Ripple Price Went Up After Rumors
Coinbase: No Decision On New Assets
U.S. cryptocurrency exchange Coinbase has been denying rumors that they will be adding Ripple’s XRP token to its existing trading pairs. The U.S. digital payments company has risen more than 20% and it reached $1.08 in Monday. However, it fell after the news and at the time of writing it was roughly $0,91.
What actually happened is that Coinbase chief operating officer and president Asiff Hirji was said to appear alongside Ripple chief executive Brad Garlinghouse on a special episode of CNBC’s “Fast Money” program on March 6. However, those two were appearing in separate and unrelated interviews on the show.
Coinbase Twittered rumors, saying that a January statement about listing new cryptocurrencies – which details how a “committee of internal experts” ultimately makes those decisions – hadn’t changed.
In the last half year, Ripple has announced that a lot of companies, including banks are testing their token for cross-border payments.
The confirmation came today when CNBC announced that Ripple has developed a payment app that settles transactions instantly, in partnership with a consortium of 61 Japanese banks.
“Money Tap” Goes Live in Fall
The application, called “Money Tap,” should go live in the fall. It will initially be available with three banks included in the consortium, SBI Net Sumishin Bank, Suruga Bank and Resona Bank, before being rolled out to the rest of the consortium.
Japan’s financial regulator, however, decided to “slap” some of the cryptocurrency exchanges with administrative punishment notices and is considering forcing some to suspend their business, the Nikkei business daily.
Just for a reminder, two days ago, sixteen cryptocurrency exchanges in Japan have formed a new self-regulatory organization, an effort that comes in the wake of the $500 million theft in January.
The goal is to “bring the entire cryptocurrency sector to bear on self-regulation,” Taizen Okuyama, who will serve as chairman, told reporters Friday. Okuyama is president of foreign exchange trading platform provider Money Partners Group and chairs the Japan Cryptocurrency Business Association, one of the two industry groups that will establish the new body next month.
Mt. Gox Never To Be Forgotten
Do not forget, back in 2014, the Japan-based bitcoin exchange Mt. Gox collapsed, resulting in the loss of hundreds of millions of dollars in customers’ funds (today’s value $3.3 billion). Japanese lawmakers have previously cited the exchange’s failure as a key driver in the move to regulate the cryptocurrency industry. Only in the first seven months 2017, Japan had fallen victim to 33 cases of cryptocurrency fraud worth over $700,000.