RippleNet is arguably the most widely-used, blockchain-based solution to provide cross-border settlements. On May 8, 2018, the U.S.-based announced its with Coinone’s subsidiary, Coinone Transfer. One of the most significant crypto exchanges of South Korea, , after this partnership, would also be the first to make use of RippleNet in the nation.
Coinone to Use RippleNet for Easing Cross-Border Payments
For a firm that handles transactions worth $97 million on a daily basis, Coinone is well-aware of the potential blockchain technology holds and how its application can ease cross-border payments.
DAYLI Intelligence, a subsidiary of , is responsible for introducing Ripple’s technology in Korea. Previously in September 2017, the firm entered a with SBI Ripple Asia. Interestingly, Coinone is wholly by the DAYLI Financial Group.
“Cross” to Handle Remittances Out of South Korea
If the World Bank reports are to be considered, it’s safe to say that, over the last decade, Korea has experienced steady growth in remittance outflows.
To suffice the growing demands of better and affordable cross-border payments, Coinone Transfer’s would launch , a new remittance service which will be powered by Ripple’s and is set to be launched in June 2018.
The importance of remittances is not a secret. Using the blockchain Cross will ensure that important remittances across South Asian countries are done seamlessly. This service, however, would remain exclusive to Coinone customers.
xCurrent Is “Revolutionary”
In a bid to provide affordable, quick and real-time remittance service, Wonhee Shin of Coinone Transfer expressed his pride on being the first Korean exchange to collaborate with RippleNet. He feels xCurrent will be revolutionary and change the way customers transfer funds across borders.
Coinone Transfer aims at providing solutions to problems that exist globally. The conventional remittance services are usually slow and charge a high fee, which is a burden, bore by both families and financial institutes. The introduction of xCurrent will eradicate the issues and make remittance a painless process.
Emi Yoshikawa from has high hopes for Coinone and its subsidiary Coinone Transfer. The Director of Joint Venture partnerships at Ripple believes that these firms are playing an integral role in revolutionizing the money-transfer market.
The introduction of xCurrent as Coinone Transfer’s basis for its game-changing remittance service is an exciting prospect, said Mr. Yoshikawa.
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On May 5, 2018, Singapore-headquartered crypto-exchange released its “Cryptocurrency Investor Sentiment Index Report April,” which collated data from thousands of users on their sentiments about the digital assets market. The results were certainly positive, and represented an increase of 17 percent in investor’s “bullish sentiment.”
For the , which took place from April 25, 2018, to April 30, 2018, distributed questionnaires to 1,974 investors from over 23 countries, via different internet channels such as WeChat, Weibo, email, Telegram, and Twitter. Huobi added that it was the “first time that data from professional investment institutions were taken into account.”
With a score of 83.9 percent, the composite investor sentiment index in April performed better than its related counterpart, the short-term investor sentiment index, that scored 75.9 percent yet fared better the , displaying a total increase of 24 percent in investor sentiment.
The Questionnaire
The first question took the investor’s views on how large the market could get in the next month.
As seen in chart below, investors are largely optimistic about cryptocurrency’s short-term future, with 50.4 percent test-takers believing the market cap would “substantially increase.” The figure indicates a 24.4 percent increase since March 2018, and can be attributed to the market’s run in the last week of April 2018. However, 11.4 percent of voters do not believe the market is ready for a bull run just yet, with a small fraction predicting a possible “slump.”
Figure 1.1. (: Huobi)
Second, Huobi questioned investors on their mid-term outlook for the , i.e., the next six months.
As shown in figure 1.2, over 71.4 percent of investors were bullish on the cryptocurrency market, believing that a “substantial increase” lies in the second part of 2018. Overall, 90 percent of test-takers voted for an increase in the market, and this denotes a high level of positive investor sentiment. However, 5.8 percent of voters maintained a pessimistic view of the cryptocurrency market.
Figure 1.2. (: Huobi)
Finally, investors were asked about their long term (three year) outlook for the cryptocurrency market, with the results as shown in figure 1.3
Undeniably, most investors expressed confidence in the market’s growth, with a mammoth 84.1 percent test-takers voting for a “substantial increase” in the market cap by 2021. Overall, upwards of 90 percent voters were bullish long term on the market, with a tiny 2.7 percent believing in a market “slump.”
Figure 1.3 (: Huobi)
About Huobi’s Investor Sentiment Index
The cryptocurrency investor sentiment index is released monthly by the Huobi Academy of Blockchain Research, presumably Huobi’s wholly funded research arm. In term of data collation, the research body calculates points on a per-answer basis, with 100 points being the most and 0 points the least.
A higher number of points denotes increased investor confidence, and this is calculated for varying time-periods, namely – short-term, mid-term, and long-term. The test has been designed to be easy and brief, to allow for investors to quickly give feedback on what they believe the market to be.
The Huobi Cryptocurrency Investor Sentiment Index is available for free download .
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