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Will the UK be the definitive Ripple test case? Yes. Here’s why.

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Ripple

A recently published report by Unesco has some very interesting things to say about money moving around the world. Especially out of the UK. And that’s where Ripple and its token, XRP, might fit in.

There are around nine million migrant workers in the UK. Low-paid jobs boast more the rule than the exception for them and they still find ways to send 8 billion pounds yearly to their families in their home countries. We are talking about jobs that are at the end of the food chain, so it’s very hard-earned money.

The point that Unesco makes in its report is that too much of that money is lost to the workers (and their families) in transfer fees. Unesco believes that wiring money around the world should cost no more than 3%. And yet the average is 7%.

The Unesco implies that such a high fee is rather unfair. But that’s not the only problem. That kind of transfer (called wire) usually takes at least a couple of days to complete, and besides being slow and expensive, it needs a lot of red tapes (the forms are quite complicated to fill up) and it’s also prone to errors because it’s based on the 43-year-old SWIFT system which is cumbersome and technologically obsolete.

Banco Santander already has a solution to this problem. It has an app that allows users to send money around the world using a mobile phone, for fees much smaller than 3% (fractions of a cent, actually), and that settles the payment in a matter of minutes. The caveat is that both the sender and the receiver must be Santander’s customers and know how to use the app, which is not all that common all over the world, despite Santander’s very strong global presence.

How did Santander manage to get ahead of the curve so dramatically? The answer is very simple: they’re using Ripple’s technology.

This is exactly the problem Ripple wants to solve for migrants in the UK, and everybody else in the world.

Ripple is trying to persuade remittance services (MoneyGram, Western Union) and banks around the world to adopt its platform and its currency (XRP) to do just that. If the industry would adopt Ripple’s technology and token to serve the customers that need to send money back to their countries, the transactions would take minutes, not days, the cost would be fractions of a cent (well, a penny since we’re talking about the UK), and the degree of safety would skyrocket.

More than 100 banks around the world have partnered up with Ripple to take advantage of the technology and the coin to deal with this problem as well. So why is it that the situation that Unesco decries is still around? Good question.

The financial industry is probably the most conservative in the world. It hates change, it’s dominated by inertia, and it’s always the last one to adopt the latest technologies of any kind. And the UK banks are famously among the most conservative in the world.

Santander is an exception in that as it deployed Ripple’s tech in production stage very quickly. But most other of Ripple’s clients have agreed to test the technology only and are not using it yet to serve their clients.

The migrant worker’s financial predicament in the UK is the perfect scenario for Ripple to prove it works, and that it helps every party involved in it. We just hope it happens quickly.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

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Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry

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The XDB Foundation has recently announced the first pairing of XDB with the new Zytara Dollar  (ZUSD) on global cryptocurrency markets. The Biki cryptocurrency exchange will be one of the first platforms to provide access to the XDB/ZUSD trading pair.

“We are really excited to see the debut listing of the XDB/ZUSD trading pair,” says Michael Gord, the XDB Foundation’s Managing Director,  “Asia-Pacific accounts for a significant portion of the global gaming community, almost 50%, and BiKi is perfectly situated to support this geography.  We’re really happy to welcome them into our partnership ecosystem.”

The protocol layer blockchain DigitalBits is designed to support branded stablecoins and other branded currencies across a variety of use cases, offering crucial support to the global esports industry. The platform solves many of the issues involved in global tournament prize payouts, as well as enabling around the clock real-time payment transfers and global monetization of in-game currencies. Developers will also be able to create programmable incentives for gamers, therefore increasing fan engagement. 

Issued by a regulated financial institution, the ZUSD is designed as currency for the future of the gaming and esports industry and beyond. The programmable dollar moves anywhere in the world at the speed of the Internet, and is redeemable…

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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