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

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Ripple
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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.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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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AZ FundChain Offers a Compelling Alternative to Traditional Crowdfunding

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AZ FundChain
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Although many tokens have collapsed during the ongoing altcoin apocalypse, the future remains bright for applications with real world usage.  Because of the ongoing bear market and limited trading opportunities, analyzing businesses with the potential to experience real world adoption should be the priority.  Part of that analysis should include looking at industries that need improvement.  During my analysis, one area that quickly popped up is the field of traditional crowdfunding and money circles.  And, as it turns out, AZ FundChain application offers a compelling alternative.

Problems with Traditional Crowdfunding

President Obama’s JOBS Act essentially laid the ground work for crowdfunding.  This legislation was passed in 2012 and included a provision for large groups of anonymous investors to fund startups.  It essentially gets around the dreaded “qualified investor” requirement that created a barrier for so many potential participants.  Crowdfunding is a great way for non-traditional businesses to raise funds for operating capital.  It certainly beats having to beg a bank for a loan, or, even worse, a loan shark.

But, as the common cliché goes, no good deed goes unpunished.  Traditional crowdfunding and money circles certainly have their fair share of problems.  The biggest problem is trust.  There are essentially very little checks and balances when it comes to how these companies will use the money that is raised.  Companies can promise the world but may not deliver…

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Why no one should be using banks

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why no one should be using banks
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If government is the devil, the bank is a demon.

It’s not your money anymore.

The moment you put your money on your bank account it becomes the property of the bank. Legally speaking you have just lend your money for minuscule interest. And since the money is not your, terms do apply, so you cannot withdraw all of them in one day, if the amount is high.

Government will know everything

Today banks are obligated to tell the authorities everything they know about you, including how much money you have, how you got it and where you spend it. The golden age of bank secrecy is over. Of course if you are a law abiding citizen, you might think that you have nothing to hide, but it’s not about hiding stuff. It’s about basic human right, and rightness for private life. The government should not be allowed to watch you.

Banks ask too many stupid questions

It’s your money, you rightfully earned them, but still you need to explain to the bank where you got it from and be shamed by them. The funny part is that after long and painful due diligence process the bank may still decline in providing service for you.

They can legally suspend your account or even steal your money

Laws are not made to protect people, they are made to protect the…

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Neteller to Launch a Crypto Exchange

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Neteller
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The way to make sure that the cryptocurrency momentum continues and that cryptocurrency credibility occurs is when big companies begin offering services based around cryptocurrency and other features of blockchain. This was certainly the case when Neteller recently announced it will offer a cryptocurrency exchange service in addition to its digital wallet services. The company announced that the 28 currencies compatible with the fiat wallet were able to buy, sell, and hold cryptocurrencies – including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. It makes sense to begin with Bitcoin and Ethereum as they are seen as the originators of what cryptocurrency and blockchain can do and also the future of how blockchain can be used, despite news that Ripple may be set to topple them all. Neteller’s move into cryptocurrency shows it has its sights set on a bright future of cryptocurrency and making it more accessible. But where do they stand now?

Neteller and Cryptocurrency

Neteller are optimistic about the exchange features of the digital wallet, claiming that they plan to add more cryptocurrencies in the near future. Neteller’s benefit is the ease at which one can begin their cryptocurrency trading journey. Not only do a range of banks offer services to fund the wallets and exchanges, but so do a variety of online payment options. This helps remove the barrier to entry that exists in…

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