark on the credit card providers collaboration news. As of now, the association includes 61 Japanese banks. What is the purpose of the collaboration?
29 December, AtoZForex – The company SBI Holdings along with its subsidiary SBI Ripple Asia has informed the public about their latest management decision. The entities have decided to collaborate with three key credit card providers in Japan. Following the news, the price of Ripple has surged to a new high. As of the moment of publishing, the price of one XRP stood at $1.57.
Ripple Crosses $1.50 Mark On Credit Card Collaboration News
The partnership between SBI Ripple Asia and major credit card providers is aiming to increase user experience and solve numerous user issues. Moreover, the project is looking into ways of increasing efficiency via Ripple’s Blockchain technology.
The credit card providers participating in the collaboration are JCB, Credit Saison, and Sumitomo Mitsui Card. The association has already come up with a payment application that utilizes Ripple’s technology. The app aims to allow for almost instantaneous funding. It also will protect user security and control.
Ripple has entered the collaboration with SBI Holdings earlier in 2016, setting the start for SBI Ripple Asia. The union now includes 61 Japanese banks, among which you can find Sumitomo Mitsui Banking Corporation (SMBC), MUFG, and Mizhuho.
Earlier last week, Ripple price has advanced to surpass the historic $1 level. That time, Ripple trading volumes advanced over the last 24 hours almost 25% at South Korean exchange Bithumb and 10% Bitfinex in Hong Kong. The key source of the demand for Ripple comes from Asia, according to the industry experts.
What is Ripple?
Ripple is the cryptocurrency behind a new blockchain-based project, which the main purpose is to replace the SWIFT banking system that is used for the international transactions. The project looks into bringing the distributed ledger technology into the mainstream.
While the existing SWIFT banking system normally takes a few days for the money to reach the intended destination, Ripple aims to reduce this time to less than a day. Moreover, the technology also plans to cut the transaction costs by more than 30%.
Ripple is a distributed, yet centralized cryptocurrency. It does not utilize Proof of Work (PoW) or Proof of Stake (PoS). Instead, the XRP features an algorithm called consensus. It is not possible to mine Ripple, yet the transaction statistics indicate a steady average of 1 million a day. The majority of those represent the offer create function. As a matter of fact, these statistics have risen sharply this September after almost one year of decline.
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