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Ripple CEO on why XRP is vital for unbanked migrant workers worldwide

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Not too long ago, Brad Garlinghouse, Ripple CEO highlighted in an interview that how useful XRP is for unbanked people living outside of their homelands. In the interview that has got accountable attention in the last twelve hours or so, the thoughts Mr. Garlinghouse shared look right on the money and relevant, and worth noting.

The unbanked are people who do not have bank accounts at major financial institutions. Such people cannot make deposits and money transfers to colleagues and families so dear to them. Ripple (XRP) can come to the rescue handsomely as Brad affirms.

The unbanked community in the world is a vast population, and according to a survey conducted last year, there are about 2 billion unbanked adults in the world.

The most people in that number come from developing countries in Africa. It is necessary to note that undeveloped financial infrastructures, expensive banking services, low income, wars, and so on; all contribute to the increased level of the unbanked in Africa and some other areas in the world.

The fight against poor financial infrastructures in different parts of the world has come to stay, and cryptocurrencies such as Ripple’s XRP is leading the fight. Ripple CEO, Brad Galinghouse, stated that giving the unbanked a good way to move and access money will stir an entirely new section of the global financial community, and XRP will make this possible.

He went on to say during the interview that,

If banks want to serve customers, as long as they can serve them profitably. If they serve customers profitably, they are not going to do it. So if we talk about a migrant workforce – for example, in Africa that is not obviously making lots of money and is taking that money from country to country.”

The current Ripple head continued saying,

“The cost of using a banking system will definitely exceed the income that they would have. If they could reduce the friction globally and make it easy for that minor worker to hold assets and to move that asset without costing them a lot of money, they would become part of the banking or the current global community.”

Ripple being forefront to help the unbanked people has shown that through its blockchain protocol, adults can have the opportunity to send and receive money without the use of bank accounts in different formal financial institutions. Also, the unbanked citizens can enjoy the benefits of financial systems without the need of an ID; all that is needed is a smartphone and a good internet to make transactions at low costs (and quickly).

In its quest to help the unbanked communities, Ripple’s Coil partnered with the Gates Foundation last month. The essence of the partnership is to offer worldwide payment systems for the unbanked. The collaboration will foster the implementation of an Interledger protocol, and to look for means in which Mojaloop (an open-source software that helps to create payment systems for the unbanked) can assist the world at large.

Ripple Focuses on the Middle East

To share its technologies and network, Ripple has decided to spread its tentacles to the Middle East, which is one of the fastest growing marketplaces in the world today. It is important to know that the Arab states make up to nearly 35 percent of the global migrant workforce.

Ripple has decided to set up a base in Dubai and Dilip Rao, Ripple’s Global Head of Infrastructure and Innovation, stated that the Middle East could take good advantage from Ripple blockchain as it can change the structure of cross-border payments over there.

There is no doubt that changing global banking systems may take time, but as things seem to be shaping up, it might just be a matter of time until Ripple (XRP) takes over and produce a new financial structure.

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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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Ludos Protocol Makes a Strong Case for Investors in Blockchain Gaming

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As games migrate to the blockchain and become increasingly complex, Ludos Protocol is set to capture this new market. It’s creating a solid ecosystem of DApps and toolboxes that provide Blockchain as a Service for developers to build and maintain sidechains.

Ludos Protocol solves one of the biggest issues that has given investors qualms about blockchain gaming: scalability. An overcrowded mainchain is a perennial problem that has hindered the progress of even the best-funded blockchain gaming applications. Thanks to a hybrid of Proof-of-Work and Proof-of-Stake consensus algorithms, Ludos Protocol is able to implement a multi-sidechain system. This allows any populated game to deploy its own sidechain of transactions while keeping the mainchain throughput at a minimum.

This is why Ludos Protocol has attracted investment from fund behemoth Softbank, whose previous ventures include Uber and Alibaba. Ludos Protocol is the fund’s third-ever foray into blockchain.  

Industry trends attest to Softbank’s interest in Ludos Protocol. Gaming produced a global revenue of over $200 billion in 2017, according to the latest report by Digi-Capital. It is a figure that is expected to grow to $300 billion by 2021, making the industry one of the most lucrative in the digital economy. It is also one of the ripest for change by blockchain technology. The development of a comprehensive blockchain infrastructure that suits the evolving needs of the…

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Why Investors Should Closely Follow the Earnings Season

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The earnings season has arrived, and investors around the world are excited to see what reports are companies going to publish. This is important as these reports contain companies’ earnings for the current year, which can provide investors with some valuable insight.

No matter what announcements the company has made throughout the year, it is the earnings report that indicates the firm’s true performance. As such, it often has a significant impact on its public image, the price of its stocks, as well as investors’ interest.

Earnings reports can open up new opportunities

When it comes to the cryptocurrency markets, 2018 has brought both, volatility and stability. Most of the time, prices were relatively stable, but this state was only reached after a harsh drop in January 2018. Since then, several smaller price surges, followed by just as large price drops, hit the market once again.

As a result, crypto traders were prompted to look for alternative investments. Earnings seasons often present numerous opportunities for resourceful investors. Analysts claim that earning reports managed to significantly impact prices of shares (by over 5%) since 2001.

It is expected that a lot of companies will try to take advantage of the earnings season in order to make a comeback, especially after the hit that markets suffered back in October. Various firms will also likely show insight into how the market behavior affected their profits and business, in general.

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TokenPay Litecoin Verge
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Ever since the cryptocurrency sphere was met with the news of the partnership between Litecoin Foundation, TokenPay, and Verge (XVG), the idea of them coming together has been among the most controversial news to ever surface in the cryptocurrency world.

The collaboration managed to even draw the attention of one of the most renowned crypto-influencer and bitcoin campaigner, Tone Vays. In his usual style, Tone took to Twitter handle on hearing the news, tweeting and expressing his disapproval while criticizing the creators of the three cryptocurrencies for allowing such a move to occur.

In retaliation to the attacks from Tone, Charlie Lee, the MD, and founder of Litecoin (LTC) posted his clarification on Reddit on the 17th July in regards to the partnership. Litecoin’s CEO started by explaining the dissimilarities between Litecoin as a currency and Litecoin as a company.

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Charlie Lee made his remarks known saying:

“If Litecoin Foundation (LF) is exposed to not doing a good job, nothing should prevent another organisation to step in and do a better job. This is…

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