In a recent report by fintech giant Ripple, the increasing influence of cryptocurrencies and blockchain technology in cross-border payments has been unveiled.
The report projects that by 2027, the value of this sector will soar to an astounding $250 trillion.
The global payments industry is undergoing a transformation, with a focus on user experience and modern interfaces to meet the growing demand for digital-first banking services.
The report highlights the need for improvement in the underlying infrastructure that facilitates money movement between accounts.
Ripple's 2023 New Value Report reveals that crypto and blockchain can enable efficient money transfers.
For 44% of respondents, payments are the main driver for crypto adoption, with cross-border payments being a key use case for nearly half of them.
Legacy rails for cross-border transactions are slow and costly, taking days to settle.
In contrast, blockchain and digital asset technologies offer a seamless global network that allows instant payments with lower fees and full transparency.
The report also notes the surge in mobile banking usage, with over 65% of the US population projected to use it by 2025.
Online banking is expected to reach nearly 1 billion users in Asia by 2024. However, these user-friendly experiences hide outdated and fragmented infrastructure.
Cross-border payments are vital but challenging aspects of the global economy. Traditional payment systems are outdated, inefficient, and costly, relying on legacy rails built decades ago.
False claims about a US Treasury-linked XRP wallet were spread by influencers, leading to the exposure of a crypto scam. The wallet, initially believed to be tied to major financial institutions, was traced to the Philippines and debunked as fraudulent.
WeatherlyWith the potential TikTok ban, millions of users are migrating to Xiaohongshu, which has quickly gained popularity, especially among content creators. The platform is becoming a new hub for viral trends, memes, and crypto discussions, blending Chinese and Western cultures.
JoyRipple CEO Brad Garlinghouse’s meeting with Donald Trump at Mar-a-Lago signals a strong start to 2025, driven by legal victories and XRP optimism. Ripple CLO Stuart Alderoty also praised the beef bourguignon. With Trump’s ongoing meetings with tech leaders, what’s next on the menu and agenda?
KikyoA recent study found that most crypto advice on TikTok is misleading, with over half of videos promoting risky investments without proper warnings. Many influencers push specific coins, make unrealistic promises, and lack proper qualifications, putting viewers at high financial risk.
WeatherlyRipple’s RLUSD stablecoin has received regulatory approval from the NYDFS, enabling its launch. The approval positions RLUSD to compete with major stablecoins like USDT and USDC, with Ripple planning partnerships and expansion into the DeFi space.
WeatherlyPresident-elect Trump has named former SEC commissioner Paul Atkins to replace Gary Gensler as SEC Chair, a move seen as crypto-friendly. Praised by Trump as a "proven leader" with regulatory expertise, Atkins' appointment has garnered support from the crypto community, including Ripple CEO Brad Garlinghouse. Does this mark a new chapter for crypto regulation, leaving Gensler's contentious policies behind?
CatherineA recent speech by SEC Chairman has left many speculating about his potential resignation from the SEC.
XingChiThe cryptocurrency community is enraged after Chris Larsen, co-founder of Ripple, revealed that he had made an additional $10 million donation in XRP to support Vice President Kamala Harris’s campaign.
XingChiRipple CEO Brad Garlinghouse revealed that Citigroup terminated his banking relationship due to his involvement in the crypto industry, highlighting the growing issue of de-banking for crypto professionals. He criticised the Biden administration's regulatory stance and expressed optimism for a more favourable crypto environment after the upcoming presidential elections.
AnaisDonald Trump has raised approximately $7.5 million in cryptocurrency donations for his 2024 presidential campaign, with major contributions coming from Bitcoin, Ether, and XRP. The influx of crypto donations reflects his shift from a critic to a pro-crypto candidate, gaining support from key figures in the industry.
AnaisChina's Central Bank is reducing US dollar holdings, a strategic shift to strengthen the Yuan and challenge the dollar's global dominance in a move that could reshape international financial power dynamics.
YouQuanThailand rises as a crypto hub with strong adoption and institutional support, surpassing traditional stock investments.
Hui XinThe Financial Services Commission (FSC) in South Korea issued a notice emphasising the obligation for investors in digital assets to receive interest on their deposits into exchanges by July 2024. Notably, the guidance excludes nonfungible tokens (NFTs) and central bank digital currencies (CBDCs) from this regulation.
JoyThe objective, ostensibly, is to close loopholes and bring the digital asset ecosystem into greater compliance.
BrianSouth Korea's Financial Services Commission proposes regulations, redefining cryptocurrency transactions with a focus on user protection, token exclusions, and liability measures.
Hui XinU.S. presidential candidates from both major parties discuss key cryptocurrency issues, including Tornado Cash and future legislation, at Coinbase's Stand With Crypto event.
YouQuanFIFA transitions to Polygon for its 2026 World Cup digital collectibles, aiming to revitalise its blockchain strategy and offer fans unique, tangible rewards.
YouQuanPenang Free School (PFS), Southeast Asia’s oldest English-medium school, is taking a bold leap into the future of education through a strategic alliance with Crypken Sdn Bhd, a Web3 company. This collaboration marks a pivotal moment for the Malaysian education sector, introducing blockchain-powered certificates for students—a move towards enhanced security, transparency, and a student-centric credentialing system.
JoyBinance strategically exits Russia, selling to CommEX amid regulatory challenges and speculation.
Hui XinCreta joins forces with Thomas Vu, producer of “League of Legends”, backing his game incubation projects and upcoming media ventures. Both entities synergise their Web3 incubation programs, aiming for originality and quality, eyeing the Middle East and India's emerging markets.
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