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MoneyGram and Western Union Might Already Be Using Ripple’s xRapid
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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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. One of the ways to have a successful…
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…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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