RIPPLE is making HUGE advances! MASSIVE crypto ADOPTION coming from ASIA!
Today we have a Daily Token Review and three really awesome cryptonews segments to share with you. Just before I start, if you guys like our content and want to keep updated with the crypto space, please make sure you hit the like and subscribe button!
On Coinmarketcap, it’s a bit more of a bearish day for us today. In the top 10, it’s a sea of reds with Binance Coin being the only one with any gains.
While there are a lot of reds, I’m glad that these declines are fairly small with none in the top 10 exceeding a loss of over 1.54%. Now onto our top three: Bitcoin, Ethereum, and XRP. They have fallen 0.21%, 0.75%, and 0.57% respectively. Now, if we look at the Top 20, you can see here that lots of reds but green for Dash increasing by 1.74%, and Tezos with a massive increase of 8.48%.
Tezos experienced a lot of gains in the last few days, most likely due to a series of developments in the Tezos Community. So, Tezos had partnered with MOBI — Mobility Open Blockchain Initiative, a platform that promotes and accelerates blockchain-based adoption. Furthermore, Cryptium Labs also received a grant from Tezos to develop protocol improvements for the Tezos Core protocol. Tezos was also featured in the news after Tezos Asia attracted young science students to develop their programming skills.
Now, onto the news. Japan’s Largest Railway Company JR East is considering using cryptocurrency payments for the entire nation. They may soon enable Japanese commuters and tourists to pay for their train ride with a number of different cryptocurrencies and stablecoins. According to InvestinBlockchain, JR East has partnered with IIJ to pay cryptocurrencies via the Suica Card. So for JR East, they want to enable customers to pay in cryptocurrencies with their Suica Card, through the DeCurret virtual currency exchange, an exchange that JR East recently invested in and was just approved by the Japanese Financial Conduct Authority (FSA).
The reason JR East is considering adoption cryptocurrencies is that, they want to cater to the needs of all their customers, including those who prefer to pay in digital currencies which is an increasingly popular option.
Which cryptocurrencies will they support? DeCurret currently supports Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum. It’s likely that the Suica smartcards with also support similar cryptocurrencies as well. In terms of stablecoins, Mizuho Financial Group will start to pilot Suica payments using the J Coin, a stablecoin pegged 1 to 1 with the Japanese Yen. To give you guys perspective Suica cards are really popular in Japan. They are accepted in over 580,000 convenient stores, and there is said to be 75 million cards circulating around. It’ll be a pretty big deal if Suica cards begin to support cryptocurrency payments.
When it comes to the second news of the day, the Japanese financial giant SBI has reported that 13 banks are investing in MoneyTap — SBI’s Ripple-powered mobile payments application.
So what exactly is MoneyTap? It’s a mobile payments app that gives customers at a consortium of banks the ability to make instant domestic payments requiring only a bank account, phone number or QR code. The app uses Ripple’s xCurrent to power payments in real time and provides lower domestic transfer and ATM fees. The list of investors includes seven banks, which is considered Japan’s largest ATM provider as they have over 25,000 ATMs across the country.
And finally, to kick off today’s news, Vietnam will have its first licensed cryptocurrency exchange.
There was a Memorandum of Understanding between Link Thanh Group, Vietnam’s largest distribution Group and KRONN Ventures AG a blockchain organization from Switzerland’s crypto valley Zug. KRONN Ventures AG actually formed a consortium with five Asian developing countries including Vietnam, Phillippines, Cambodia, Bangladesh, and Sri Lanka to build an international wiring system using blockchain technology that is ideal for the Asian Environment. Vietnam became the first place for this deal. While KRONN has the license to operate Vietnamese lawmakers, have actually banned cryptocurrency-related activities, so KRONN is figuring out how to approach this situation in the long-term. Vietnam has previously endured a shaky start with cryptocurrencies. They were subject to one of the largest cryptocurrency scams last year when a company siphoned $658 million from investors in a fraudulent ICO. I hope that when KRONN approaches this situation, a lot of thought, caution, and care will take place. There are over 95 million people in Vietnam, so if they can do this right, there is a lot of potential for growth in the crypto sector.
So what are your thoughts on this situation guys?
Do you think JR East will end up implementing cryptocurrency support and payments?
Do you think MoneyTap is performing well?
And do you think KRONN’s Partnership with Vietnam’s largest distribution group can kickstart something new?
Let me know what you guys think in the comments below!
It’s Cindy with CryptoPig, Catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.