Friday, 16th November 2018: This week brings news from the IMF and JP Morgan. Soccer pairs with the blockchain to boost youth development and Ripple takes on the world. Read everything in our blog below!
Taking over the world: Ripple
Last week, Ripple’s XRP spiked in price due to rumors of a partnership with financial services mogul, SWIFT. This week, dismissing all claims of a partnership, Brad Garlinghouse, the CEO of Ripple said this -
“ What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”
The harsh truth of businesses seeking to frame the future - there’s always going to be someone making moves that disrupt the industry. Ripple, with its highly-demanded RippleNet, already claims to have near 100 of SWIFT’s clients. RippleNet, like Garlinghouse claims, is going to replace every cross-border transaction service.
The future looks gloomy and uncertain for traditional finance, and much to our satisfaction - looks quite the opposite for cryptocurrencies and their use cases.
Digitization: The IMF(finally) agrees.
The International Monetary Fund (IMF) is at the forefront of global financial stability and trade. Last month, they heavily criticized cryptocurrencies… now, they agree.
Managing Director at the IMF Christine Lagarde states that while she is not ‘entirely convinced’ by cryptocurrencies, she believes in the importance and potential future of state-backed tokens.
“I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy,”
Lagarde believes that cryptocurrencies can even satisfy multiple public policy goals like financial inclusion, consumer protection, and even payment privacy. Soon, more such influential entities (and hopefully certain governments too) will see the power and capabilities that virtual tokens provide.
JP Morgan: “Market will crash in 2020. Crypto can save it”
Market giants JP Morgan & Chase estimate a 60% chance that the global financial markets will once again crash in the year 2020. Nearly 70% of business economists in the US predict a market crash by 2020 largely blaming the POTUS’ issues with international trade.
How does this matter to crypto?
Large institutions (the type of firms that are the most affected by market crashes), namely Goldman Sachs and Citigroup have already established frameworks to target institutions planning to invest in the digital asset class.
Jim Hamel, portfolio manager at Artisan Global Opportunities Fund believes that wide-acceptance of cryptocurrencies might offset this shock:
“There are a number of tailwinds contributing to this trend. First, we’re seeing rapid growth in e-commerce, which requires that customers be able to make secure digital payments. The growth in cross-border transactions and the general impact of an increasingly globalized marketplace are helping accelerate this trend.”
Blockchain and the Beautiful Game.
Soccer Legends Limited, a Hong Kong-based startup, is aiming to integrate blockchain technology into soccer! The project is designed to “bridge the gap between soccer superstars, youth talents and fans.” Soccer fans can use the 433 Token to support a future superstar, interact with the most famous players and influence important soccer-related decisions.
They have a “Principal” status and can pick young talented players - aged 16 to 18 - from different soccer academies and mentor them. This means the “Principals” meet their students at least four times a year personally, teach them techniques, ethics, leadership and also provide financial support if there is a need in physical training, nutrition, sports science.
Presale of 433 Tokens will start on November 16, 2018. There will be 300 million tokens available for purchase which is 30 percent of the total sale. Each 433 Token will cost US$0.09.