XRP owners can now store as well as spend the digital asset in more than 180 countries using Spend Visa Debit Cards.
Spend is a company that allows users access to various financial tools to convert and exchange traditional legal tender to modern digital currencies. After recently announcing support for Litecoin and Dash, Spend now supports XRP, the native currency of the Ripple Ledger. The new update of the Spend app allows XRP enthusiasts to transact and exchange using the app.
Ripple has been trying everything in their capability to bring its digital currency, XRP to the masses via exchanges and making it the base currency in some firms and also demonstrating it’s utility and emphasizing that it’s not a security subject to SEC Rules in any way.
Ripple (XRP) at Spend
Spend partnered with Visa to bring this broad expenditure alive. As a result Spend Debit and Credit cards are now accepted everywhere in the world where the Visa sign in visible. Since XRP is now available at Spend.com, XRP owners can now store, spend, convert and send more than 16 cryptocurrencies using Spend Visa Debit Cards. As the company had promised, fees are almost negligible and before expenditure XRP is converted to fiat on the fly.
Momentarily the Spend app can only be accessed by IOS users, as it is only available at the Apple Store at the moment. Earlier, the company removed its app from the Play Store to make some improvements and adjustments.
“We temporarily removed the Spend App from the Google Play Store in order to make necessary updates and adjustments. Please stay tuned to our page here for updates on when we release it again! Thanks for your patience!”
For the safety and security of its consumers, Spend adheres to the KYC (Know Your Customer) norms and uses AES encryption with PCI DSS Level 1 Certification. Consumers can also get loans from the Spend App and the interest rates are determined from the user’s credit rating which is more or less about 11%. The loans feature, however is available to certain regions only at this moment.
Ripple’s Partnership with BlockQuake round the corner
Ripple is pushing hard to expand it’s partner network further. Recently, Yoni Assia, CEO Etoro, revealed he is “very interested” in having a partnership with Ripple. Binance CEO, Changpeng Zhao, is interested in a
collaboration with xRapid, Ripple’s XRP-powered product.
BlockQuake, a company that aims to be the NASDAQ / NYSE of cryptocurrency and digital asset exchanges also foresees a successful partnership with Ripple. It aims to be the industry standard and go-to digital asset exchange for traders, retail and instituitions alike, maintaining global compliance and transparency. BlockQuake recently revealed that they had a meeting with Ripple’s NYC team and that’s why a potential partnership seems imminent in the near future.
Decoupling XRP from BTC requires exchanges cooperation
For the success of the XRP cryptocurrency, with all its superior qualities it must not only attract financial instituitions but also normal day-day users. Then only will their decoupling from BTC begin and the Brad Garlinghouse projection would fulfill its true potential.
What is coupling ? Why does it exist ?
The main reason for the coupling we have been experiencing is the existence of XRP/BTC and XRP to crypto markets on fiat exchanges.
For example, if I owned BTC and wanted to sell to have fiat, I would normally go direct to the BTC/fiat market and sell there. However if that drops sufficiently, there comes a point (price) when it is actually cheaper for me to sell my BTC and buy XRP, and then sell my XRP for fiat. This indirect route will be used profitably by the seller until the price of XRP drops sufficiently to make the direct route the cheapest again. This is the whole scenario how we are coupled, and all crypto markets are coupled.
We really need the fiat exchanges to only list fiat pairings with individual cryptocurrencies like XRP, and not have any other crypto (XRP) to crypto pairings. But that doesn’t seem possible at this moment with the cryptocurrency world so unstable and most cryptocurrencies interlinked.