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MoneyGram still testing Ripple xRapid for internal liquidity transfers

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Ripple
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As 2018 started, MoneyGram announced its partnership with Ripple Labs and recently many began speculating that they’ve adopted the blockchain already. To put an end to the speculation, just a couple of days ago, on November 2nd, MoneyGram made it known via its Twitter account that they are testing Ripple xRapid for international processes internally. The pilot program is not intended for their users use for now.

MonyGram International Inc. is a company headquartered in Dallas, Texas since 1940. Their business includes Global Funds Transfers and Financial Paper Products. The firm piloting Ripple blockchain is not an ordinary one since it’s the world’s second largest international remittance service with a presence in more than 347,000 agencies scattered around more than two hundred countries.

When it comes to sending money overseas without using a bank it hardly gets any bigger than MoneyGram. MoneyGram’s services are relatively quick and cheap when compared to the traditional SWIFT system. The transfer fee is normally around 5% and the time for settlement can be hours instead of days.

The current competitive advantage held by MoneyGram has to do with the fact that it doesn’t rely on the traditional financial system, as is the case with most other firms in the business. But they found a way to develop a proprietary system for internal use that eliminates a lot (but not all) the friction usually involved in transferring money across borders. They have their own parallel global financial system, so to speak.

As noted in the beginning, MoneyGram used its official Twitter account to announce that it has adopted Ripple’s xRapid platform in a pilot program that will test how useful could the new technology be in improving MoneyGram’s services and customer experience.

It doesn’t mean that the company’s clients will be able to use xRapid to transact but rather that it will be incorporated into the company’s internal works to complement their current proprietary systems. So customers should be able to feel a difference regarding eliminating some friction and paying lower transfer fees, even if they can’t use it directly.

This is a marriage made in heaven for both Ripple Labs and MoneyGram. Ripple’s aim has never been to have its native currency (XRP) be a retail one or means to store wealth, but a mediating coin that makes the movement of money around the world cheaper, faster and more reliable.

Ripple is slowly but surely achieving this by securing strategic partnerships with many of the world’s most important banks and financial institutions. MoneyGram, on the other hand, always wants to have a bigger share of the world’s market and their user base could increase significantly if their service becomes meaningfully cheaper and faster.

Again, it’s important to make it very clear that this doesn’t mean adoption yet. It’s a pilot test for MoneyGram’s internal use only, in the hopes that internal liquidity transfers will be improved for the company.

A Twitter user with @MikeNardolillo handler made a quite comment worth noting (and agreeing to) as he said,

Many entities piloting xrapid have already incorporated it on the back end for their clients. When will you do the same? That way you can offer the fastest or cheapest route to your consumers, instead of just overpriced remittance. Customer-centered approaches will be the future.

Ripple is probably the blockchain project that pushes harder for mainstream adoption of cryptocurrency (XRP in particular). While it’s also struggling for the coin to be useful as a retail token, the priority remains for the traditional financial system to adopt it for internal use.

These kinds of announcements are critical for the cryptosphere because they show that people, businesses, and investors outside crypto sector are slowly but surely understanding the advantages inherent in cryptocurrencies, starting to trust them, and starting to try them out as viable solutions. It’s even more meaningful when they come from banking and financial institutions which have been the most skeptical and pessimistic about the blockchain, its reliability, and applications.

If and when MoneyGram fully adopts Ripple product xRapid at the production stage, it will increase demand for XRP exponentially that might drive its price up. And unlike the current status of most coins in the crypto markets, this increase will not be purely speculative but driven by real-world economics.

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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 Cryptocurrencies Will Change Online Gambling in the Future

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online gambling
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Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.

An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.

A Post-Legality Era

Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.

In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…

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VOLUM (VLM) Announces Commencement of Token Generation Event

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ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…

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How to Secure Yourself in Relation to Bitcoin: Top VPN Services

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Bitcoin
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Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.

Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.

What is a VPN?

Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.

Security

While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.

Anonymity

Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…

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