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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

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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