Ripple XRP Platform to Begin Trading Gold, Silver – MintDice

Ripple is a digital gross-settlement system that runs on blockchain technology. It aims to give financial institutions a more comfortable, more efficient and cheaper way to carry out cross-border remittance across the world. Since its creation, Ripple has been immensely popular for its exciting developments and strategic partnerships.

XRP, the digital asset that powers the entire Ripple network has also performed well in the past, making it one of the most coveted coins in the markets. In 2018, Ripple gained a lot of popularity and traction from its listing on Coinbase. Subsequently, the platform saw an influx of new investors and climbed to the number two spot on the list of top cryptocurrencies, right after Bitcoin (BTC), a position that was formerly occupied by Ethereum.

Currently the second-largest cryptocurrency with a market capitalization of over $13 billion and a current price of $0.33, XRP is gradually soaring even outside blockchain. However, it is also creating partnerships to effect payments in various sectors such as the metals industry. Such partnerships seek to simplify the payment and remittance processes of the industries involved.

According to a tweet by BPG Group, “Ripple blockchain technology enables this entrance into the metals market with the crucial properties of accessibility, speed, security, transparency, and trust.”

BPG launched its new gateway in May 2018 as a way to facilitate trade in the metals market. The gateway aims to allow traders to conveniently invest and trade in the digital asset forms of Gold, silver, platinum, palladium, and rhodium. The tweet by BPG Group reads: “Use the #Ripple network to buy, spend and trade #Gold, #Silver, #Platinum, #Palladium and #Rhodium (XAU, XAG, XPT, XPD, and XRH).”

According to both firms, the system will achieve easy trade of these metals by “combining the performance of the London clearing system, managed by London Precious Metal Clearing Limited, with the transparency of an exchange-traded asset.”

Although BPG Group is famous for its metal refining operations, it also conducts fund management, trading, and recycling through efficient processes and methods. This metal refinery giant trades its stock on the Vienna Stock Exchange, and users can buy both digital gold and physical metal through the company, via Ripple. The BFG Group’s decision to partner with Ripple is not surprising since the latter has made headway among banks.

The eMetals platform is just another way to invest and exchange physical metals while mixing the performance of the metals market with the transparency and security offered by a blockchain-related product like XRP.

According to the firm, “Distributed ledger technology is a game changer and supplying metals on the Ripple blockchain is solving many challenges that have traditionally been part of the user experience with exchange-traded funds or precious physical metals. Ripple implementation in metals trading is just the start of the adoption of blockchain technology which will radically transform this market sector.”

BPG Group already has its gold-backed cryptocurrency known as XAU in the market, which has been in circulation for some time. The firm also possesses an excellent report card and has outperformed other institutional metal providers such as Gold Bullion International (GBI) recently.

Some important things to note about the eMetals gateway are:

• The platform will give investors the chance to trade in gold, silver, platinum, palladium, and rhodium
• All trading service will work round the clock, all year
• Every physical commodity will be kept in a privately owned vault or held with Malca Amit, an LMBA- affiliated security carrier company
• Procured IOUs will show physical ownership of metals that investors purchase
• BPG will give investors the opportunity to request physical delivery of their metals
• The BPG Group will carry out active buy and sell orders as long as there is a specified maximum bid-offer

Ripple coin is expanding quickly, and its presence can be felt around the world. The platform has partnered with the UAE exchange and is saving the Saudi Arabia USD 200 million to USD 400 million annually. Ripple has also partnered with LianLian international, a Chinese payment company to facilitate cross-border payments. Its string of partnerships also consists of other remittance giants such as Moneygram and Western Union.

Among other cryptocurrencies, it is also showing one of the strongest market records so far. However, there is speculation that Ripple will certainly stay far ahead of other digital currencies due to this partnership.

Ripple is especially suited for transactions regarding gold since the latter has a stagnant value compared to other assets. This has made it one of the most common commodities to trade, invest or peg other holdings to. Ripple has a volume large enough to move large values of gold through its network without triggering volatility. This volume is what makes it possible for the platform to partner with larger remittance companies.

This is not the firm’s first partnership involving gold. In 2014, Ripple partnered with Gold Bullion International (GNI), to act as both an exchange and a payment system. Its purpose was to convert gold into another currency like Bitcoin. The XAU cryptocurrency could also be redeemed for real gold.

The rise of virtual currencies is opening up a whole new asset class, brimming with excellent applications for untapped markets. These currencies, as well as their underlying technology, may give individuals the opportunity to trade stocks and bonds via blockchain soon enough.

In the past, the company has partnered with large firms like Santander and BBVA to facilitate settlements and cross-border transactions using its products XCurrent and Xrapid. While those have been highly significant moves, this partnership will give Ripple a strong foothold in a trillion dollar market. The potential future implications of this launch are massive.

Ripple is one of the fastest growing cryptocurrency firms at the moment. Its name has stayed on investors lips, following its excellent performance in a time that has been rough for many other digital currencies. This entrance into the metals market symbolizes Ripple’s need to gain a solid footing in as many industries as it can. In case of a bubble burst like many critics have postulated, the company is ensuring that it remains untouched.

Both Ripple and BFG Group are top firms in their markets, and this combination may be a healthy one for the metals market. It is also great for cryptocurrency since it allows for trade diversification. Trading gold may not sound as exciting, but trading gold cryptocurrency does. Hopefully, the platform lives up to the expectations that have surrounded it since it was launched.

Article brought to you by the MintDice Bitcoin Casino Bitcoin Dice games.

Ripple XRP Platform to Begin Trading Gold, Silver