HomeNewsRipple Singapore: Revolutionizing Precious Metals Transactions Through Blockchain

Ripple Singapore: Revolutionizing Precious Metals Transactions Through Blockchain

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  • Ripple Singapore, operated by Ripple Gateway Pte Ltd, is the world’s first Ripple gateway that enables customers to deposit and withdraw gold, silver, and currencies via the Ripple payment network.
  • This groundbreaking service lends physical gold and silver utility in the blockchain era and aims to assist Singapore’s integration into the Ripple network.

Ripple Singapore, the first significant Ripple gateway in Singapore, is a world pioneer in enabling customers to deposit, withdraw, and transact with gold, silver, and currencies using the Ripple payment network. Established in 2014 by Ripple Gateway Pte Ltd, Ripple Singapore allows users to acquire bullion directly or from other users while maintaining a balance in a Ripple wallet.

For secure storage, Ripple Singapore has partnered with Silver Bullion Pte Ltd to vault precious metals. Gold and platinum are stored at the Certis CISCO Center II and silver at Ferrari Logistics. Simultaneously, currency balances are kept with Singapore’s oldest financial institution, OCBC Bank.

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Co-founder James Cox equates the impact of Ripple with that of the SMTP for messages and HTML for information, hailing it as a “federating protocol for value.” The Ripple protocol, created by San Francisco-based Ripple Labs, serves as a shared public database encompassing a ledger to track associated accounts and balances. The protocol, continually updated by computers connected to the Ripple network, supports transactions in any currency, thus making it a game-changer in the financial ecosystem.

Ripple Singapore, like other gateways, facilitates the flow of value into and out of the Ripple consensus network, acting as a crucial component. According to Cox, the dual objectives are to assist Singapore in integrating into the Ripple network and to bring physical gold and silver utility in the blockchain era.

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Venture-backed Ripple Labs, with investors such as Google Ventures, IDG Capital Partners, ChinaRock Capital Management, Andreessen Horowitz, and Lightspeed Venture Partners, has recently opened an office in Australia to cater to the growing demand in the APAC region for Ripple’s real-time settlement protocol.

Ripple Labs’ new office Managing Director in Sydney, Dilip Rao, highlights that Ripple is the “connective tissue that connects bank ledgers,” enabling real-time, frictionless cross-border settlements while allowing countries to retain their currencies and regulatory oversight. This advancement has caught the attention of Australia’s ‘big four’ banks, with Westpac Banking Corporation, the Australia and New Zealand Banking Group, and the Commonwealth Bank of Australia experimenting with peer-to-peer transfers using the Ripple protocol.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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