Ripple has seen a significant slump that has taken it back to the number three position among cryptocurrencies (ARKW) by market capitalization. Ripple had once crossed the market cap of $100 billion. However, now it has a market cap of $51.7 billion. Ripple has signed deals with IDT and MercuryFX, two international payment providers that manage transactions worldwide. These partnerships could add some optimism to Ripple’s price movement. This cryptocurrency is designed to make global money transfers more efficient and could allow central banks to free up capital.
While the banking system is still exploring the pros and cons of blockchain technology, banks are hesitant to invest in the cryptocurrency market. The UBS Group chair, Alex Weber, mentioned that the future of bitcoin and other cryptocurrencies seems to be in the doldrums due to the banning of bitcoin exchanges in South Korea and China’s attempt to regulate cryptocurrencies. UBS doesn’t promote bitcoin trading, as it expects a massive correction in price due to regulations.
According to CNN News, Switzerland-based commodities fund (VGK) Tiberius Group is planning to try its hand in cryptocurrency trading. The group plans on distributing the tiberius coin, which would be backed by metals like palladium, platinum, and gold.