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Ripple investors look for a boost as another xRapid partner confirmed

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Ripple

As much as working and living far from is hard, sending your loved ones money home should not be. Ripple’s xRapid is the solution that is determined to make the cross-border transactions not only less costly but also faster. A lot of companies are trying to integrate this project to make their transactions efficient.

Yesterday, it was confirmed that SendFriend, the only international remittance platform based on the distributed ledger (blockchain) is using Ripple xRapid blockchain technology.

Boost for SendFriend

The primary objective of SendFriend is to reduce the costs as well as improve the overseas workers’ lives who send money back home to their families. To ensure that they make smooth delivery of their services, the blockchain-centered remittance service has leveraged Ripple’s xRapid.

SendFriend being the only with a distributed ledger technology allows the transfer of funds across the border with its app. It merely slashes the remittance cost up to 65% by leveraging the blockchain technology.

The firm is backed by several top companies such as MIT Media Lab, Barclays, TechStars, MasterCard Foundation, and Mahindra Finance. The partnership ensures that instant cross-border transactions are as good as they say.

Also, the firm is an award winner of MIT Media Lab Translational Innovation Alliance and consists of a team that has Ex-MoneyGram as well as Ex-world Bank staff members who both seem to be passionate to bring transformation to individuals with technology.

According to David Lighton, a well known American banker, as well as the CEO of SendFriend, the partnership with xRapid will allow them on the back end to be highly efficient with the capital. He added that there all would be real-time settlements without any pre-funding or packing money in the receiving corridor as well as managing all the foreign exchange risks.

As things stand, it seems that several companies are on the move to integrate xRapid; all credit to its raw speed that has impressed almost everybody. Ripple blockchain tech is bank-friendly which makes it easier for most banks to have a thought about it. Perhaps, for SendFriend, it’s now the smartest move to enable their customers sending money to the Philippines cheaply and quickly than before.

Also, CCID (China’s Center for Information and Industry Development) released an update of their list ranking cryptocurrencies just recently, where they named Ripple as ‘innovative’ project, which tells the company is making accountable waves now as people around the world are starting to see it as a genuinely innovative entity that’s poised to solve real-world problems. And, what Ripple’s xRapid is solving is a trillion dollar problem, the cross-border settlements.

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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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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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