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Santander Launches Loans Backed by Agriculture Commodities-Based Tokens

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Santander, a multinational Spanish bank, has announced that it will issue loans in Argentina secured by agricultural commodities-based cryptocurrency.

Santander has teamed with Agrotoken to provide these loans to the agriculture sector. The Ethereum, Algorand, and Polygon networks will be used to build the infrastructure.

How does Santander’s new collaboration work?

Each token will represent a ton of grain that has been stored. SOYA will stand for soy, CORA will stand for corn, and WHEA will stand for wheat. According to Reuters, Argentina’s inflation hit a nine-month high in January. The commodity’s price will determine the new tokens’ value in US dollars.

Farmers may save these tokens in their digital wallets, available on both PC and mobile devices. They may also trade them for crops, automobiles, machinery, gasoline, services, and other items. They may now use them as a kind of collateral for loans.

Every ton is verified via a PoGR (“Proof of Grain Reserve”) network. PoGR is marketed as a decentralized, transparent, and secure system. It has a multichain infrastructure that makes use of several networks technologies.

Argentina will be the testbed for the experimental project, totaling $225 million. Ana Botn, President of the Santander Group, announced the investment at the end of 2021 but did not say what it was for.

Fernando Bautista, Santander Argentina’s Head of Agribusiness, said the technology reveals new prospects in the agriculture industry.

“We rely on technology and creativity to develop innovative business solutions that make life simpler for agricultural farmers and broaden their potential.”

Eduardo Novillo Astrada, co-founder and CEO of Agrotoken, added his two cents:

“This is the first time in the world that agricultural commodities such as soybeans, corn, and wheat have been used to back loans.”

They said that blockchain technology would improve the efficiency of agricultural produce storage. It’s also the first time crypto assets based on farm products have been guaranteed.

This decision indeed is an excellent initiative by Santander, which will help out many farmers. Implementing blockchain technology is one way to ease and fasten up various processes. It also leads to global adoption and growth.

Ripple Partner Santander Alongside Two Other Financial Firms Just Invested Millions in Token Tech Firm

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Securitize, a regulated token issuance technology firm, has recently raised millions from the three largest financial companies including a venture arm of Ripple partner Santander InnoVenture.

Total Funding of Securitize Now Counts Over $30 million

In a press release shared on Tuesday (today) revealed that Ripple’s key partner Santander‘s InnoVentures, Mitsubishi UFJ Financial Group (MUFG) Innovation Partners, and Nomura Holdings are three major companies that back Securitize. Accordingly, the firm has raised $14 million in Series A round, marking $30 million as the total funding amount the company has received till date.

In its essence, Securitize is a compliance platform for tokenized securities, meaning that it provides compliance services to digital securities. The recent funding amount will help spruce up its technology partner to modernize the legacy securities industry further. Moreover, it is proudly a US SEC approved firm that performs securities compliance activities as a transfer agent.

Carlos Domingo, co-founder, and CEO of Securitize appreciated the interest of Ripple partner Santander and other giant financial companies in Securitize, and said that;

“Bringing on key strategic investors like Santander InnoVentures, MUFG, and Nomura, as well as leading blockchain investors, validates how transformative digital securities are for traditional financial markets. Their investment in Securitize ensures that we can continue to drive adoption and innovation with our execution and industry-leading technology.”

Other investors that participated in its funding round were Mitsui Fudosan, KDDI, Kenetic Capital, and Fenbushi Capital. Also, the existing series A investors, including Blockchain Capital, SPiCE VC, and SeedRocket4Founders have participated.

US Firm Securitize Aims to Revolutionize the Capital Market Industry

Digital securities have been on the top bulletins from quite some time now, especially with the growing awareness of digital currencies. Securitize, with its way forward-thinking is helping companies in their digital securities with the compliance procedures to enter into the market with the set procedures in place.

As Nobutaka Suzuki, president and CEO, MUFG Innovation Partner said, the presence of Securitize has seen as the leading solutions provider in a world where digital securities have emerged as the prominent use case in a financial services industry. In his continuous note, he adds that;

“Through our investment in Securitize, MUIP is seeking to establish a strategic relationship and promote further collaboration in the future,” he added.

Echoing the similar concern, the key Ripple partner Santander’s InnoVentures’ head of Investments Manuel Silva Martinez says, they‘re excited to work with the team of Securitize with a collective aim of “revolutionizing the capital markets industry.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Partner Santander Bank Digitizes Issuance of Bonds on a Public Blockchain

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Announced today, on Septemeber 12, major Spanish bank Banco Santander has become the early player to issue blockchain bond on Ethereum blockchain. The bank is a significant partner of Ripple fintech startup, and with the recently released bonds on a public blockchain, Banco Santander claims itself as the first financial institution to digitized the bond issuing process on the blockchain.

