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Western Union Claims that Payments via Ripple (XRP) are not Cheaper

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After testing Ripple (XRP) transactions for six months, Western Union claims that the promised financial benefits that were to come from cheaper transactions have yet to show themselves. Additionally, the XRP enthusiasts have narrowed down this cryptocurrency’s logo design from three potential candidates to the winning one, which is already adopted by the community, as well as the crypto’s website itself.

Western Union claims that XRP transactions are not cheaper

Ripple (XRP) has become known for dedicating its technology to the creation of a new system that would provide cheaper transactions for banks and other financial institutions. According to them, their product called XRapid should make international money transfers not only cheaper but faster as well.

Western Union decided to test this product out, but after making multiple transactions, the Hikmet Ersek, the CEO of the company, claims that the product has not managed to save them any money as of yet.

During one of the interviews, Ersek stated that Western Union has always been criticized for having expensive transactions. This is one of the reasons why they jumped on the opportunity to make them cheaper via Ripple’s product XRapid. However, the results do not show any benefits from the financial point of view.

Such a comment on one of the Ripple’s most valued products might prove to be a large setback, especially when coming from such a reputable company. However, the company’s CEO allows for the possibility that the company simply did not do enough of the testing to notice a significant difference. So far, they were only tested USD and Mexican pesos on XRapid.

The same was said by Asheesh Birla, who is Ripple Labs’ Vice President. According to Birla, Western Union only sent 10 payments as of yet, which is not nearly enough to see the difference. Especially considering that the company performs millions of transactions each month.

Birla also said that Western Union still clearly favors the traditional payment method. If they were to start making all of their payments via XRapid, or at least the majority of them, the results would be clear. Not only would the reduced costs be noticeable, but would even drop at least 50%, claims Birla. This is also not just a speculation, but a fact that was proven last month by Ripple’s other pilots – Mercury FX and Viamericas, who have seen a large reduction of costs during transactions. The reduction included 40 to 70% of the transaction cost, which proves that XRapid actually delivers when used properly.

As for Ersek, he responded that the program will continue and that he believes that Ripple’s team consists of ‘innovative and good people’.

Ripple (XRP) got a new logo design for its token

After many have failed to understand the difference between Ripple the company and Ripple the cryptocurrency, this token’s community came to an idea that XRP should get its own, brand-new logo. The campaign lasted for almost a month and is now finally coming to an end.

The voting for various logo proposals took place on a website called xrpsymbol.com, and the site states that XRP doesn’t have its own symbol that would represent this asset’s uniqueness. This is why the community has taken it upon itself to create a symbol for this asset, one which will be used when writing the amount of the crypto.

The voting started on the June 1st, and the first round has ended on June 8th. After the first round, 3 logos were chosen, and they went to the second round, which was supposed to eliminate two of them and make the third one a winner. Finally, the round two ended as well, and the winning logo has at least 2000 more votes than the other two.

The symbol was adopted without problems. It first appeared on Ripple’s part of Reddit, and soon after that, it also came to the crypto’s website as well. CoinMarketCap adopted it too, and the third largest crypto on the market now has its own, unique logo.

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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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