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

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Ripple

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

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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