Cryptocurrency News Today Headlines for February 12

Cryptocurrency News Today Headlines for February 12

XRPs network is superior as a payment system

Ripple will create a platform for financial entities to move funds

Cryptocurrency News Today according to reports, one crypto investment firm that has posted returns of 143% on its customers money over the last two years has shorted Zcash and XRP. The name of the firm is Multicoin Capital. Tushar Jain and Kyle Samani, the founders of Multicoin have revealed that Zcash will be worth anything in about two years. They cited the fact that other firms are copying Zcashs technology and just asmall percentageof the tokens users make good use of its privacy features. They believe the privacy coin will be irrelevant.

Apart from their claims about privacy coin Zcash, Jain and Samani also think that Ripples native digital currency, XRP, is too volatile for large financial corporations and banks to use, citing its utility as the reason behind this conclusion. Although both individuals believe that Ripples payment messaging models exceed the status quo, they believe theres no incentive for firms looking to move money with XRP. They have been consistent in their view. Recall Samani wrote a column in 2017 were he argued a case for XRP. In his words:

XRP only has two uses: to serve as a bridge currency for fund transfers between two entities without a trusted relationship and to pay fees on Ripples network. However, Ripples native token, XRP, isnt necessary for the networks functionality. Ripples network may be superior as a payment rail system, however, it does not make sense that a rational financial institution will use XRP voluntarily as a reserve currency for the settlement of transactions. This is because XRP will be always less liquid than BTC (which is a global reserve).

Ripple has revealed that it is working to make a platform where financial entities can depend on XRP to transfer money instantly across borders, without pooling money in separate banks around the world. Ripples partner MoneyGram, is the largest user of the XRP-backed liquidity solution. MoneyGram relies on Ripples solution to move about 10% of its US-to-Mexico volume daily.

Samani and Jain remain bullish on BTC and BNB. They believe that these coins have great potential. According to Samani:

In the cryptocurrency community, they view these things as religious. They keep telling you, to believe forever. We never take this for granted that what is being said is by any means accurate.

Multicoin Capital has reportedly raised a whopping $101.5 million since February of 2019.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When shes not writing, she spends time with her adorable cat, Ginger and works out often.

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Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When shes not writing, she spends time with her adorable cat, Ginger and works out often.

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