Ripple, 4rth most valuable crypto currency in the world is now targeting $10 Billion market cap
As overall crypto market crossed $300 billion mark, individual crypto currencies are also on the rise, one of the prime example is Ripple, which is not eyeing market cap of around $10, currently standing at around $9.6 Billion
XRP started this year at $0.0063 , and according to the latest price in the market it is around $.2506 , which makes it one of the best performing crypto currencies in the market, with current market cap of $9.6 billion, this crypto currency holds 3% of total crypto market making it 4rth most valuable crypto currency.
Acceptability from Giants like American Express & Banco Santander
In November, Financial giants American Express and Banco Santander announced a cross-border partnership that entails utilizing the blockchain network developed by Ripple.
Payments made by American Express’ business customers on its FX International Payments platform will be routed through Ripple’s blockchain network and allow for instant, cross-border non-card payments to U.K. Santander bank accounts. What once took days to complete and settle will now occur instantly thanks to Ripple’s blockchain technology. “This blockchain solution opens up a new channel between the U.S. and the U.K. and presents significant opportunity for payments globally,” said Jose Luis Calderon, the head of global transaction banking at Banco Santander.
Additionally, the partnership may open the door for Ripple’s virtual currency, XRP, to play a role down the road. Ripple has been testing methods to further speed up payments, potentially allowing XRP to become a component of future banking partnerships.
In addition to International financial institutions like American Express, banks from emerging economies like India, like Axis Bank has now started cross border payments on Blockchain using this network.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share