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TransferGo at Swell 2018: Ripple reduces costs by a whopping 90%

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During the keynote session on the second day of Swell 2018 conference, Ripple unveiled its discoveries of its first Blockchain in Payments Report that revealed the massive adoption of blockchain-based international settlements reaching critical numbers this year. So far, foreign as well as local organization and firms are already showing interest in incorporating virtual assets into payment flows.

Chief Market Strategist of Ripple, Cory Johnson, while speaking at the inception of the session said that,

“There is a lot of money on the line when it comes to the adoption of blockchain-based cross-border settlements.”

Information from BCG, better known as The Boston Consulting Group, estimates the size in volume of the entire global market for international settlements at about 27 trillion US dollars.

According to the findings, another 20 trillion US dollars in growth could be up for the taking between 2018 and 2026 excluding the global remittances predicted recently by World Bank that is expected to reach about 642 billion US dollars this year.

The world today is used to getting things done, right now, on-demand. The world is not waiting any longer for anything.” This is according to Johnson’s submissions that highlighted the changing market dynamics in the world. He proceeded by saying,

“When we look at blockchain technology and the solutions it is availing and offering in cross-border payments, we have an opportunity to address their needs.”

And true to Johnson’s submissions, blockchain technology, and virtual assets do offer a way in modernizing today’s cross-border settlement rails by making the transfer of money internationally easy, reliable, fast, and transparent as it is to move information.

Is the Zero Charge Real-Time Transfer Idea Practical? 

Taking center stage at the second day of the Swell 2018 conference, Daumantas Dvilinskas, the CEO of TransferGo not only went into detail to show how his company was delivering its promises of making global RTGS a reality.

He also took the opportunity to share with the world the inception of a new free cross-border settlement service (of course, powered by Ripple again) for clients anywhere in the world. The new product is known as TransferGo FREE.

But the question begs, is it possible to make international settlements completely free? What will have to be done to avail the mid-market zero fees? This was the rhetorical question TransferGo CEO Daumantas Dvilinskas asked the crowd at the Swell conference hosted by Ripple. This is a rhetorical question because TransferGo has now launched TransferGo FREE that offers exactly that.

Is This a Situation of the Deal Being to Good to be True?

No, it is not. Zero charges cross-border money transfer is nothing new. Regularly, zero charges are made available by firms profiting from foreign currency spreads rather than outright fees.

In the situation of Ripple-powered TransferGo, the company might be aiming higher with the intention to offer a 100 percent free, instant real-time money settlement service to its customers.

The idea is to allow entities to send money to one another and from anywhere in the world without the hustle of thinking about costs and fees.

]C3|Nik, a reputable research company, turned to Twitter and said the following:

TransferGo CEO, Dvilinskas, sees this as the right way to go for the cross-border money transfer industry that is currently witnessing an ongoing shift in consumer behavior. For TransferGo clients, they have started transferring smaller amounts of money around the world regularly.

Although still being a small fish in the big pond of international payments, TransferGo is defiantly giving giants like Western Union, who has over 150 million active customers and transfers billion every year, a run for their money.

TransferGo, who adopted Ripple technology in the middle of the year, currently has only 700,000 users in 47 destinations globally. Its annual turnover accumulates to 1.5 million US dollars worldwide.

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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.

Image courtesy of Pixabay

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

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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,…

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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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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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