FXcoin to Work with Ripple’s Partner SBI Holdings to Use the XRP Token for a Payment Platform. In the announcement, FXcoin noted that they will be setting up an XRP-powered swap market that will allow them to take advantage of the XRP token by hedging price movements.
To power this project, FXcoin received a bulk sum as investment from Ripple’s number one Asian partner, SBI Holdings. Along with the investment, the exchange signed a contract for a third party equity allocation deal with SBI. Just like the investment amount was not revealed, the number of shares and the amount per share purchased by SBI were not revealed.
In April, FXcoin announced that it was making plans to develop a remittance project that will be powered by the XRP token. FXcoin noted that their products aren’t just going to be beneficial to XRP but the entire cryptocurrency market as well. Their XRP-based local and international remittance platform is just one of many similar projects FXcoin is working on in the fintech industry.
Regarding the new project, Yasuo Matsuda, the chief strategist at FXcoin, said “continuing with the demonstration experiment of domestic remittances and overseas transfers through XRP and eventually global cash management, corporate finance, and trading”.
So far, everything is working according to plan. By diving into XRP-based solutions, FXcoin is expanding its scope in the worldwide cash management system. Their remittance system will be affordable, fast, and simply efficient. Apart from these, the swap market will help people to see the XRP token and other cryptocurrencies as more than just speculative assets. By expanding the usage of XRP, FXcoin will be driving demand to the token, resulting in some form of price stability or even bullish action.
- Japanese-based cryptocurrency exchange, FXcoin explores using an XRP-based global payment network
- XRP moves above the $0.2400 level for the first time in months, could the bulls have regained control of the market?
Ripple has a reputation for sealing amazing partnerships with fintech companies across the industry. However, most of these partnerships don’t involve the use of their flagship product, XRP. So, it is always a big deal when the XRP token is used for a payment service protocol. Yesterday, the Japanese cryptocurrency, FXcoin, announced that they are working on an XRP-based cross border payment system. This is good news for Ripple and the XRP token which has been struggling in recent times.
XRP Makes Progress, moves Above the $0.2400 Level for the First Time in over Three Month
Anyone who has been paying attention in the cryptocurrency market knows that XRP has been bearish against the USD for more than three years. Thanks to the recent market-wide rally, the token surged to the $0.2400 level for the first time in more than three months. It is currently trading at $0.2453 with possible higher levels on the way.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
