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Euro Exim Bank: 1st bank to use xRapid

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1 minute ago, Helmsdeep said:

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 . 

 

Well, I share your frustration but I was more implying that there are bigger forces at work suppressing price. There was an attack on ETC the last few day and even it was slightly up today! My point was that we’ll need a big player to get things moving and get the FOMO going, or there are big players at work now preventing price from moving anywhere. Regarding Jed, definitely not a positive but the utilization over time should make that insignificant. 

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1 minute ago, Quintree said:

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.

Good point. Many of us, including me, tend to draw parallels to normal investor reactions in other markets/securities. May not be warranted here yet. 

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6 hours ago, PG1 said:

I would assume you can do both or either. 

If you hold XRP you only need xRapid for the backend of the transaction to exchange XRP to the destination currency.

I can hear the conversation now;

Hi Brad it's Kev here from Euro Exim bank.....

Hi Kev how's it going?.....

Yeah good mate, look I've got Mrs Fotherington here and she wants to send fifty bucks to a guy in Nigeria so could you send me some zerps?.....

Yeah no worries mate, I'll do it as soon as I get back to the office tomorrow.....

Sweet, how much do I owe ya?.....

That'll be $50.....

Ok I'll send a payment through Swift today.....

OK....

Cheers mate and happy new year.....

Same to you Kev and give my love to your wife.

 

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Posted (edited)
2 hours ago, Trickery said:

I can hear the conversation now;

Hi Brad it's Kev here from Euro Exim bank.....

Hi Kev how's it going?.....

Yeah good mate, look I've got Mrs Fotherington here and she wants to send fifty bucks to a guy in Nigeria so could you send me some zerps?.....

Yeah no worries mate, I'll do it as soon as I get back to the office tomorrow.....

Sweet, how much do I owe ya?.....

That'll be $50.....

Ok I'll send a payment through Swift today.....

OK....

Cheers mate and happy new year.....

Same to you Kev and give my love to your wife.

 

I think you may be the only one talking about sourcing XRP from Ripple per transaction.  Obviously no bank will do that.

But it may make sense for a bank to hold XRP (if regulations allow)  if they make regular transfers out of a volatile currency/country.  Or to reduce counter-party risk at endpoints.  Or to hedge etc.

So I think @AlbertStroller point was valid.  It will be interesting to see whether some source XRP from Ripple or the market - at least initially.

Edited by PG1

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7 hours ago, Trickery said:

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.

They could just get a pile of XRP (probably as part of Ripple's war chest incentive program) and use it for xRapid txs. I think even David said a long time ago that it'll probably be better to hold a pile of XRP instead of multiple currencies. Also, I think he mentioned that one nice way to do it is to wait for xRapid txs on the selling end and then buy it from there.

Even if they are using a flow like e.g. USD -> XRP -> XRP -> MXN you'd still need some prefunding/dormant capital. In the ideal future world if most of the system is hooked to xCurrent you'd be able to top up your exchange account in seconds and then withdraw from the destination account in seconds. So the ideal flow would be e.g. IBAN -> money transfer -> USD arrives on exchange in seconds -> XRP bought in seconds -> XRP sent in seconds -> MXN on destination exchange -> withdraw -> MXN arrives in destination customer bank account in seconds. I think Ripple went with the MXN being the first corridor as the Mexican domestic system is relatively fast so the withdrawal part takes much less time.

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Please do not be angry with me now, but what (or who) are we celebrating? I never heard of that bank...

 

"Euro Exim Bank, a London-based bank primarily focused on providing financial services for export and import companies, will become the first bank to publicly announce it is using the XRP cryptocurrency for cross-border payments."
https://www.coindesk.com/euro-exim-bank-taps-ripples-xrapid-for-cross-border-settlements

 

Who is that EXIM BANK?

https://www.duedil.com/company/gb/07520196/euro-exim-bank-limited/financials
Founded: 02/2011

Previous Company Name Changed Date (not very trustworthy)
GALAXY EU FINANCE LTD 25 Apr 2015
GALAXY SERVICES (UK) LIMITED 20 Feb 2015

Total Assets: 932,801 GBP (? are you kidding? 900k? numbers are not in millions or thousands, they really mean: 932 k GBP?)
Net Assets: 511,033 GBP

Number of Employees 7

 

Euro Exim Bank Ltd – Registered Office - WI
1st Floor, Sotheby Building,
Rodney Village, Rodney Bay Gros-Islet,
St. Lucia,
West Indies.
not very trustworthy

Euro Exim Bank Ltd – Representative Office - UK
Suite 1C, 1 Oaks Court, 1 Warwick Rd,
Borehamwood, Hertfordshire,
WD6 1GS,
United Kingdom

If I compare those numbers with on of our local "Kreissparkasse Böblingen" (City of Böblingen (a small town) Savings Bank): Total Assets 7,77 BILLION EUR (vs. 932,801 GBP).