Santander Issues End-to-End Bonds on Eth Blockchain

Notably, Santander isn’t a new player in the crypto industry; it was the first bank in the UK to use Ripple for real-time cross-border payments. Following the constant collaboration and relationship with Ripple, the bank is now exploring other possibilities in crypto & blockchain industry.

As per the latest release, the bank announced that it issued a tokenized $20 million bonds on the Ethereum blockchain which will continue to exist only on the blockchain.

While bond involves real money- the announcement claims that the bank itself is the issuer of the $20 million bonds wherein it carries a quarterly coupon of 1.98%. Nevertheless, the Group’s units purchased these bonds at market price.

The bond will live on the blockchain until its one-year maturity, which according to the bank – is one of the innovative aspects to explore on the blockchain. Moreover, the tokens representing cash as well as its cryptographic keys are also taken care of by Santander Securities Services.

Santander used the public Ethereum blockchain, one of the more advanced open-source blockchain technologies, the bank said in the release. The cash used to complete the investment (on-chain delivery-versus-payment) and the quarterly coupons have also been tokenized, i.e., represented digitally on the blockchain.

Blockchain Automates the Whole Process – Affirms Ripple Partner Santander

Besides, the bank believes that issuing bonds on the blockchain are the stepping stone to reach to a potential secondary market for mainstream security. It embraces the automation process, which blockchain networks follow and elaborates that it helped the bank to reduce the number of intermediaries. Specifically, it ensured the transactions are processed faster, simpler, and more efficient.

In a nutshell, it is crucial mentioning that the vital Ripple partner Santander bank has been secretly working on blockchain-bond since 2016 as a part of its blockchain lab. However, Nivaura as a London based fintech and Allen & Overy as a legal adviser were the significant players behind Santander’s latest innovative solutions that digitize and automate critical processes in capital markets.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Puts the Whole Finance Industry in a Fascinating Predicament

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Ripple and its cryptocurrency XRP appear to be on the way of something big which might impact not only the company and the asset but the entire finance industry. XRP sees more and more adoption among businesses; as we write this, it is set to see an increase of Latin American and US users already.

Although it doesn’t seem to be gaining as much attention as it deserves, Ripple continues to make waves in the financial industry. Certainly not as much as projects such as Facebook’s Libra, or even as the recent price shifts of Bitcoin.

Even so, Ripple and its XRP did make quite a few significant moves recently. One of the biggest ones doesn’t actually come from Ripple itself but from a Spanish bank called Santander.

Santander is a bank that not too long ago issued a mobile payment app known as One Pay FX, which is powered by Ripple blockchain. This is an interesting app that can use XRP as a payment method, although it is not one of Ripple’s products. It is worth noting that the app doesn’t depend on XRP at all, but it does offer it as an option.

So far, the app has been quite popular in several European countries, including Poland, Spain, the UK, Italy, and alike. However, the bank aims to expand the app’s user base to Latin America next, and even to the US. This would allow Latin American and US users to send money internationally as well instantly.

The move was inspired by One Pay FX’s major increase in transaction volume in 2019. It pretty much tripled from January to June of this year, while volumes for Spain grew by around 120% in a single year, as measured in April 2019.

So far, Santander did not reveal when the technology will reach Latin America, or even which countries it plans to target. However, regardless of when and which, XRP’s user base is likely about to increase significantly shortly.

Why it makes sense for the companies to use Ripple (XRP)

While this is a huge move for XRP and Ripple, it is still only one area in which the project is progressing. Thanks to the fact that Ripple is so popular among banks around the world, XRP might become the first cryptocurrency to reach mass adoption. It is clearly becoming more than a purely-speculative asset and is being adopted by businesses around the world — yes, carefully and hesitantly, but they are still making that move.

These companies will have to use XRP to achieve speed/cost benefits, because, without XRP, there will be no fast settlements, only quick payments. Using RippleNet but not using XRP does not give firms the true advantage since the money will still have to move either through traditional banking systems, or 3rd party partners. In both cases, non-XRP transactions will be slow for the end-users.

Once any company partners with Ripple and gains access to RippleNet, it only makes sense for them to start using XRP and make use of all the benefits. In other words, the more partnerships Ripple enters, the more payments it will see. At the same time, As Ripple continues its alliances’ streak, more payment corridors will switch to faster XRP settlements, which will allow for higher liquidity.

https://twitter.com/Gibmoses/status/1164559077491519490

That is most likely the reason why the XRP price moves, and the only explanation for its performance that really makes sense. That is also the reason why many in the crypto industry expect that Ripple’s XRP price will surge as soon as the market allows it. In any event, Ripple and XRP seem to be on the precipice of something big which, as things stand, will define the future of both, the company and the asset with a golden pen.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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XRP rides high speed as Ripple receives a massive boost from Santander Bank

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The third-largest cryptocurrency in terms of market capitalization, XRP is showing the strong sentiment of recovery on Monday with the price growth of over 8 percent within the past 24 hours.

