A lot of Ripple enthusiasts were extremely excited about the release of the Codius smart contract platform because it was released by Stefan Thomas – the former CTO at Ripple, who now runs Coil. This means that the new platform is an extension of the Ripple family.
The goal of the chief is to introduce the interoperability of the various blockchains and also to devise new ways to monetize the web, instead of the conventional way of doing things. Hence, this is a good reason to be bullish about the coin.
Will the Value of the Coin Reach the $10 Mark with Codius Alone?
Definitely not, Ripple requires more than an innovative smart contract platform to skyrocket its value in the digital currency market. One crucial factor that will boost the value of the coin is the newly launched SBI Virtual Currencies digital currency exchange.
The trading platform focuses only on Ripple (XRP). The reason is that the parent firm of SBI Holdings has been a partner of the Ripple firm for more than two years now.
Yoshitaka Kitao Has Been Bullish About the Digital Currency
Yoshitaka Kitao – the CEO of the company, has been bullish regarding a $10 Ripple all year long. He has tweeted several times regarding the price prediction of the coin and is serious about the recent SBI Virtual Currencies trading platform.
Another factor that could increase the value of the coin is the latest statements of the CEO of Ripple – Brad Garlinghouse, that a lot of banks will be utilizing the products of Ripple by 2019. This means that these remittance service providers and financial institutions will most likely use xRapid which is presently the only product of Ripple that utilizes XRP to source instant liquidity for cross-border transactions.
This means that the more xRapid is utilized, the more XRP is sourced from the supply, creating a wave effect of demand that will slow but steadily increase the value of the digital currency.
Even as the crypto market searches for a bottom, Ripple continues to make major expansion moves across the globe. The company recently made a move in Israel by entering into a partnership with the 5th largest financial institution in the world and the largest bank in Israel, GMT. This is all in a bid to boost the financial industry there and consolidate the company’s dominance in the region.
GMT issued a public announcement stating that both companies share a similar philosophy and this has helped them to reach mutually beneficial terms after discussing in details. Part of the announcement was as follows:
“After a precise and long discussion process, GMT has decided to chose Ripple. By working with Ripple and its partners, we would contribute in creating a global financial system using high-end values and technology that will be affordable and transparent.”
“GMT is joining establishments like CIBC, MoneyGram, AKBANK, MoneyGram and many others who have already started using the Ripple platform. With this partnership, GMT will be establishing its place in the forefront of the FinTech industry in Israel. It will also work hand in hand with some of the leading companies in the world.”
AkBank In Turkey Starts Using Ripple’s Tech
As Ripple cements it relationship with the financial institutions in Israel, it is also making moves in Turkey. One of the major banks in Turkey, AkBank, has just started using Ripple’s xRapid technology. Even if the launch of the technology was just announced, the project has been ongoing for more than 12 months.