FinTech Startup Creates Ripple Gateway for Counterparty

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ForexMinute.com — FinTech startup Symbiont recently created a Ripple gateway for open-source financial platform Counterparty, enabling the latter’s users to transfer native cryptocurrency XCP across the local network.

The announcement came at the time when the world is already showing interestedness towards the futuristic payment and smart contract technologies like Bitcoin and Ripple. The gradual adoption rate is booming within the existing finance framework, providing users the options to create homogenous marketplaces, raise funds, and make payments to vendors and staffs right on the blockchain, in real time with minimal fee.

“Symbiont is proficient with all of the most advanced technologies in crypto-finance, and is always ready to use the right tool for the job,” the company’s CTO Adam Krellenstein stated. “With this marriage of the Counterparty and Ripple networks, each benefits from compatibility with the other, and the whole is greater than the sum of its parts.”

“By being a member of the Ripple network, one may potentially become part of other users’ ‘trust networks’. Such trust networks guarantee, first of all, that one only does business with those whom one has explicitly chosen; and further, may allow you to exchange a wide range of currencies, including fiat. Users of Symbiont’s gateway will naturally benefit from the trust networks Symbiont joins. The development of this gateway demonstrates Symbiont’s development teams ability to work with any distributed ledger technology,” explained

Mark Smith, CEO of Symbiont, further paralleled his opinion with Krellenstein and said that their integration with Ripple network enables them to be a part of users’ “trust networks”. “Such trust networks guarantee,” he added, “first of all, that one only does business with those whom one has explicitly chosen; and further, may allow you to exchange a wide range of currencies, including fiat.”

“Users of Symbiont’s gateway will naturally benefit from the trust networks Symbiont joins. The development of this gateway demonstrates Symbiont’s development teams ability to work with any distributed ledger technology.”

Symbiont was launched as a result of the partnership between Counterparty and Mathmoney f(x) a few days back.

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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.