GiantGox
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About GiantGox
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cryptoxrp reacted to a post in a topic:
JP Morgan, Tokyo-Mitsubishi UFJ, Credit Suisse and etc join Ripple
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From this spring, almost all Japanese people start using J Coin instead of cash. And it uses Ripple. So, how do we make international payments?
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No, I don't have any insider information. They said that the users don't need to have bank accounts to use the smartphone app. It means that they use 2 different system for payments and settlement. Like this. And the smartphone app is same as what SBI Ripple Asia introduced on TV. So they obviously use Ripple. I have more information, but it's all written in Japanese.
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I'm also interested in "J Coin". https://www.ft.com/content/ca0b3892-a201-11e7-9e4f-7f5e6a7c98a2
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Japan’s Largest Bank MUFG Will Open Cryptocurrency Exchange: Local Reports https://www.ccn.com/japans-largest-bank-mufg-will-open-cryptocurrency-exchange-local-media-reports/
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https://translate.google.co.jp/translate?sl=ja&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fpr.fujitsu.com%2Fjp%2Fnews%2F2017%2F10%2F10-2.html&edit-text=&act=url Because this is a joint project between MUFG and Mizuho Bank and Sumitomo Mitsui Banking Corporation.
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As you know, SBI Ripple Asia demonstrated their Smartphone app on TV. https://youtu.be/vdPbJj2CSLI I've found the information on FSA's website as well. (p.24) http://www.fsa.go.jp/singi/kessai_kanmin/siryou/20171220/01.pdf It refers to a press release of Fujitsu, the biggest computer company in Japan. http://pr.fujitsu.com/jp/news/2017/10/10-2.html It says... The diagram indicates that the system integrates MUFG coin and RC-Cloud (Ripple). What do you think??? By the way, MUFG-coin will be launched this spring. https://ca.reuters.com/article/technologyNews/idCAKCN0Z02KE
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Nikkei.com: 37 banks incl. SMBC and Resona trialling Ripple
GiantGox replied to PunishmentOfLuxury's topic in Press
I couldn't delete this thread. -
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Nikkei.com: 37 banks incl. SMBC and Resona trialling Ripple
GiantGox replied to PunishmentOfLuxury's topic in Press
Nikkei https://www.nikkei.com/article/DGXMZO24535220S7A211C1EE9000/ [Google Translate] -
It seems that we were right.
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Exactly. If my expectations are correct, the price of XRP goes up regardless of whether XRP is used for remittance.
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I also expect that xRapid is ILP-enabled Ripple Stream. So it might have a function of XRP auto-bridging for FX.
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I guess that their global digital asset exchange would use XRP as the base currency and they'd use a solution like "Ripple Stream". In this diagram, connector1, connector2 and connector3 could be their exchanges. Because, by doing so, they can behave like a correspondent bank.
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Google Translate: "In addition to SBI virtual currency, we are working on creating another market. As soon as it is done, it (XRP Ledger) will be recognized."
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Realtime remittance service to be launched in Japan next spring.
GiantGox replied to GiantGox's topic in General Discussion
you mean like this? Is this Ripple? -
Realtime remittance service to be launched in Japan next spring.
GiantGox replied to GiantGox's topic in General Discussion
xCurrent doesn't connect banks directly. It uses ILP connectors such as liquidity providers according to Ripple Labs. So this is my understanding. But this model doesn't have a key currency. It means that connector1 has to support all currency pairs all over the world. So XRP can be the best answer to the problem. The xrp model can support all currency pairs in the world and it doesn't have to depend on a big bank. Bank Z model cannot solve the problem of high payment fees. How do you realize "micropayment" by using these methods other than XRP?
