Ripple (XRP) To Be Used In Trading Physical Metals
Ripple (XRP) – is delving into something new, now that the cryptocoin with $20 billion market cap is launching a new gateway regarded as “eMetals” this April. Ripple and BBG Group are partnering to sustain the latest development. eMetals platform is seen as an unusual way to ‘invest in and trade physical metals’. The platform by all indications is centered on providing the investment performance of the standard metal markets with the transparency of an exchange-traded security. A statement by BBG on Monday indicated that BBG is issuing a new gateway on the ripple consensus ledger.
“As a precious metal refiner, sees significant market potential in the ripple network combined with the digitization of physical metals,” BBG indicated.
“The company has decided to offer investors an alternative way to invest in, and trade, physical metals by combining the performance of the London clearing system, managed by London Precious Metal Clearing Limited, with the transparency of an exchange-traded asset.”
“Distributed ledger technology is a game changer and supplying metals on Ripple blockchain is solving many challenges that have traditionally been part of the user experience with exchange-traded funds or physical precious metals. Ripple implementation in metals trading is just the start of the adoption of blockchain technology which will radically transform the economy.”
BBG, owing to the potentials in ‘Ripple Consensus Ledger and the conversion of rights to metals into digital tokens (IOU) on Ripple Network’, decided to give investors opportunity to trade and invest in physical metals. In a progress update by BBG Group on Twitter, it was revealed that investors can buy, spend and trade metals on the “eMetals” platform.
“Use the #Ripple network to buy, spend and trade #Gold, #Silver, #Platinum, #Palladium and #Rhodium (XAU, XAG, XPT, XPD and XRH). For more information please visit eMetals platform”
Based in Slovakia, BBG Group refines precious metals and industrial scraps gathered from the nooks and crannies of Europe. The Group as well involves in trading, recycling, and fund management.
The new Ripple gateway can be used in buying and trading metals like Rhodium, Palladium, Platinum, Silver and especially, Gold. The eMetals platform will employ active buy and sell orders using current target trajectory that is to be unveiled when the initial version is made available on the 1st of May, 2018.
Ripple and Rewarding Partnership
Ripple continues to romance big financial companies in recent time. The company, in a YouTube video says it is working with between 40 and 50 international central banks. In an official announcement, Ripple CEO, Brad Garlnghosue, made known that it has partnership with 100 financial institutions, who directly or indirectly rely on Ripple’s technology.
Ripple-Western Union Collaboration
In January, 2018, Ripple’s CEO Brad Garlinghouse aired that three of the world’s top five money transfer companies are test running XRP. MoneyGram was the first to confirm the development, followed by Western Union. It is no news that Ripple is worth more than gold today despite the fact that the price of Ripple is still below the expected value that enthusiasts clamour for.
Ripple In Asia, Middle East
Ripple is maintaining a reliable presence in Asia, and Middle East especially. In what could be regarded as a worthwhile partnership, the Saudi Arabia’s banker’s bank says Ripple is saving the country of 200 Million to 400 Million USD annually owing to the firms low cost cross border transaction fee.
Asharq Al-Awsat in a report, confirmed that Arab Exchange Market (AEM) Sec-Gen Fadi Khalaf said “the cost of remittances is about 60 percent lower than cash transfers.”
In the same line, UAE Exchange has entered into partnership with the cryptocurrency firm. Chief executive of UAE Exchange Group made known that early adoption of this “game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.”
Unexpectedly, Ripple is making every move to have a stable network in China. The cryptocoin, in a bid to have stable connection in the country revealed that the China’s regulations on cryptocurrency need to be clearly spelt since Ripple’s technology is beyond cryptocoin.
LianLian International, a respected Chinese money service company, registered in the city of Hong Kong with 150 million registered users has partnered with Ripple. The partnership is expected to help LianLian achieve ‘real-time, cross-border remittances, invoice payments and e-commerce payments’. According to Ripple, LianLian is expected to use Ripple’s technology, xCurrent. The power of Ripple tools make the financial companies irresistible among cross-border remittance companies in the world. It is speculated that Ripple is going to be the banker of all banks in the nearest future especially now that the company has revealed it will partner with more than half of world’s top banks in the next 5 years.