Ripple, XRP Coin Trading and xRapid's Middle East Expansion, Compliance and Adoption

XRP has gained a great deal of popularity for its ability to provide users with cross-border payment mechanisms through xRapid.

In addition, the platform has also realized third-party utilization through the XRP Tip Bot through Wietse Wind and Coil, the latter of which is designed to monetize internet content on web through microtransactions.

According to Dilip Rao of Ripple, who spoke at the Global Islamic Economic Summit,

“One of the spin-offs from ripple has been a company called Coil which now allows you to stream very very minute quantities of value to a website that you’re visiting. So rather than sign up subscribers to a paid subscription that gives them full access or limited access through a free subscription, you let them pay for what they see.” He continued that the payment system can be streamed in XRP, which may be able to “change the way you monetize content,” regardless of the type of content.

He also stated that the technology aligns “very well” with the principles of Sharia law, including identifying parties to a transaction and providing clarity about the role and responsibilities of the parties to the agreement.

He also discussed that the technology may help reach various populations, stating

“If you can, with integrity, tokenize an asset wroth a million dollars, you can now have a million people share in that asset rather than necessarily one millionaire. It starts to solve for reach into the unbanked. We think therefore aligns well with all the Islamic finance principles.”

Rao also touched upon the Middle East’s attitude toward FinTech technology, stating

“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 200 is a fantastic way to encourage innovation, to bring FinTechs to your market and then to then build the capability locally to iterate on those solutions that the FinTechs bring to you.”

He continued, “I think generally innovation is held back by your legacy systems and I think sometimes if a legacy system is so old that you want to throw it in the dumb, you don’t have to worry so much about what you’re got to just say I’m going to dump this I’m going to go to the new shiny thing.”

In terms of legacy systems, Rao mentioned that other countries are happy with their legacy systems and do not want to let go of them. However, the Middle East has potential and from his observation, it aspires toward innovation.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today