Bank Of America Just Showed How Terrified Wall Street Is Of Cryptocurrencies (bac)
Bank of the West is enabling small businesses to send / receive money quickly and easily with Turnkey Service for Zelle: Small Business from Fiserv. The live Bluzelle price today is $0.175055 USD with a 24-hour trading volume of $16,061,168 USD. Bluzelle is up 1.23% in the last 24 hours. The current CoinMarketCap ranking is #406, with a live market cap of $47,262,749 USD. It has a circulating supply of 269,988,279 BLZ. Zelle is best for sending money to friends and family but offers some additional features that you can take advantage of in the right circumstances. Using Zelle with a small business. Zelle supports transactions between users and small businesses so long as the small business’ bank account is a registered Zelle partner. Zelle Co-Founder Joins Ripple’s Competing Giant as CEO September 14, 2019 by Tabassum Naiz Financial Industry veteran Mike Kennedy is taking charge as CEO of Interstellar, a blockchain and digital currency technology.
Bank of America just showed how terrified Wall Street is of cryptocurrencies (BAC) Bank of America mentioned cryptocurrencies in a regulatory risk filing for the first time late Thursday. The firm warned that cryptocurrencies could undermine many of its services, and that customers might go elsewhere if the firm fails to adapt. Bank of America has warned that cryptocurrencies could potentially undermine its entire business, the firm said Friday. In a lengthy, 13,000-word regulatory filing late Thursday , the US third-largest bank by assets mentioned cryptocurrencies three times in the document's risk factors section. 'The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions,' the bank said. All consumer banks have rapidly expanded their online and mobile offerings in recent years. Bank of America was one of the first institutions to launch Zelle, a Venmo-Like payment app that allows for instant settlement of money transfers, a core tenet of cryptocurrencies, but it's still worried it could lose its grasp. Bank of America also expressed concern about the regulatory consequences of cryptocurrencies. 'Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds,' the bank continued. 'Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability.' Bank of America is also worried about banks falling out of favor with the public, as they flocContinue reading >>
Why Is Cryptocurrency Better Than Zelle? : Cryptocurrency
No pumping, shilling, or FUD (fear, uncertainty, doubt). Do not use multiple sockpuppet accounts to manipulate votes to achieve a narrative. Do not solicit, complain about, or make predictions for votes. Do not incite or encourage illegal activities. Content promoting leaks, buying/selling drugs, tax evasion, etc will be removed. No malware, spyware, phishing, or pharming links. Do not post addresses or seek donations without pre-approval from the moderators. Pre-approval is granted in only the most extraordinary circumstances. High-quality submissions are encouraged. Baseless price speculation, shilling, repetitive posts et cetera are removed. 'Recommend a coin' can be discussed on the daily thread. See our Expanded Rules wiki page for more details about this rule. Do not reveal personally identifying information(PII), otherwise known as doxxing yourself. Divulging how many coins you own can make you a target of hackers and identity thieves. Do not doxx other redditors even if they engaged in an illicit activity. Report them to the mods instead. Do not steal content, also known as scraping or plagiarizing. Submitting links to blogs or news sites which are notorious for this activity will result in suspension or permanent ban. Use this tool to help determine if content is stolen or not. Idealogical posts or comments about politics are considered nonconstructive, off-topic, and will be removed. Exceptions will be made for analysis of political events and how they influence cryptocurrency. No clickbait. Titles cannot be misleading. They should accurately represent the content being linked. No low-effort content typically characterized by low character count, all caps, & banal wording. Example: 'SELL SELL SELL!!!', 'BUY!!', or 'MOON!' See our Expanded Rules wiki page forContinue reading >>
U.s. Banks Band Up To Try Zelle, A New Real-time Payments Solution