 

Is it really that far that we have to cheer for such partnerships? That's not even worth a message.

 

Please do not get me wrong:
It's already hard to defend XRP outside xrpchat, but with such partnerships you are not just smiled at, I do not even dare to cite such a reference ... to conceal this partnership would have been better

 

 

 

 

 

 

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4 hours ago, Zerp_Legend said:

You gotta start somewhere right ? Small companies can easier integrate xrapid than big ones 

Also there is the famous saying : Take small bites until you accumulate an empire 

Just saying ;)

How do you eat an elephant? One small bite at a time.

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7 hours ago, xSODAx said:

Please do not be angry with me now, but what (or who) are we celebrating? I never heard of that bank...

 

"Euro Exim Bank, a London-based bank primarily focused on providing financial services for export and import companies, will become the first bank to publicly announce it is using the XRP cryptocurrency for cross-border payments."
https://www.coindesk.com/euro-exim-bank-taps-ripples-xrapid-for-cross-border-settlements

 

Who is that EXIM BANK?

https://www.duedil.com/company/gb/07520196/euro-exim-bank-limited/financials
Founded: 02/2011

Previous Company Name Changed Date (not very trustworthy)
GALAXY EU FINANCE LTD 25 Apr 2015
GALAXY SERVICES (UK) LIMITED 20 Feb 2015

Total Assets: 932,801 GBP (? are you kidding? 900k? numbers are not in millions or thousands, they really mean: 932 k GBP?)
Net Assets: 511,033 GBP

Number of Employees 7

 

Euro Exim Bank Ltd – Registered Office - WI
1st Floor, Sotheby Building,
Rodney Village, Rodney Bay Gros-Islet,
St. Lucia,
West Indies.
not very trustworthy

Euro Exim Bank Ltd – Representative Office - UK
Suite 1C, 1 Oaks Court, 1 Warwick Rd,
Borehamwood, Hertfordshire,
WD6 1GS,
United Kingdom

If I compare those numbers with on of our local "Kreissparkasse Böblingen" (City of Böblingen (a small town) Savings Bank): Total Assets 7,77 BILLION EUR (vs. 932,801 GBP).

 

Is it really that far that we have to cheer for such partnerships? That's not even worth a message.

 

Please do not get me wrong:
It's already hard to defend XRP outside xrpchat, but with such partnerships you are not just smiled at, I do not even dare to cite such a reference ... to conceal this partnership would have been better

 

 

 

 

 

 

AFAIK there are quite a few businesses (trading businesees especially) which are 'noname companies' with very few employees, but they make good money.

Look, why would this bank which is 'primarily focused on providing financial services for export and import companies' have billions in assets? Or hundreds in employees? All they need is an office (not neceserraly though), several computers and a license. 

What is more importantly is that they have exposure to some 80 countries and that they will use XRP.

Everyone would have wanted to hear BoA or Santander or Credit Agricole instead of Euro Exim Bank but this is definitely a huge step forward. Probably the next announcement is just weeks/months away and probably it will be a major fin. institution, who knows? I believe there is no way back after this announcement... 

Fasten your seat belt, hold tight, but do not get over excited, patience is still the key...

P.s. care to name any other crypto which is that close to being used/adopted as XRP currently is?

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3 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.

It doesn't matter much at this point.  Buying XRP OTC then feeding it through xrapid is a way to get the ball in motion.  Being successful on one side of xrapid (the sell side) is a step in the right direction.  I would rather have the first few banks buy OTC to help ensure successful results, even if it means delaying the zerpening.  Once Ripple begins selling the whole escrow each month, drying up OTC sales, then everyone will be forced to exchanges for the remainder of the month.

 

Anyone remember when the last moon happened?  December 12th through Jan 4th.  Anything specific about this time range that could have fueled the spike?  I said it then, and I'll say it again... Ripple had just escrowed all the XRP in early December, leaving little for OTC sales without selling from their own stashes.  I believe, and you can disagree, that Ripple was not willing/able to sell off XRP during this time.  The first escrow was released Jan 1st.  Does anyone else NOT think it was coincidental that the spike happened between the escrow lockup and the release of the first escrow?

My point is that, once Ripple sells out their monthly escrow allotment, we will begin to see price movement.  

 

Right now, I believe their focus is on getting the ball rolling by reducing the risk on the buy side for FI's.  I'm on board with that. 

 

Let this play out a little.  We will see $1 again by late summer. $2 by the end of the year.  I will stake my reputation on it. 

(If I'm wrong, instead of suffering the embarrassing backlash of being wrong, I'll just stop using this account and log in as another name.. ala @jasil / @Mods_are_tyrants / 300 other accounts.)

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