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

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Ripple

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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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

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 like Bitcoin and Dash, to help protect their assets and hard-earned…

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