It’s hardly been a great week for Ripple, although that’s probably more to do with an expectation deficit from its investors rather than any major issues with the company – or its token.
Indeed, within 24 hours of Coinbase denying the long-standing rumours that XRP was going to be adopted on its exchange, which shaved more than $0.12 of its value, Ripple continued to do what it does best: prove the utility of its blockchain with a tie-up with a major financial institution.
The Japan Bank Consortium is in the process of launching a new app called “MoneyTap”, which allows its customers to settle bank transactions instantly, whatever the time of day. The app will be shared by three leading banks, SBI Net Sumishin Bank, Suruga Bank and Resona Bank in the autumn of 2018, with other banks to follow.
Currently, all inter-bank transactions in Japan must occur on weekdays and between: 8.30am and 3.30pm. “MoneyTap” will, according to Ripple, allow customers to make instant domestic payments with a bank account, phone number or QR code.
Grayscale Investments is adding to its list of cryptocurrency-based investment funds. The firm, which launched its Bitcoin Investment Trust (GBTC) to allow the investor community to access the cryptocurrency space, is adding to its portfolio with four new investment vehicles. They are Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust and XRP Investment Trust.
“Our team is committed to bridging the gap between the global investment community and the digital currency asset class,” Michael Sonnenshein, Grayscale managing director, said in a statement.
Is interest in the cryptocurrency space declining? If Google search statistics are anything to go by, possibly. According to Google Trends data searches are down by more than 80 percent from its late-December peaks – when the coin was also trading at or close to its all-time highs of $20,000. The fall-off in search almost directly correlates with a decline in price, which is trading at $10,500 this morning after a near ten percent retraction in the last 48 hours.
If you want your buffet breakfast to come with a side of impromptu brain-storming, or fancy sharing a dorm with the next year’s fintech pioneer, the Tribe Theory hotel in Singapore is offering entrepreneurs a place that offers both.
With capsule beds, free wi-fi and plenty of communal-cum-co-working space, the hotel offers smart, budget accommodation that specifically targets the start-up sector – and guests can pay in either Bitcoin and Ethereum. Prices start at a crypto-wallet-friendly $26 per night.
Plattsburgh, NY, has proposed a new law stopping any new cryptocrurrency mining operations in the city. The mayor of the town, with a population of just 20,000, proposed the law pending proper zoning and energy use regulations.
The mining rigs used to unearth new cryptocurrencies by verifying transactions on the blockchain require a lot of electricity consumption to keep them running day and night – especially as the algorithms required to mine Bitcoins, whose output is capped at 21 million, become ever more complex. A public meeting has been proposed for March 15.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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