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LG to compete with Stellar and Ripple in the remittance payment sector

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When it comes to sending remittances across the globe, we can all agree that the system is pretty much a complete mess. Sending money across borders can take an enormous effort since it usually takes numerous days, incredibly high transactions fees, and of course, the presence of a middleman in each operation.

In this sense, we are very much familiar with names such as Ripple and Stellar, two of the crypto-related companies that are fighting closely to resolve the current issues of the remittance services and spread their solutions around the world. However, is there any other name out there seeking to address the same problem?

As a matter of fact, there was actually not any other firm seeking to implement a solution to the problems that the currently adopted system, SWIFT, possesses.

Nevertheless, a new name has appeared in the landscape, and even though the company plans to use the blockchain, it was not at all involved with the crypto world till the moment. Let’s discover the main details behind this.

LG Uplus joins cross-border remittance service platforms

LG Uplus is the mobile wind of LG; the company has recently announced that it signed an agreement with different partners from Taiwan, Japan, and United States of America to build a service in which subscribers will be able to utilize a blockchain platform for oversea payment services.

With respect to this, it was known on Sunday that the company is planning to launch the service trial in the first quarter of 2019, and for this, it would use the ability of a multip-carrier blockchain platform labeled as cross-carrier payment system (aka CCPS).

Also, once the platform is ready, it will be open for subscribers from different carriers, an advanced and groundbreaking service never seen before in the region. About the partners mentioned above, it was known that EasTone Telecommunications would be the Taiwanese collaborator, while on the other hand, SoftBank would serve as the Japanese one. As for the American partner, TBCSSoft will serve as the plan maker of the business idea.

LG Uplus will give the opportunity to subscribers to make purchases whenever they travel from Taiwan to Jana, or from Taiwan to Korea. Concerning this, the mobile service unit director at LG, Joo Young-Joon, stated that “customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology.” He added we would not stop there, at “LG Uplus we will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.”

Conclusion

It seems now that Ripple has some work to do to avoid staying off the picture. Undoubtedly, the company has made great efforts to develop and implement a solution for the problems of SWIFT, but still, there’s a lot to do in this matter.

On the other side of the equation, as more companies decide to attack the problem, we could be seeing a not-so-distant future in which high costs, slow transaction speeds, and middleman absence would be a reality in remittance service. So the way to go LG.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or 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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Wikipedia Commons

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Is there a Real Value to Binance Coin (BNB)?

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Binance Coin (BNB) is one of the most interesting cryptocurrencies at the market right now. The coin was developed by the largest crypto exchange by trading volume in the world, and it only works within the exchange’s ecosystem. However, it still managed to achieve what many believed was impossible — it stopped following Bitcoin’s lead, and it started carving its own path.

At the very least, the coin is highly intriguing, but does it hold real value? This is a question that many in the crypto community have been asking for a while now, uncertain whether BNB is a worthy investment or not.

What gives BNB its value?

Binance Coin cannot be used for purchasing goods and services, like Bitcoin. It currently does not fuel a development platform like Ethereum. It cannot even be used as XRP for sending international payments. However, the coin had still managed to triple its price in the last three months and to surge when most other cryptocurrencies were seeing losses due to the last remnants of the crypto winter.

BNB managed to achieve all of this because of its use cases within Binance, but also because of its future potential. First of all, Binance is the largest crypto exchange in the world, with millions of customers, most of which use the exchange on a daily basis.

This means that the exchange inspires…

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Top 3 Reasons To HODL Binance Coin (BNB)

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After 2018 crypto winter began, everyone involved with cryptocurrencies experienced quite a difficult period. The prices were down, weak projects started failing, and even the strong ones appeared to be in more trouble than they could face. The year was especially difficult for HODLers, as they expected that the coins’ prices would continue to skyrocket. Instead, they lost a fortune, not even knowing if the prices will ever start returning to their former heights.

These days, things do not seem so bad anymore. The prices are still down, most of the coins are still at their newly-found bottoms, but smaller bull runs are improving the situation, while a massive one still remains somewhere in the future, at least according to optimists.

However, among the coins in the vast and diverse crypto market, one token stands out. Binance Coin is not exactly a typical cryptocurrency, and for many reasons. The biggest one is that it is one of the few tokens out there that does not follow Bitcoin’s lead, at least not anymore. Whether that will change in the future remains to be seen, but for now, BNB appears to be going its own way, carving its own path through the crypto market.

Its price has increased by several hundred percents since the year began, and for now, it continues to grow. As such, it is perhaps more worthy…

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Why Binance Could Become The First Centralized Company To Achieve Total Decentralization

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At this point, pretty much everyone who knows anything about cryptocurrencies knows that they are based on the concept of decentralization. The same is true for the blockchain technology. While there are some exceptions, such as certain stablecoins, most digital coins follow this principle.

This means that these coins, as well as their network, have no central authority, no single entity that would make choices and decisions that would impact others. However, while most coins managed to achieve this through different complex mechanisms and algorithms — one aspect of crypto trading still remains heavily centralized. We are, of course, talking about crypto exchanges.

Centralization of crypto exchanges

Most of the largest crypto exchanges out there are designed as companies, rather than community-operated platforms. The exchanges have their employees who designed them and developed special tools. They act as customer support, developers, innovators, and alike.

They also get to decide which coins will be listed and which are too weak, uncertain, or not fit to be found on the list. Exchanges are also responsible for keeping the traders’ and investors’ funds safe, which is why they typically develop their own wallets. As such, they are often targeted by hackers, as the coins are stored in an exchange wallet, waiting to be withdrawn, sold, or converted into different currencies.

This makes them extremely unsafe, and investors and traders are always…

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