Ripple and XRP
The first bank to sign up for Ripple’s XRP-based payment solution xRapid says the technology will give its customers the power to move money in their local currency, without having to convert to US dollars. At Ripple’s Regionals 2019 summit in London, Euro Exim Bank’s head of compliance and operations Graham Bright highlighted the key reason why it chose to work with Ripple.
“We need our clients to be able to pay us in their local currency. It’s very difficult for them to get a hold of dollars in some of the jurisdictions in which we operate. So we need to make it easy to move funds as easily and as cost-effectively as possible.”
The bank, which is headquartered in St. Lucia and has a representative office in London, says it has already successfully implemented xRapid, telling Trade Finance Global it’s working closely with Ripple to make sure transfers run smoothly.
Mercury FX CEO also spoke at Ripple’s recent event in London. He says his company has fully implemented xRapid and is already seeing the benefits in real-world transactions.
QuadrigaCX Fallout
The embattled crypto exchange QuadrigaCX says it has transferred a batch of Bitcoin, Ethereum and other cryptocurrencies to Big Four auditor Ernst & Young.
The exchange maintains it cannot access $145 million in cryptocurrency due to the death of its CEO, who was the sole person in possession of its private keys.
However, a new court document released today, confirms that QuadrigaCX moved a smaller amount of accessible digital assets to an offline cold wallet held by Ernst & Young, Quadriga’s court-
“On February 14, 2019, after testing the transfer arrangements, the Applicants successfully transferred the following cryptocurrency to the Monitor. In total, 51 bitcoin (roughly $185,500 at that time), 951 ether ($116,000), 33 bitcoin cash, 2,000 bitcoin gold, and 822 litecoin were transferred.”
A court document released earlier this month details that following the death of its CEO in December, Quadriga mistakenly sent 103 Bitcoin to inaccessible cold wallets.
“On February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at approximately $468,675 to Quadriga cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”
Leaked Samsung Video
A leaked video appears to show Samsung’s new cryptocurrency wallet in action, with the option to store and transfer Bitcoin and Ethereum.
Yesterday, Samsung confirmed its flagship Galaxy S10 will feature secure storage for private keys, effectively turning the device into a cryptocurrency hardware wallet for Bitcoin and altcoins.