U.S. Banks Band Up to Try Zelle, a New Real-Time Payments Solution Join our community of 10 000 traders on Hacked.com for just $39 per month. A new real-time person-to-person payments network dubbed Zelle will see major banks and other financial institutions in the United States sign up in a direct attempt to rival the popular PayPal-owned Venmo platform and catch up with other Fintech startups like Circle. Fundamentally, the system enables users to send and receive money among each other using an e-mail address or a mobile phone number. Zelle will gain a presence as a public consumer application that will see compatibility among several large and prominent U.S. banks. Although details are currently scarce, Zelle will replace an clearXchange , a bank-owned platform and joint-venture created by three of the biggest U.S. banks in JPMorgan, Bank of America and Wells Fargo, in 2011. Early Warning, the bank-owned entity that operates clearXchange revealed that Zelle (taken from Gazelle) will replace clearXchange next year following its launch in early 2017. In an interview with Bloomberg , Early Warning CEO Paul Finch stated: The CEOs of these banks got together and said Its time to make this real. The current list of participating banks are: Ally Bank, Bank of America , Bank of the West, BB&T, BECU, Capital One, Citi , Fifth Third Bank, FirstBank, First Tech Federal Credit Union, Frost Bank, JP Morgan Chase , Morgan Stanley, PNC, USAA , U.S. Bank and Wells Fargo . Cryptocurrency and blockchain observers will notice several of those banks have and continue to experiment with blockchain technology in payments and other areas of finance, with bitcoins underlying innovation. According to Reuters , Zelle will be splashed across the websites and applications belonging to the bigContinue reading >>
Will Cryptocurrencies Trash Cash? 'fedcoin' Could Do It
Will cryptocurrencies trash cash? 'Fedcoin' could do it The cryptocurrency hype train obviously has no brakes. But could it eventually replace cash in the US? According to the thinking of economists cited by the Bank for International Settlements, it just might. And to the chagrin of the anti-establishment types that fueled bitcoin's early rise, it will likely be run by the Federal Reserve. Alternatives, such as the US dollar and gold bullion, have faded in stature as prices have fallen all year while bitcoin has pushed near $6,000 over the past week. Both China and Russia are exploring the use of blockchain technology to create their own, state-backed cryptocurrencies. A recent Bank of America Merrill Lynch fund manager survey showed 'long bitcoin' as one of the most popular trades on Wall Street right now. Initial coin offering activity is red hot, an area we have covered at length recently in light of intense VC interest in blockchain startups . Many show promise, like Tezos , which is trying to decentralize the governance process behind the blockchain. Or Tether , which is trying to refocus interest on cryptos as an actual medium of exchange (vs. the current obsession with speculating for fast gains) by tethering it via a peg to the US dollar and other national currencies. But many more stretch the limits of reasonableness. Paris Hilton and Floyd Mayweather have promoted ICOs on Twitter, for example. Others don't really need any further explanation: Dogecoin, PotCoin, TrumpCoin, PonziCoin, and Jesus Coin. Not a bubble, clearly. While sentiment has likely come too far too fast, the underlying technology shows great promise. I guess that makes my position similar to JPMorgan Chase CEO Jamie Dimon, who attracted a lot of attention for calling bitcoin a 'fraud' while hContinue reading >>
Ripple, The Firm Behind Cryptocurrency Xrp, Just Added 2 More Financial Services Firms To Its Roster Of Clients
* Copyright 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy . Ripple, the firm behind cryptocurrency XRP, just added 2 more financial services firms to its roster of clients The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto Ripple, the company behind cryptocurrency XRP , appears to be picking up steam among traditional financial players. The company added two payments companies to its roster of clients, Ripple announced Wednesday. One of Ripple 's flagship products appears to be picking up some steam. The financial technology company, best known for its native digital currency XRP , announced Wednesday two payment companies - IDT Corporation and Mercury FX - would begin using its xRapid product to settle certain transactions. Asheesh Birla, VP of product for Ripple , told Business Insider earlier this year that the firm was speeding up plans for xRapid , an XRP-powered product that seeks to enhance cross-border payments for emerging markets.The product caught the attention of the media earlier this month after it was announced that MoneyGram, one of the largest money transfer companies in the world, would begin testing it out . New Jersey-based IDT Corporation, which already uses digital assets to facilitate some transactions, will use xRapid to enhance such operations, according to chief executive Alfredo O'Hagan. 'We're excited to pilot Ripple's xRapid solution for on-demand liquidity,' O'Hagan said in a statement. 'We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.' Alastair Constance, CEO and founder of Mercury FX , said in a statement that cutting settlement timesContinue reading >>
It Might Take Longer Than You Think For The Future Of Banking To Arrive
