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MoneyGram and Western Union Might Already Be Using Ripple's xRapid - Global Coin Report
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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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VOLUM uncorks its track and trace platform for global alcoholic beverage producer ISBG

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VOLUM onboards global wine and spirits producer, ISBG, to simplify its supply chain process with a track-and-trace platform that digitizes and reduces traditional paperwork

 

ESTONIA — March 2019 — VOLUM, the blockchain ecosystem for enterprises, is announcing that ISBG, a global producer of alcoholic beverages incubator, is partnering with VOLUM to implement its platform into its sales and distribution process. The VOLUM platform digitizes and simplifies both traditional paperwork and the supply chain process, using its operational smart contracts.

 

A supply chain can be a difficult process to track and trace. A comprehensive system of organizations, activities, information, and resources have to be accounted for, not to mention the overwhelming amount of paperwork. So, what’s a large corporation to do, if it truly wants to accelerate its supply chain while cutting back on paper waste? VOLUM has developed a blockchain framework that allows enterprises to convert traditional paperwork into a digital process while safeguarding all transactions and steps within a company’s supply chain.

 

VOLUM leverages blockchain technology with an ecosystem that is specifically designed for farmers, manufacturers, distributors, public utilities, governing agencies, financial institutions, and IoT data hosts. The VOLUM…

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Blockchain-Focused ETF Arrives on London Stock Exchange

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blockchain-focused ETFs
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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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