PNC Financial Services Group, Inc has made history on 29 August by becoming the first American bank to process cross-border payments on RippleNet. A report by FintechFutures said that the bank’s announcement to use Ripple’s software solution by its Treasury Management Unit for carrying out cross-border transactions.
Ripple also announced that that it was pivotal for its progress to get banks and other financial institutions to use xRapid, Ripple’s liquidity product using XRP.
PNC’s clients will enjoy the ability to do cross-border payments instantly, “transforming the way they manage their global account receivables and allowing them to better manage their working capital.”
Ripple’s strategy is to bridge the gap between the current fiat-based economic system and the crypto-universe. Its new partnership with MoneyGram attracted a boost in XRP/MXN volume. However, according to Ripple’s CEO, Brad Garlinghouse, this partnership will have a “more consequential impact on the crypto markets than the Libra white paper.”
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”