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MoneyGram and Western Union Might Already Be Using Ripple’s xRapid

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Back in January, and through a press release, the money remittance company known as Moneygram announced that it will be partnering with Ripple to modernize payments. According to the announcement, Moneygram was going to pilot XRP in its money flows. This, in turn, was explained that Moneygram would be testing out Ripple’s xRapid payment solution for on-demand liquidity to enhance international remittances.

Brad Garlinghouse, the CEO of Ripple, was quoted in the same press release as saying the following with respect to the partnership:

“The inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram. Money transfer companies are incredibly important because they help people get money to their friends and loved ones. We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information.”

Less than a month later, Western Union was reported to be testing XRP for money transfers. This, in turn, meant that Western Union was using xRapid since it is the best-suited Ripple product to enhance the instant liquidity needed for the company to compete with Moneygram who had admitted to using it.

Later on, in May, Ripple announced the successful pilot testing of xRapid by undisclosed remittance service providers. The tests proved that xRapid could significantly reduce the transaction time and cost of wiring money internationally. Cost savings were estimated to being between 40% and 70% and transaction time was reduced to 2 – 3 minutes.

So why conclude Moneygram and Western Union are using xRapid?

The first evidence is the mentioned partnerships as well as the successful pilot testing of xRapid by undisclosed remittance service providers. Moneygram and Western Union fit the bill of such companies. The names were probably left out to prevent a knee-jerk reaction in the crypto-markets if they were disclosed. As a CEO of a high profile company, you would not want to be the center of a pump and dump controversy by announcing such news too ‘loudly’.

The second evidence is the recent discovery that American Express was already using another Ripple product – xCurrent – for quite some time without announcing it. They too decided to continue with business as usual without announcing the exciting news directly. All we knew, is that the two companies had partnered back in November. The observable and wise trend in these companies is to continue with business as usual when a Ripple product works to their satisfaction.

In conclusion, and with the above evidence, it is safe to conclude that both Moneygram and Western Union are probably already using Ripple products in their infrastructure to facilitate efficient international money remittance services for their customers. One method to test this out is to send money to a loved one using either of the two services. What can then be done, is timing the transaction and find out if it is faster than the last time you sent funds using the same service.

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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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