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Mitsubishi Partners with Ripple (XRP) to Test the New Payment System

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Ripple

The recent announcement by Mitsubishi Corporation and MUFG (Mitsubishi UFJ Financial Group) states that there are plans to use Ripple technology in order to achieve cross-border payments. According to Mitsubishi, achieving the international remittance via Ripple (XRP) will be both faster as well as less costly.

Mitsubishi plans to test Ripple’s services

Ripple (XRP) has been known for entering large partnership for a long while now, and that trend doesn’t seem to end. Just recently, MUFG and Mitsubishi Corporation announced that they too will use one of Ripple’s products. The plan is to achieve much faster, as well as cheaper international payments.

Another announcement revealed that Standard Chartered, which is UK-based, will also participate in the process. As for Mitsubishi, the company plans to take this process and bring it to the point where it can become practical for everyday use.

The statement also uncovered that the transaction will use Singaporean dollars. The currency will be sent from Thailand to Singapore. After that, one of Mitsubishi’s subsidiaries will use an account in the Ayutaya Bank to transact the funds to a previously-established account owned by Mitsubishi Corporation Affiliate. The account will be located in Standard Chartered’s base in Singapore, which also explains the participation of this company.

Further comment regarding the process stated that the current practice when it comes to international money transfers is to use the SWIFT network. This process, which was once praised for what it allows, is now deemed too old. A common complaint says that it takes too much time, as well as a lot of fees, which is of little surprise, considering that it goes through numerous banks on its way to the final destination.

Ripple continues to advance

According to the statement, Ripple’s distributed ledger tech was tested, and the results also showed that it can completely eliminate the possibility of fraud. It was also established that it works much faster, and at much lower costs than other, more traditional methods of money transfer.

Thanks to this, but also its other products, Ripple has caught the eye of many large corporations across the world. It already announced ten new partnerships back in 2017. These largely include financial institutions like SEB, YES BANK, MUFG, Cambridge Global Payments, BBVA, Akbank, eZforex.com, Axis Bank, as well as Star One Credit Union.

Bank of Tokyo’s General Manager, Hirofumi Aihara, has commented on the announcement of these partnerships back in 2017. He said that the company is glad to have an opportunity to work with Ripple. The partnership was expected to lead to finding new methods of payment transfers via blockchain. That way, the customers’ experience would be improved. As a demonstration of the bank’s commitment to this new technologies, he also announced that they will be joining Japan Bank Consortium, which would allow them to work with other banks of Japan toward the larger use of Ripple’s products.

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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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