For the last four years, Ripple Labs has been working to develop and scale a new technical infrastructure for sending money between banks and across borders using distributed ledger technologythe same stuff that powers bitcoin transactions. But instead of using bitcoin to move money, Ripple uses a digital asset called XRP. Unlike bitcoin, XRP is not a currency. Its a digital asset that carriers value across a blockchain system. The companys goal is to make the transfer of money instant and cheap. It may not seem like a gargantuan task at first glance, but consider that in the U.S. we still cant send money between two different banks with any expediency. It takes JPMorgan Chase 1-2 days to send money from one of its clients accounts to an account at another bank using Chase Pay. Even Venmo, a PayPal-owned app that lets people send each other money, only makes speedy transactions when exchanges take place on the platform. To get cash from Venmo into your bank account takes a day or two. In an on-demand world, days are eternities. International remittances, Ripples area of focus, can take anywhere from one to four days depending on how it is sent. When two banks have integrated with Ripple, they settle funds transferred immediately. For instance if you were to transfer money in your bank account to a friends bank account in Germany, your bank would take your money, convert it to XRP, and send it to the bank in Germany, which would then convert it to local currency and put it in your friends account. Via Ripple this happens instantly. Because the transaction is largely automated it makes it less expensive than traditional money transfers too. This strategy has largely paid off for the company. As of today, its raised nearly $93.6 million in funding from big name investorsContinue reading >>
Bank Of America Singles Bitcoin Out As A Threat
Bank Of America Singles Bitcoin Out As A Threat by Ilona Silberman Mar 4, 2018 News 0 comments One of the main selling points of Bitcoin is its ability to bring low cost, quick transactions, without banks or other financial institutions as middlemen. Bitcoin transactions are decentralized and secured through Blockchain. The Bitcoin bookkeeping system, where any two people can check that a transaction has been made on an open ledger, are a marvelous invention. Clearly Blockchain and Bitcoin are changing the world as far as payment technologies go, which has the guardians of the status quo worried. This is part of the reason why Bank of America published a 13,000-word document warning customers and personnel that cryptocurrencies are one of the companys main risk factors. The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions. It is obvious that Bank of America is concerned about the possibility of being relegated by competition in the field of payment systems. The bank was one of the first to launch Zelle, a new payment app that charges no fees and can make a transaction within minutes. With Zelle the banks are now coming together to drive customers away from Bitcoin and provide competing payment technologies. Bitcoin is such a threat that it is driving banks to do what they should have done years ago. Zelle allows banks to offer some of the advantages of paying with Bitcoin like fast and free transactions while keeping control over the movement of funds and securing their spot as the middlemContinue reading >>
The Rise Of Cryptocurrency Ponzi Schemes
Scammers are making big money off people who want in on the latest digital gold rush but dont understand how the technology works. A Bitcoin ATM at a shopping mall in Sydney, Australia David Gray / Reuters Last month, the technology developer Gnosis sold $12.5 million worth of GNO, its in-house digital currency, in 12 minutes. The April 24 sale, intended to fund development of an advanced prediction market, got admiring coverage from Forbes and The Wall Street Journal . On the same day, in an exurb of Mumbai, a company called OneCoin was in the midst of a sales pitch for its own digital currency when financial enforcement officers raided the meeting , jailing 18 OneCoin representatives and ultimately seizing more than $2 million in investor funds. Multiple national authorities have now described OneCoin, which pitched itself as the next Bitcoin, as a Ponzi scheme; by the time of the Mumbai bust, it had already moved at least $350 million in allegedly scammed funds through a payment processor in Germany. These two projectsone trumpeted as an innovative success, the other targeted as a criminal conspiracyclaimed to be doing essentially the same thing. In the last two months alone, more than two dozen companies building on the blockchain technology pioneered by Bitcoin have launched what are known as Initial Coin Offerings to raise operating capital. The hype around blockchain technology is turning ICOs into the next digital gold rush: According to the research firm Smith and Crown, ICOs raised $27.6 million in the first two weeks of May alone. Unlike IPOs, however, ICOs are catnip for scammers. They are not formally regulated by any financial authority, and exist in an ecosystem with few checks and balances. OneCoin loudly trumpeted its use of blockchain technology, butContinue reading >>