Is XRP Recovering its Value?

Today, on August 19, 2019, Ripple’s native token, XRP began the new week with the sign of recovery. With the crowning cryptocurrency, Bitcoin pouring by over $10400 trading value, other leading cryptocurrencies are following the suit.

As we write this post, XRP’s trading value is witnessing the jump of 8.09 percent within the past 24 hours and trades at the value $0.28 against US Dollar. Moreover, as the third-largest cryptocurrency, XRP’s trading volume counts at $12,319Billion.

XRP’s surging volume comes in the wake of the latest news in favor of Ripple. While the token is showing bullish sentiment, the parent company, Ripple received an enormous boost from Spanish megabank, Santandar Group.

Santander Group to Explore xCurrent in New Payment Corridor

According to the report, Santandar Group announces its plan of launching “new payment corridor” to enable Latin American customers to send money to the United States with no fees. For an upcoming payment corridor, Santandar is working with One Pay FX which uses Ripple’s powered xCurrent.

Nevertheless, the bank will employ xCurrent to serve its customers of Latin America for payment transfer service to the US.

To remind, Santandar was in hot bulletins in last week with the report of “blocking” payment service to Coinbase crypto exchange. However, the bank later denied the reports claiming that and states, “it was not the case,” but services are subject to checks.

As for One Pay FX, its CEO recognizes surge in interest and need of remittance service. The CEO, Cedric Menager told the media;

“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,”

Moreover, a Twitter user referred to the data from Coinbase exchange and found that over 80% of the XRP users are inconsistently buying XRP. Another report published by Tron Weekly Journal (Tron Weekly) also explains the company’s effort of boosting the XRP adoption via blockchain projects — by assisting them with infrastructure and funding requirement. As such, content platform Coil was among the latest names that received 1 billion grant in XRP from Ripple’s investment arm, xPring.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple customer Santander to extend One Pay FX’s reach to non-customers through PAGO FX

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Not too long ago, one of the leading banking systems in the world Banco Santander launched One Pay FX known to be the first international money transfer service based on blockchain that cuts across four different countries including Spain.

This service: One Pay FX was launched in April 2018 to foster cross border transactions across countries. One Pay FX makes use of Ripple’s xCurrent service – a technology based on Distributed Ledger Technology (DLT). It is worth noting that Santander won the Financial Innovation Award in 2018.

To increase the use of One Pay FX by non-customers, Santander aims to make use of a standalone application known as PAGO FX. This implies that lots of people and SME’s across the UK, Germany, and Poland will have the opportunity to make use of this Ripple-powered service.

Even though Banco Santander does not make use of XRP yet, there are still hopes that it will use it in the future. Nevertheless, there is a high possibility that Santander will release Ripple’s product very soon in more countries very soon.

https://twitter.com/XrpCenter/status/1113447864967979008

So, a couple of days ago, on 3rd of April, Banco Santander organized an “Investor Day” in London; during this event, the company stated it plans to:

  • Spend more than €20 billion in digital and technology in the next 4 years in order to improve customers’ experience and loyalty, thus decreasing the cost of delivery.
  • To elevate its digital service beyond what it is now, which includes a comprehensive global payment initiative, which will be the foundation of Santander’s open financial services platform.

Subsequently, the company made this proclamation:

“Introducing Santander One Pay FX, the international payments solution launched across four of the Group’s markets last year, to non-customers through a standalone open market app called Pago FX which will be launched in the UK, Germany, and Poland for individuals and SMEs in the near future.”

Speaking at the “Investor Day” event organized annually by the company, Ana Botin, the executive chairman stated:

“Technology is changing banking as we know it and we are positioning the company to capitalize on the world-class assets we have across the Group, including our technology, talent, and scale. This will allow us to benefit from the opportunities presented by digital innovation and will result in us becoming a digital leader in global financial services for the next decade. The cornerstone of Santander’s open financial services platform will be payments.”

Additionally, Getnet, a merchant service platform based in Brazil, also aims to expand globally; it will start from Mexico before moving on to Latin America and Europe.

Banco Santander’s investments will be channeled towards the production of a Global Trade Services platform with the sole aim of being in partnership with top-notch SMEs that operate globally.  This company will also trade finance, supply chain, payments, and foreign exchange.

Consequently, a large chunk of the cost savings will be brought by Santander’s more significant ventures in Europe, and it will also perform a more streamlined-management arrangement designed to enhance its trade performance.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.