Showing posts with label American Express. Show all posts
Showing posts with label American Express. Show all posts

November 29, 2017

Ripple Splash - TechCrunch Founder launches $100 Million XRP Hedge Fund

By Josiah Wilmoth - November, 29, 2017 (www.cryptocoinsnews.com)


TechCrunch founder Michael Arrington has announced the creation of a $100 million hedge fund that will be denominated in XRP, the native token of Ripple.

Arrington made the announcement at the Consensus: Invest conference in New York, revealing that the fund will be called Arrington XRP Capital. Significantly, investors will buy shares of the fund and receive distributions in XRP, the native currency of the Ripple Consensus Ledger (RCL) and the fourth largest cryptocurrency by total market cap.

“A year ago I was just a crypto enthusiast,” Arrington wrote in a blog post that accompanied the announcement. “Now I’ve altered my career path to focus entirely on cryptocurrencies and related technologies. And this isn’t just a short term focus. With this new fund I’m signaling my intent to spend the rest of my career on cryptocurrencies. There will be dramatic ups and downs along the way, but we’re in this for the long haul.”

The CrunchFund founder wrote that he and the other founding partners of Arrington XRP Capital chose to denominate the fund in cryptocurrency rather than fiat to make it easier for cryptocurrency holders and foreign investors to participate in the fund. They chose XRP due to its “super-fast and secure settlement infrastructure,” which has also been adopted by financial services heavyweights such as American Express.

Arrington said that this feature is not a mere gimmick but will be an integral component of the fund’s operations:

“We’ll pay our own fees and salaries out in XRP as well. We want to “eat our own dog food” and be active users of crypto currencies in as many parts of our fund operations as possible, not just investors. This will make us better investors,” he wrote.

According to Fortune, the fund — which has raised approximately half of its $100 million target — will invest primarily in cryptocurrencies and initial coin offerings (ICOs), although it may obtain small equity stakes in blockchain startups.

XRP traded up on the news, briefly cracking the $0.30 barrier for the first time since June. At present, XRP is trading at $0.286, which represents a 24-hour increase of six percent and gives the cryptocurrency a market cap of $11.1 billion.

Featured image from Shutterstock.

November 16, 2017

American Express launches Blockchain-based Business Payments using Ripple technology

BY Polina Chernykh - November 16, 2017 (www.coinspeaker.com)


The partnership will allow businesses in the United States send instant transactions to Santander customers in Britain via the blokchain technology.


American Express has partnered with Santander UK and fintech firm Ripple to enable blockchain-powered international B2B payments. The solution is anticipated to speed up cross-border transactions between the UK and the US using the blockchain technology.

American Express’ customers will now be able to conduct payments on the FX International Payments (FXIP) platform that will route transfers via the Ripple’s enterprise blockchain network, RippleNet. According to companies, the service, which is already used by customers, will be expanded globally in the future.

”American Express has a long history of integrating new technologies into innovative products and services that differentiate and enhance the customer experience,” said Marc Gordon, chief information officer at American Express. “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”

Unlike traditional payment systems, blockchain-based platform will reduce the cost of international transfers and simplify settlement process, while maintaining advanced security of payments.

“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served,” said Greg Keeley, Executive Vice President of Global Corporate Payments at American Express. “Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers.”

Initially, the project will connect American Express’ customers in the US to UK Santander bank accounts, enabling instant, traceable cross-border non-card transactions.

“We’re taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments,” said Brad Garlinghouse, CEO of Ripple. “Transfers that used to take days will be completed in real-time, allowing money to move as fast as business today. It is just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.”

Santander was among the six major banks that partnered with Ripple last year to establish the first interbank group for the development of the blockchain network for global transfers.

Ripple leverages the power of the blockchain technology to enable frictionless payments all over the world. By using Ripple’s network, financial organizations can process their customers’ payments instantly and cost-effectively.

American Express is committed to transform business processes by using the blockchain technology. Earlier this year, the bank joined Hyperledger, the Linux Foundation-led cross-industry initiative aimed at creating an enterprise-grade, open-source distributed ledger technology. In 2014, the bank’s CEO, Kenneth I. Chenault, shared his view on the blockchain, saying it would play an important role in the industry.

October 24, 2017

American Express files patent on Blockchain-Based Personalized Customer Rewards System

By Lisa Froelings - October 24, 2017 (cointelegraph.com)


American Express Travel Related Services Co., Inc., the travel and merchant unit of financial services firm American Express (Amex), has filed a patent for a personalized customer reward system using Blockchain technology. Under the system the company will offer customer-specific types of rewards that include points, a digital currency, or specific items linked to a product.

Based on the patent application published by the US Patent and Trademark Office (USPTO) in mid-October 2017, Amex will provide rewards by collecting personalized data about its customers, including their historic spending patterns. The company will use the technology as a resource for storing and updating information.

Part of the application reads:

"The Blockchain structure may include a distributed database that maintains a growing list of data records. The Blockchain may provide enhanced security because each block may hold individual transactions and the results of any Blockchain executables. Each block may contain a timestamp and a link to a previous block."

Amex’s projects on Blockchain technology


In its bid to effectively compete against its competitors, credit card provider Amex has also advanced projects to develop applications based on Blockchain just like its competitors. The company has also joined the Hyperledger Blockchain consortium in January to facilitate its works on the technology. The consortium is led by the Linux Foundation.

According to Amex chief information officer (CIO) Marc Gordon, they joined the consortium at the time to fully exploit what Blockchain has to offer for their customers and partners, as well as in transforming their own business processes and applications.

"We're excited to join Hyperledger, as we're looking to take full advantage of Blockchain to deliver new and innovative products for our customers and partners, while transforming existing business processes and applications.”

Various banks have been on a patents filing spree this year, with Bank of America filing the most number of patents so far.