Zelle, The U.s. Banks Venmo Rival, Will Launch Its Mobile App Next Week
Zelle , the PayPal rival backed by more than 30 U.S. banks , is preparing to launch its standalone mobile app on Tuesday, September 12th. The move is meant to give the U.S. banking industry a foothold in the person-to-person payments business, where theyre losing ground to services like PayPal, Venmo, Square Cash and, very soon, Apples iMessage, powered by Apple Pay . While banks have always offered the ability to do instant transfers, the process to date has been more cumbersome. Users would need to have details like a friends account number and routing information, for example. That led to the birth of alternative means of sending money, like todays payment apps where you only need to know information like a username, phone number or email. Similarly, Zelles new app will allow users to send and request money to and from their contacts, using only their phone number or email. It also will work with U.S. Visa and MasterCard bank debit cards, even if the users bank is not yet participating in Zelles payment network. That network has been in the works since 2011, when Bank of America, Wells Fargo and JPMorgan Chase first teamed up to work on a digital payments solution that would allow their customers to send money to each other through a joint venture then called clearXchange. The consortium dragged its feet, but last year picked up momentum and rebranded to the consumer-friendly Zelle. This June, Zelle announced it would become available within the mobile banking apps of participating financial institutions. So far, 13 banks and credit unions added support for Zelle in their own mobile apps, and 17 more have plans to connect with Zelle, according to Early Warning Services, the big bank-led consortium that operates Zelles network. Since that rollout, Zelle says the suppContinue reading >>
Zelle (payment Service)
Zelle is a U.S.-based digital payments network owned by Early Warning Services, a private financial services company owned by the banks Bank of America , BB&T , Capital One , JPMorgan Chase , PNC Bank , US Bank , and Wells Fargo . [1] The Zelle service enables individuals to electronically transfer money from their bank account to another registered user's bank account (within the United States) using a mobile device or the website of a participating banking institution. The Zelle service was launched in 2017. Early Warning Services has also operated a somewhat similar service called clearXchange that offered payment services through member financial institutions and a website. Launched in April 2011, clearXchange was originally owned by Bank of America, JPMorgan Chase, and Wells Fargo, and after Capital One and US Bank joined as additional partners, was sold to Early Warning Services in January 2016. In December 2017, all clearXchange accounts for person-to-person payment services were deactivated and the web interface was discontinued. However, clearXchange continues to operate as a payment service for companies and government entities. [2] In April 2011, the clearXchange service was launched. It was originally owned and operated by Bank of America , JPMorgan Chase , and Wells Fargo . [3] [4] The service offered person-to-person (P2P), business-to-consumer (B2C), and government-to-consumer (G2C) payments. [5] For person-to-person payments, clearXchange enabled users to send money to other registered users having accounts at participating banks in the United States. Users accessed the network within the websites and apps of member financial institutions, [3] and through clearXchange's website. The network connected with existing bank accounts, so consumers would not nContinue reading >>
What Circles Acquisition Of Poloniex Means For Crypto (especially Small Altcoins)
What Circles Acquisition of Poloniex Means for Crypto (Especially Small Altcoins) Facebook Twitter Google+ LinkedIn Reddit WhatsApp Telegram Share via Email On February 26, fintech startup Circle announced it had closed a deal to buyout the cryptocurrency exchange Poloniex for reportedly $400 millionit is the largest acquisition in crypto history. The acquisition is intriguing because it may reveal information about the trajectories of Circle and Poloniex, sentiment of Circles venture capital backers, and new services that the consolidation can offer crypto investors. Circle was founded in October 2013 as a peer-to-peer payments company. The Boston-based firm has raised over $140 million in venture capital from funding rounds led by Goldman Sachs (NYSE: GS). Its initial investors include Chinas IDG Capital, Jim Breyer, General Catalyst, Accel Partners, and Baidu (NASDAQ: BIDU). Circles original goal was to make sending money as easy as sending a text. The acquisition is not Circles first foray into crypto. In fact, Circle was founded as a unique fusion of payment startup Zelle and easy-to-use exchange Coinbase / GDAX . Its app allows users to transfer money linked from their debit cards and bank accounts to other users instantly. Until December 2016, Circle also operated a one-click Bitcoin (BTC) exchange, allowing users to buy, sell, deposit, and withdraw with ease. Its exchange was free of transaction fees, compensated by a larger spread, allowed credit card purchases, and introduced many people to crypto. But Circle shut down its exchange to focus on competing with money transmitters like Zelle and Venmo, as well as an experimental remittance platform to serve the unbanked. It also launched Circle Trade, an over-the-counter trading service for institutions, making CContinue reading >>
