Singapore Ripple Gateway is going to close after this month

[winthan]

If you are holding the Gold and Sliver in Ripple Singapore Gateway address, please be aware that Ripple Singapore will not be continuing the Ripple Singapore gateway service after 31 October 2016.

[Rchopra]

35 minutes ago, winthan said:

If you are holding the Gold and Sliver in Ripple Singapore Gateway address, please be aware that Ripple Singapore will not be continuing the Ripple Singapore gateway service after 31 October 2016.

Just curious to know what happened as it does  not sound a good news...

[kanaas]

Just curious to know what happened as it does  not sound a good news...

Would you buy bullion gold on a starting gateway?


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[winthan]

6 minutes ago, Rchopra said:

Just curious to know what happened as it does  not sound a good news...

At open book at the gateway,  they got very low trading for long time, and they don't have any PR news or Marketing in south east Asia for gold/sliver trade. 

I don't work for Ripple Singapore, So I don't know real news. But as far as I see the founders don't live in Singapore even at there. 

For Gold trade on ripple network, there is only left with GBI as active, now we got new one BPG which is associated with Gatehub.  

[winthan]

1 hour ago, papa said:

Can you provide a source (link) of this closure announcement? I can't seem to find one just by Googling.

it is on their website. https://ripplesingapore.com/ they just announce it. 

[winthan]

The two reasons for the closure are

1) due to OCBC Bank shutting down the gateways bank accounts earlier this year without any reasons given and
2) the strategic tack by ripple to banks and financial institutions only. Without access to a growing pool of retail customers and bank accounts. The Ripple gateway is simply not viable.

Ripple chart should remove "Ripple Singapore" from ripple platform. 

@Ripple Support