Digital Currency Revolution Series: BCH Appears To Be Next Banking-Friendly After Ripple

We have already reported the growing popularity of Ripple majorly based on a reputation of “banks' cryptocurrency”. But, a great deal of clarity as to what exactly the Ripple ecosystem entails, about the mechanism of its payment solutions and in turn, how it drives the value of XRP, needs to be defined among the investors' community.

Very recently, (June 3rd to be precise), Anypay and Cointext, the aspiring crypto start-ups pioneered the bitcoin cash driven global remittance application. The payment solution utilizes bitcoin cash (BCH) and enables their clients across the globe to transfer funds swiftly and economically comparatively with conventional remittance platforms.

Anypay.global has been working up with Cointext.io for ease of overseas payments, while the value of overseas remittances is getting higher day by day. 

With negligible transaction charges, transfer of bitcoin cash could easily be processed across the globe. While Anypay and Cointext reckon that overseas crypto remittance mechanism would be considerably cheaper than traditional methods (i.e. through banks, forex firms). 

Fundamentally, two miners reportedly executed a 51% attack on the Bitcoin Cash (BCH) blockchain under everyone’s noses and nobody seems to care.

two BCH miners – BTC.top and BTC.com – performed the attack to stop an unknown miner from taking a significant number of coins that were accidentally sent to “anyone can spend” addresses since Bitcoin Cash’s inception in 2017.

On the other hand, yet another instance of remittance via crypto-mechanism is Euro Exim Bank’s announcement who deployed XRP-driven XRapid and xCurrent for overseas payment transactions. Euro Exim Bank has collaborated with Ripple, to improvise better connectivity with banks, payment providers and digital asset exchanges via RippleNet so as to ease clients’ seamless experience to operate with money globally. 

The reputed multinational financial services companies have already become part of RippleNet, such as Japan’s MUFG bank and Spain’s Santander. MUFG has made announcements of its projects to a develop overseas transaction system between Japan and Brazil by deploying Ripple’s technology.

Elsewhere, Malaysia’s banking group CIMB has made an announcement that its pact with Ripple with an objective of developing blockchain-driven remittance platform for the South East Asian region.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -40 levels (which is mildly bearish), while hourly USD spot index was at -134 (highly bearish) while articulating (at 10:52 GMT). 

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