Bitcoin, Ethereum, Litecoin: 3 Reasons To Doubt Cryptocurrencies - Cbs News
By Anthony Mirhaydari MoneyWatch December 13, 2017, 9:16 PM 3 reasons to doubt bitcoin, ethereum, litecoin and other cryptocurrencies Last Updated Dec 13, 2017 9:16 PM EST Bitcoin's euphoric rise has spread, something like cancer, into other 'alt coins,' pushing up the value of ethereum and litecoin, among other cryptocurrencies. Ask the regular Joe diving into cryptocurrencies via credit cards the difference between regular bitcoin and various bitcoin 'forks' like bitcoin cash, bitcoin gold and bitcoin diamonds. Joe probably doesn't care. Price hikes are creating the excitement , not any real currency trading discussions on, say, statement-of-work vs. proof-of-stake. The focus is on whether bitcoin will hit $20,000 on the U.S.-focused exchanges (already eclipsing that mark in South Korea, where the crypto mania is even bigger). Nothing else seems to matter. But the bitcoin bulls, especially those who care about the bigger picture, need to answer these issues; In a chart from Convoy Investments that went viral Tuesday, bitcoin is now officially the biggest bubble the world has ever seen , as measured as a multiple of its starting price. The spike eclipses the chaos around Dutch 'tulip mania' in the 1600s, the Mississippi Bubble of the 1700s, and the dot-com bubble of the late 1990s and early 2000s. The rise has been so swift and severe that even bitcoin insiders are joining with regulators and other officials to warn of the downside risks. Coinbase founder Brian Armstrong wrote in a blog post that bitcoin prices are volatile and that folks should 'invest responsibly.' Mike Novogratz, a famed hedge fund manager turned crypto-investor, called it 'the biggest bubble of our lifetimes.' Even the founder of liitecoin told potential buyers Monday night that buying his currencContinue reading >>
Zelle... The Banks Coming Together Against Bitcoin? : Bitcoin
Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word 'Bitcoin' are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like 'Buying 100 BTC' or 'Selling my computer for bitcoins' do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation.Continue reading >>
Zelle, The Real-time Venmo Competitor Backed By Over 30 U.s. Banks, Arrives This Month
The U.S. banking industrys answer to Venmo has now arrived. Starting this month, a new, person-to-person payments network called Zelle will roll out to the over 86 million mobile banking customers here in the U.S., promising a faster form of digital payments compared with apps like PayPal, Venmo, Square Cash, and others. Instead of transfers taking place overnight or after a couple of days, Zelle users can move funds from one bank to another in a matter of minutes. While banks have always had the means to offer instant transfers, the current system required that customers have the account and routing numbers for the associated accounts. Zelle, meanwhile, is meant to offer a simpler method like todays popular payment apps, Zelle users only have to know information like a persons phone number or email. The service has been in the works since 2011, when Bank of America, Wells Fargo and JPMorgan Chase teamed up to work on a digital payments solution that would allow their customers to send money to each other through a join venture then called clearXchange. But the consortium dragged its feet in terms of adding more partners over the years that followed. However, it last year saw some renewed vigor. ClearXchange rebranded to become the more consumer-friendly Zelle last summer. Then, in October , the bank-owned entity Early Warning which has been running clearXchange for several years announced that Zelle then had 19 U.S. financial institutions on board, and promised a Zelle launch in early 2017. Zelle missed that launch time frame by a bit, but its finally shipping. According to an announcement from Early Warning released this morning, Zelle will begin rolling out to partner institutions starting this week, and that will continue over the course of the next 12 months. InstContinue reading >>
Blockchain Zelle - Blockchain
