In crypto, there is no correction room for a missed opportunity. So, here we are with your everyday crypto news treat. Take a look:
Ripple to partner with the Republic of Palau to develop a digital currency
Thriving as a top-tier crypto and blockchain portal for international payments, Ripple has collaborated with the Republic of Palau for a new crypto expedition. With this partnership, the government of Palau is looking forward to surprising its natives with the state’s first-ever USD-powered cryptocurrency token. The stablecoin network will work on the XRP Ledger and will be fully dedicated to expanding the operability of the newly-launched token across multiple sectors within the state.
With crypto gaining pace in the post-COVID-19 era, firms are striving hard to diversify their product portfolio and customer base. Special emphasis is being given to forming strategic partnerships with renowned brands, crypto-friendly governments, and high-potential startups. Ripple, which was sued by the SEC for trading XRP as an unregistered asset, had to face a lot of criticism and loss in the United States because of this. So now, Ripple is taking all the right steps to sustain its position in the global payments industry.
According to the report, the upcoming US-backed stablecoin project will be unique and groundbreaking on various levels. Firstly, it will shine as the first-ever government-backed stablecoin project in the world. Secondly, it will pave way for the expansion of stablecoin projects that creates a perfect mix of crypto and safe investment haven for traders.
The Republic of Palau uses the U.S dollar as its legal tender and there is no central bank as well in the state. So, with the launch of its highly-anticipated digital version of the U.S dollar with Ripple, the government is looking forward to opening new opportunities for payments, trading, and finance for the locals. The XRP Ledger will allow seamless execution of transactions in less than 5 seconds at minimum expense.
The XRP token is the third biggest currency in terms of market capitalization. With a powerful operating channel, the network has always been a top choice for experimental projects. The forthcoming project will be a milestone for Ripple and a revolutionary change for the government of Palau and its people.
CBDCs can bring a revolution for the future of money, says the Bank of England
Whenever we talk about crypto, the first thought that comes to our mind is Bitcoin or the BTC token. This is the scene with a majority of investors who have entered the crypto domain after getting attracted to the fancy token values. Where earlier crypto was notoriously known for the prevalent market uncertainty, today it seems to resolve this issue with CBDCs.
The latest additions to the list of CBDC supporters are Andrew Bailey, governor of Bank of England, and Sir John Cunliffe, deputy governor for financial stability in the institute. On Wednesday, during a live streaming event, the regulatory authorities gave some interesting answers to questions forwarded by the lawmakers of the Economic Affairs Committee.
Talking about the growth of virtual money in the country, Sir Cunliffe stated that the use of programmable money in the crypto space has become quite evident. He added that there still remains uncertainty on how the money will be used in the future. However, he expects to witness a powerful change in the technology-empowered money industry.
According to the report, the Bank of England is exploring various options for launching a digital pound CBDC for facilitating retail payments in the country. A CBDC task force is experimenting to use a digital pound token for various purposes like pension disbursement. The sudden plunge in cash payments after the COVID-19 pandemic has given a necessary push to online payment settlement. Nearly 30% of transactions in the United Kingdom have shifted to e-commerce portals resulting in a surge of business for online payment channels.
During the interview, Sir Cunliffe showed a great deed of interest and support for the upcoming CBDC project launch. The spearhead shared that they have predicted a 20% transaction volume shift to CBDC from the central trading systems. This will include both household and business transactions. However, Sir Cunliffe is certain that the current crypto surge can hamper the financial stability of the state. The keen interest shown by governments on CBDCs is pointing towards a promising future for regulated tokens.
Regal joins hands with Flexa to accept digital currency in theatres
In a bid to enhance the level of customer experience, Regal, the renowned movie operator brand has decided to adopt crypto as a payment option across its venues. To facilitate this service, Regal has joined hands with Flexa, a powerful digital payment facilitator that brings crypto closer to the masses. As part of the collaboration, Regal users will be allowed to use crypto for purchasing movie tickets, beverages, and food items seamlessly.
Working as the U.S leg of the world’s second-largest cinema giant, Cineworld Group, Regal is quite popular in the country. It has a strong network spread across 500 distinct locations and 7,000 screens in 42 states. The inclusion of crypto payment is likely to help Regal stand out from its competitor firms and earn an extra star for customer services. Flexa will allow Regal users to deal in a variety of tokens including BTC, ETH, LTC, DOGE, USDC, DAI, LINK, ATOM, BAT, etc.
The Chief Marketing Officer of Regal, Ken Thewes stated that the pact with Flexa will help them to ease payment settlement across the theater venues. The users will get access to a contactless, safe, and flexible interface for paying their theater expenses. A similar response was given by Trevor Filter, co-founder of Flexa who is elated to infuse crypto with cinema for a better experience.
On the other hand, Flexa is well-known for providing high-tech, super-fast, and economical crypto payments for real-life uses. Flexa’s native currency is ERC-20 based Amp coin which is widely recognized for high scalability and speedy transactions. The platform allows users to invest Amp tokens as collateral so as to earn juicy rewards for bearing risks.