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Is the Australian Securities Exchange (ASX) settling with Ripple?

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1 day ago :

image.thumb.png.64f5802c5b3369efb4e846e45d4dea07.png

https://media.abnnewswire.net/media/en/docs/ASX-BPG-2A1126476.pdf

 

1 year ago “We believe that using DLT to replace CHESS will enable our customers to develop new services and reduce their costs,” ASX Managing Director and CEO Dominic Stevens said.

https://www.reuters.com/article/us-asx-blockchain/australias-asx-selects-blockchain-to-cut-costs-idUSKBN1E037R

 

So, what do you think guys ?

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I think it looks more like two companies who both happen to have an interest in blockchain have decided to settle in XRP of their own accord? Seems like BPG was required to report to ASX because it's a publicly listed company, and the original settlement involved significant transfer of share ownership, but the case was not involving ASX. Correct me if I'm wrong.

The original settlement agreement that this referred to also contained reference to crypto: 

https://www.marketscreener.com/BYTE-POWER-GROUP-LIMITED-10353146/news/Byte-Power-Group-Limited-ASX-BPG-Update-on-Legal-Action-against-Soar-Labs-Pte-Ltd-26645411/

image.png.ed25c4b1acaf4e1f5e0cdc64baddd17a.png

 

As a side note, interesting that one of the XRP amounts settled was to 9 decimal places!

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Guest
Posted (edited)

Explore the ledger for a transaction for that specific amount of xrp on that specify day. Their wallet may reveal much. 

Calling ledger sleuths. 

@Hodor

Edited by Guest

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This is nothing more than a notification to the ASX that two independent parties have amended a pre-existing settlement agreement.   In no way does this document indicate the ASX is settling in XRP.    

However, what is interesting is that Byte Power Pty Ltd. agreed to amend the original agreement to allow them to receive the $579,800 due in XRP equivalent, rather than USD.  This indicates that Byte Power Pty Ltd. believes it is more economically advantageous to be paid in XRP over USD :) 

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@jbjnr or @galgitron Is it possible to search XRPL ledger transactions by using a certain date as variable? I bet there was exactly one XRP transfer worth 1,181,063 XRP on November 9th 2018.

"On 9 November 2018, Soar Labs Pte Ltd transferred 1,181,063.441783156 Ripple (at a price of US$0.48938946 per Ripple) to BPPL’s cryptocurrency wallet."

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Guest
17 minutes ago, at3n said:

@hallwaymonitor @LordVetinari

Here you go, it was actually made on the 8th November:

image.thumb.png.1bc6d82cdb581a8300d9ac0f249a2548.png

Tx hash: 1948D9BB2DC22C78BD3CC58BBFB24219EB75E0E0A24189AB0E60857BABD7192F

Credit to @xrptipbot's Google BigQuery database :)

https://bithomp.com/explorer/1948D9BB2DC22C78BD3CC58BBFB24219EB75E0E0A24189AB0E60857BABD7192F

Great work. I've put the above link as it's a little easier to use navigate. Follow the xrp. 

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4 hours ago, Paradox said:

This is nothing more than a notification to the ASX that two independent parties have amended a pre-existing settlement agreement.   In no way does this document indicate the ASX is settling in XRP.    

However, what is interesting is that Byte Power Pty Ltd. agreed to amend the original agreement to allow them to receive the $579,800 due in XRP equivalent, rather than USD.  This indicates that Byte Power Pty Ltd. believes it is more economically advantageous to be paid in XRP over USD :) 

I've not looked into this in any detail, but it could it be the case that the party did not have the FIAT to pay, but did have assets of XRP?

That said, very strange agreement at any rate. Why would the receiver not just ask for FIAT (like normal you'd guess), and then buy any XRP they wanted themselves. I can't see how this is to the advantage of the receiver.

 

 

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20 minutes ago, XRP-JAG said:

I've not looked into this in any detail, but it could it be the case that the party did not have the FIAT to pay, but did have assets of XRP?

That said, very strange agreement at any rate. Why would the receiver not just ask for FIAT (like normal you'd guess), and then buy any XRP they wanted themselves. I can't see how this is to the advantage of the receiver.

 

 

I don't know their motivations for wanting XRP over fiat.   One logical explanation would be that the recipient believes the XRP equivalent received will be worth more in fiat value in the future.   Personally, if I was the recipient and didn't need the fiat (for food, housing etc.),  I would take XRP over USD any day as well.

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Perhaps settlement via XRP provides a loophole if the company owes creditors in FIAT.  It could be advantageous to keep blocks of digital assets over FIAT in certain debt collection scenarios as a court and/or government may only be looking for Fiat. 

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Interesting article hit the Australian press today... ASX sells stake in IRESS as move from CHESS to distributed ledger technology advances.

No mention of XRP specifically, but there is mention of instant settlement. Time will tell.

https://smallcaps.com.au/asx-sells-stake-iress-chess-blockchain-distributed-ledger-technology/

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