U.S. Banks Band Up to Attempt Zelle, a Fresh Real-Time Payments Solution The banking industrys most comprehensive effort to stir into the digital payments space. A fresh real-time person-to-person payments network dubbed Zelle will see major banks and other financial institutions in the United States sign up in a direct attempt to rival the popular PayPal-owned Venmo platform and catch up with other Fintech startups like Circle. Fundamentally, the system enables users to send and receive money among each other using an e-mail address or a mobile phone number. Zelle will build up a presence as a public consumer application that will see compatibility among several large and prominent U.S. banks. Albeit details are presently scarce, Zelle will substitute an clearXchange, a bank-owned platform and joint-venture created by three of the largest U.S. banks in JPMorgan, Bank of America and Wells Fargo, in 2011. Early Warning, the bank-owned entity that operates clearXchange exposed that Zelle (taken from Gazelle) will substitute clearXchange next year following its launch in early 2017. In an interview with Bloomberg, Early Warning CEO Paul Finch stated: The CEOs of these banks got together and said Its time to make this real. The current list of participating banks are: Ally Bank, Bank of America, Bank of the West, BB&T, BECU, Capital One, Citi, Fifth Third Bank, FirstBank, Very first Tech Federal Credit Union, Frost Bank, JP Morgan Pursue, Morgan Stanley, PNC, USAA, U.S. Bank and Wells Fargo. Cryptocurrency and blockchain observers will notice several of those banks have and proceed to experiment with blockchain technology in payments and other areas of finance, with bitcoins underlying innovation. Banking Industry to (Eventually) Go Instant According to Reuters, Zelle willContinue reading >>
Financial Industry veteran Mike Kennedy is taking charge as CEO of Interstellar, a blockchain and digital currency technology firm which is quite often referred the rival to San Francisco fintech firm Ripple.
Stellar Network Might Receive Huge Boost Soon
Mike Kennedy earlier co-founded Zelle, a peer-to-peer payment network and carries his years of experience working in the payment industry to Stellar blockchain.
Various banks widely adopted Zelle network in the united states – few of those were – Morgan Stanley, Bank of America, JP Morgan Chase. At Interstellar, Kennedy is responsible for market-making and liquidity solutions for Stellar.
Interstellar is a wing of Stellar, emerged in 2018 as a part of acquisition deal between Lightyer.io and Chain. This firm is specifically developing payment protocols or payment layer on the Stellar network.
Interestingly, the two giants Ripple and Stellar offers similar services wherein the former is quite famous due to its growing partnership with financial entities, banks, and global regulators while Jed McCaleb founds latter, an American programmer who earlier served as the CTO of Ripple until 2013.
It’s worth mentioning that the XRP community recently bashed at McCaleb and Ripple when the transfer of 100 Million XRP caught between Ripple and Stellar founder McCaleb.
Ripple v/s Instersellar
Mike Kennedy taking charge as CEO of Interstellar possibly is a panicking movement for Ripple, especially when the firm itself is struggling to get out of the ongoing debate of dumping XRP and causing the token to lose its value further.
The point here is that Interstellar also offer the distributed ledger for banks to use and upgrade their financial system for cross-border payment transfers.
Notably, Stellar with Interstellar and Ripple with its blockchain products are already hovering above the Swift-payment services – but the point here is, will Ripple’s popularity gets down if Mike Kennedy committed and bring Interstellar on top.
According to Mike Kennedy, Interstellar is already connecting with the ample of financial institutions, banks, companies, licensed non-bank providers.
Also, the firm works at building businesses that the Stellar Development Foundation wouldn’t do otherwise. He said;
“That’s not something that makes sense for a nonprofit like the Stellar Development Foundation to do,” Kennedy said. “However, it is something that would really help to drive growth and adoption of the network beyond the rates that we’re seeing today, and so that’s one of the things that we will likely do with Interstellar.”
Zelle Cryptocurrency
Kennedy’s statement sounds promising as he holds substantial expertise in the payment field of ‘transforming traditional banking systems to modern blockchain payment solution.’
He believes that the cross-border payment transfer using SWIFT and other corresponding banking consumes the majority of dollars – Keneddy further elaborated his stance as;
Zelle To Bitcoin
“That’s where the majority of dollars are going through for international payments today is the traditional SWIFT and correspondent banking, and we clearly have a much better solution that I think we’re going to get everyone to realize and adopt.”
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Zelle Cryptocurrency Stock
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram Twitteror subscribe to our weekly Newsletter.