For Full YouTube Video: Click Here
Hello guys. This will be a quick short video. This news is coming straight from Consensus 2018 on May 15th. I will start with Ripple and then move on to the Goldman Sachs news. So Ripple is planning to come out with a special program really soon called Xpring. It is an initiative to expand the use of the XRP cryptocurrency beyond the payment and banking space where the company focuses heavily in. The initiative aims to bring entrepreneurs and their businesses over to XRP, both the cryptocurrency and the smart ledger, to build an ecosystem. The project will use a mixture of investment, grants, and incubation to lure companies and expand the use of XRP while allowing Ripple to continue to focus on its financial services business. For those of you already familiar with Ethereum and what its ERC-20 tokens provide, simply think of Ripple as setting something very similar to that with its XRP token where third party entities can use their currency to design and build unique systems. A a result, I believe this will create more of a friendly eco-system around XRP. [1]
The next news I have actually comes from Omar's channel. He talked about how Goldman Sach's backed Circle will be coming out with their own stable cryptocurrency. Basically with a lack of detail on this, I am actually guessing it would act similar to Tether by being pegged one-to-one with the US dollar. I think this would be good news for the overall cryptocurrency market if it brings both transparency and liquidity into the market. And I emphasize liquidity as currently you can store your funds in Tether but transferring directly from Tether to the US dollar still remains a bit difficult for most people including myself. Goldman backed Circle will obviously make their money off the spreads and transaction costs in this particular case. But we will see how this news develops. But regardless it is interesting times for the overall cryptocurrency space. [2]
Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Laura here from time to time.
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Relevant Sources
Consensus 2018: https://techcrunch.com/2018/05/14/ripple-xpring/
Goldman Sachs' Circle Copies USDT (Tether) from Omar's Channel: For Full YouTube Video: Click Here
Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.