NNF| Stay on the Course: The Crypto Market continues uptrend!
Stay on the course!
The crypto market continues the uptrend.
This week on NNF (Navigate with Nord Finance),
Let’s dive into the crypto market, decode news and take a look at XRP.
NNF of the week:
1 Min Market:
The crypto market remains flat for the most part of this week. However, it resumed the uptrend on Friday and ended the week with green on the charts.
As mentioned in the last newsletter, The market may try to test the august high in the coming weeks but we can’t predict the market. It is better to not get too excited and continue investing small amounts regularly to ride the crypto market volatility.
Catch the Coin:
Today, we’re demystifying XRP in this segment.
We’ve dived into XRP to give you an idea of how far XRP has come and what the future looks like for XRP.
$XRP Overview:
$XRP is a digital asset created by Ripple Labs as the building block for their financial ecosystem. It includes a real-time gross settlement system, currency exchange, and remittance network — all powered by one cryptocurrency — the XRP token. Ripple Labs claims $XRP to be ‘the most practical cryptocurrency’ for financial services applications.
Ripple is essentially building a parallel ecosystem for banking and financial services across the globe. By employing cryptocurrencies and the blockchain ledger, they are creating a transparent ecosystem with the friction-free transfer of money at negligible cost. $XRP payments are claimed to be cleared in between three to five seconds.
Supply:
100 Billion $XRP
Market Cap:
>23 Billion USD
Use Cases
Cross-border payments are the largest use case of Ripple. And this is employed by some of the biggest names in the financial services industry like Bank of America (BoA), and Standard Chartered Bank (UK) amongst others.
Payment and Remittances by XRP allow global trade and business to function without any friction. It enables micropayments at high speed and low cost. Institutions like SBI Holdings of Japan and others are planning to use Ripple as a settlement layer between banks.
Future
Institutional involvement is a clear sign of growing interest in the technology of Ripple. And the $XRP token acts as the neutral currency between global trade participants. The robust partnerships in place and the growing DeFi ecosystem of Ripple with DEXs and cross-chain bridges, the $XRP bandwagon is showing no signs of slowing down.
KYCN (Know Your Crypto News)
The adoption of cryptocurrencies and Web3 continues the momentum. We’ve shortlisted the most interesting and important news that can impact the market in the future. We’ve given simple takeaways that are important for your investment decisions.
JP Morgan executes the first DeFi trade on a public blockchain
- The trade is the first step by traditional financial banks to explore the potential of DeFi.
- This will create more trust between traditional financial institutions and blockchain companies. Long-term positive for the crypto market.
Reserve Bank of India set to launch digital rupee pilot in November
- The move will allow the institutions to carry out transactions in digital rupee.
- The move is positive for digital assets and blockchain companies.
Goldman partners with MSCI and Coin Metrics to Create Digital Assets Classification System
- The new system will be called Datonomy.
- Another sign of institution and Traditional finance players’ interest in understanding Cryptos. Long-term positive for the market.
BTS Scoop of the week:
Our NNF (Navigate with Nord Finance) newsletter subscribers have received behind the scene updates on our upcoming Crypto Investment Platform.
Next Week, we’ll release some important BTS scoops to subscribers. So, Don’t forget to subscribe.
