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Euro Exim Bank: 1st bank to use xRapid

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Posted (edited)
2 hours ago, WuWei said:

I'd suggest that both of you (codiusrex as well) take a step back and look at the World-Wide infrastructure that Ripple has built, and the increasingly rapid pace of its adoption. This is the proverbial 'key' that will ultimately unlock the doors for xrp utilization. This 'dilution' will likely become one of the keys to xrp's success, as it will help to dampen a potentially runaway price appreciation as xrp adoption enters a rapid growth phase. A steady and consistent rise in xrp is what's desired, and not wild increases, which are inevitably followed by equally aggressive declines. Characterizing SBI's upcoming xrp utilization as "hopium" is just FUD in my opinion. Of course, it could also be what I'd describe as an immature response based upon unrealistic expectations of  "instant gratification."  Try backpacking for a while and you'll quickly come to realize that persistence is the necessary attitude, as one never actually gets anywhere in leaps and bounds.

Oh for goodness sake man, I'm too old to be mature and certainly too unfit to go backpacking. I have dizzy spells just answering the door! Can't I just watch a documentary instead?

Edited by AlbertStroller

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1 hour ago, Archbob said:

You can actually do both. It doesn't really matter where you get the XRP.

Ok so the bank decides to source the XRP from Ripple every time they make a transaction? Doesn't make sense. The whole idea of xRapid is to remove the need to hold stagnant funds.

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Posted (edited)
3 hours ago, Nohut said:

Great news. It means regulations in UK are not a problem anymore and expect more banks to jump on it

I think it's more of a let's see approach still. I believe Euro Exim Bank will serve as a "trial run" for regulators in the UK to ascertain the real-world utility/implications of a digital asset. Indeed this is a huge milestone not just for Ripple/XRP but for the entire crypto space more broadly. It has been this lack of institutional utility/use case that has hindered the wide-spread growth of digital assets and one of the main reasons regulators worldwide, especially here in the US,  have been so averse to approving BTC-related ETFs.  Most think that the SEC just wants to control the marketplace, however, it's not just about wanting control, but about consumer protection and maintaining the overall health of this nascent asset class. The approval of such a product is dependent on having a mature marketplace with historical data to help regulators ascertain how the market would react to a crypto ETF.  This is why I believe xRapid is so important. As Ripple's initial xRapid partners start utilizing the liquidity solution, I believe, the in/out-flows from Ripple's partner exchanges (i.e. Bitso, Bittrex, Bitstamp, and Coins.ph) will be watched very closely. Matter-of-fact, I personally believe that all participants from Ripple, xRapid exchanges and initial FIs will readily and willingly offer regulators some access see to see how the market responds to actual utility and root out possible manipulation etc.

Edited by King34Maine

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6 minutes ago, King34Maine said:

I think it's more of a let's see approach still. I believe Euro Exim Bank will serve as a "trial run" for regulators in the UK to ascertain the real-world utility/implications of a digital asset. Indeed this is a huge milestone not just for Ripple/XRP but for the entire crypto space more broadly. It has been this lack of institutional utility/use case that has hindered the wide-spread growth of digital assets and one of the main reasons regulators worldwide, especially here in the US,  have been so averse to approving BTC-related ETFs.  Most think that the SEC just wants to control the marketplace, however, it's not just about wanting control, but about consumer protection and maintaining the overall health of this nascent asset class. The approval of such a product is dependent on having a mature marketplace with historical data to help regulators ascertain how the market would react to a crypto ETF.  This is why I believe xRapid is so important. As Ripple's initial xRapid partners start utilizing the liquidity solution, I believe, the in/out-flows from Ripple's partner exchanges (i.e. Bitso, Bittrex, Bitstamp, and Coins.ph) will be watched very closely. Matter-of-fact, I personally believe that all participants from Ripple, xRapid exchanges and initial FIs will readily and willingly offer regulators access see to see how the market responds to actual utility and root out possible manipulation etc.

is this bank operating in the UK? looks like they are registered in St Lucia.

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8 minutes ago, invest2lose said:

is this bank operating in the UK? looks like they are registered in St Lucia.

They are registered in St. Lucia, but they have a Representative office in the UK with a UK company registration number - 07520196 and VAT Registration number - GB 200 0038 01. 

See: https://www.euroeximbank.com/trade-finance-company.php

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Posted (edited)
3 minutes ago, King34Maine said:

They are registered in St. Lucia, but they have a Representative office in the UK with a UK company registration number - 07520196 and VAT Registration number - GB 200 0038 01. 

See: https://www.euroeximbank.com/trade-finance-company.php

so it looks like they aren't operating in the UK, if this is just a representative office.

Edited by invest2lose

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6 hours ago, AlbertStroller said:

Indeed it will be interesting to see if this bank sources the xrp from the market or direct from Ripple. If the latter, just more dilution until they've sold their chunk.

Very good point. Not to be a downer but this is a small ass bank also. If you look up the business profile it has like 5-10 employees.  It isnt even in the realm of local community bank. Look, I’m a huge supporter and it has to start somewhere but I dont think this will have an impact even when they actually go live. 

Seriously, I don’t know what it will take at this point to see a response in sentiment. A year or two ago, there was rumor that Starbucks might accept bitcoin for coffee and sh*t went crazy. With Xrp, announcement after announcement doesn’t yield jack sh*t.  In a logical world; I agree with Galgitron and others that only gradual adoption leads to price increases, but it’s not a logical or known market.  The price has to be suppressed artificially, which means it could blow open when institutions and speculators alike figure this out and wisen up. It’s crazy, you’ve got garbage like LTC up almost 10% today with no apparent reason so I believe Xrp isn’t up for no apparent reason as well. Plenty of reason to rocket but just sits there. 

 

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11 minutes ago, Quintree said:

This will be the next round of FUD

Well not to plant the seed with the FUDsters. Just telling it like I see it. Look, it’s great that there are more adopters, but I’m tired of seeing idiots claim “moon imminent” and “this is the year”. It may be the year, but it will be because we have bigger fish entering the market. Waiting for the required liquity from hundreds/thousands of low $ remittance companies would be like death by paper cuts waiting for the required price to support larger institutions. 

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24 minutes ago, Xrpforme said:

  The price has to be suppressed artificially, which means it could blow open when institutions and speculators alike figure this out and wisen up. It’s crazy, you’ve got garbage like LTC up almost 10% today with no apparent reason so I believe Xrp isn’t up for no apparent reason as well. Plenty of reason to rocket but just sits there. 

 

Sits there like a dead cat . 

I cannot see new money pouring into this thing ever again to have the growth seen in 2017  , fair too many have experienced losses and they will have told everyone around them .

Jed syphoning of cash as fast as it's being put in by others Its all just looking like a ponzi . 

 

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1 minute ago, Xrpforme said:

Well not to plant the seed with the FUDsters. Just telling it like I see it. Look, it’s great that there are more adopters, but I’m tired of seeing idiots claim “moon imminent” and “this is the year”. It may be the year, but it will be because we have bigger fish entering the market. Waiting for the required liquity from hundreds/thousands of low $ remittance companies would be like death by paper cuts waiting for the required price to support larger institutions. 

Yeah, these smaller fish definitely don't do anything that's expected. I can't think of anybody who's been rewarded for logic in crypto yet. I think this news is going to produce a rise sometime this year, though. It's silly to think it will happen right after a news release in a market without mature players  like it would with stocks.

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