Ripple Executive: Mexico, Philippines Lead the Way for Demand in Cross-Border Remittances

Ripple Executive: Mexico, Philippines Lead the Way for Demand in Cross-Border Remittances

Ripple, the creator of the RippleNet and the XRP tokens (which are currently the 3rd largest cryptocurrency by market cap) are always on the lookout for new clients and partnerships. Because of this, the company has recently announced a new partnership with a company called MoneyGram.

This new partnership with the money transfer company based in Dallas will see Ripple investing $50 million USD in MoneyGram. This is being made to boost the use of RippleNet, the network of the company, which is mostly used for international payments.

With this partnership, Ripple would be able to increase the adoption of xRapid, one of its most popular for cross-border transfers. MoneyGram is a pretty established company that would help Ripple to upgrade the adoption of its products with time as the company is active in over 20 countries.

The vice president of product at Ripple, Kevin Mole, affirmed that XRP has a huge role in providing on-demand liquidity for markets and that this was a way for customers of the company to be able to send money to other countries with a fairly low cost and without having to pre-fund the destination accounts.

He affirmed that some of the other ways to send money to other countries are highly inefficient, so there is no reason why people should not change the kind of services that they are currently using.

According to him, on-demand liquidity is already available on both Mexico and the Philippines. These two countries are huge when it comes to receiving external remittances, he affirmed. Mexico received $31 billion USD last year while the Philippines were able to get $33 billion USD.

Because of this data, the company believes that the country holds a considerably big demand for services such as the ones being offered by Ripple. Also, many of these payments are made in order to cover necessities, so they can have a really high impact on the lives of these people.

Mole also affirmed that the company was able to settle payments in mere minutes while most of the other companies out there took sometimes even days. The cost is low and the impact is very big, so these markets are going to be considerably improved by being a part of the company’s targets for growth.

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Author: Gabriel Machado

Electroneum Price Prediction Today: Daily (ETN) Value Forecast – June 19

  • On June 17, the crypto’s price reached a high of Ƀ0.00000070 and was resisted.
  • The crypto’s price was trading at Ƀ0.00000065 as at the time of writing.

ETN /BTC Medium-term Trend: Bullish

  • Resistance Levels: : Ƀ0.00000075, Ƀ0.00000080, Ƀ0.00000085
  • Support Levels: Ƀ0.00000065, Ƀ0.00000060, Ƀ0.00000055

Yesterday, June 18, the price of ETN was in a bearish trend. On June 17, the crypto’s price reached a high of Ƀ0.00000070 and was resisted. Yesterday, the price retraced to the support of the 12-day EMA. In the previous week, June 4, the bulls took control of price as the crypto’s price made an upward move. A trend line was drawn to determine the duration of the trend.

A bullish trend is said to be ongoing if the trend line is unbroken by price. On the other hand, a trend is terminated when price breaks the trend line and another candlestick closes on the opposite of it. Presently, the bullish trend is  assumed terminated. Meanwhile, the price of ETN is in the overbought region of the daily stochastic but bearish 80% range. This indicates that the price of ETN is in a bearish momentum and a sell signal.

ETN/BTC Short-term Trend: Ranging

On the 1-hour chart, the price of ETN is in a bullish trend. The 12-day EMA and the 26-day EMA are sloping southward indicating a downtrend. The price of ETN is above the EMAs which indicates that price is likely to rise.

The crypto’s price was trading at Ƀ0.00000065 as at the time of writing. However, the ETN price is in the overbought region of the daily stochastic but above the 80% range. This indicates the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Ripple, Binance CEOs Comment on Facebook’s Libra as Canaccord Analyst Says Regulatory Hurricane is Coming

Ripple, Binance CEOs Comment on Facebook’s Libra as Canaccord Analyst Says Regulatory Hurricane is Coming

Several figures from the financial world are currently talking about the hottest subject of the moment: Facebook’s Libra stablecoin. The new crypto is seen as very controversial, with people affirming that it is good while others are very scared of it.

Michael Graham, an analyst at Canaccord Genuity, a prominent investment bank, has recently talked about the Libra Network, which was unveiled to the world yesterday. According to him, this new initiative could really benefit the market a lot. Unbanked individuals, especially, would be the most affected ones.

The main problem that he has found is that the project needs to actually be highlighted by governments worldwide before it is real. Facebook can’t simply start something this big without making it legal and regulated first.

He believes that Libra is by far the most “credible” crypto asset so far and that it could boost ecommerce a lot, however, governments need to approve it first. There are several lawmakers against the project, such as Maxine Waters and Patrick McHenry in the United States, who are a part of the House Financial Services Committee.

Facebook is currently being called by the duo to discuss the project. If the company is not compliant with the law, it is probably going to have to shut down its project.

In Europe, Markus Ferber is another voice against the company. He said that Facebook should really not be able to operate on what he described as a “regulatory nirvana” and that the Libra token cannot be considered a sovereign currency, as Facebook is a company.

All of these voices believe that we should be very cautious with Libra, so, according to Graham, a regulatory hurricane is coming towards the token.

Graham Is Actually Bullish On Facebook’s Libra

Despite all the issues that will be started from this need of regulation, Graham is actually bullish on the idea of investing in Libra. He sees it as a “socially conscientious leverage” of the company’s reach to bring more financial inclusion to people around the world.

He is very positive on the decentralization side of Libra, too, as Facebook affirmed that it will only need to hold 1/100 of the rights over the Libra Association with time, which would be the “right level of centralization”.

Many people are very skeptical about this, though, as we all know how centralized Facebook is on the figure of Mark Zuckerberg, the so-called “dictator” of Facebook. Will he decide to leave his power aside in order to promote decentralization? People such as the director of Coin Center Jerry Brito doubt that.

He affirmed recently that Facebook is not really engaged in decentralization and that it will be considerably hard for the company to really open up its system.

Graham is much more positive than him and believes that Libra may validate the entire crypto-based economic model, which would end up being a good thing. He believes that Libra may even surpass Bitcoin (BTC) and become the most important cryptocurrency ever.

He also affirmed that people can pay much cheaper fees if they use Libra instead of other more traditional services, so he seems to be sure that the company will reach a considerable level of success in case they are able to really bank the unbanked and to start a new business model.

Will Libra Be A Direct Competitor of Ripple?

Brad Garlinghouse, the CEO of Ripple, also talked about Libra. He welcomed its launched and considered that this was a very positive sign for the cryptocurrency and blockchain market, as it would bring considerably more awareness to it.

The Ripple executive affirmed that Facebook is a very consumer-centric company and that Ripple is creating a proper enterprise infrastructure, so they are not really competitors.

Some people, however, such as Anthony Pompliano, a well-known crypto investor, have affirmed that Libra has the potential to render Ripple useless with time.

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Author: Gabriel Machado

Location Data During Bitcoin’s Initial Genesis Block Show Craig Wright is not Satoshi Nakamoto

Location Data During Bitcoin’s Initial Genesis Block Show Craig Wright is not Satoshi Nakamoto

Crypto researchers keen with Satoshi’s whereabouts recently uncovered that Craig Wright’s ‘Self-proclaimed Satoshi’ theory is indeed inconsistent with facts.

This was proven by the IP addresses of Craig and Satoshi back in 2009 when the first BTC was mined and transferred. Findings revealed that the two were in fact on different time zones at that time.

Craig Wright and Satoshi Whereabouts in 2009

Craig gained a controversial position within the blockchain and cryptocurrency space following his claims that he invented Bitcoin. The well-known figure has gained popularity with this theory but it appears that facts may soon prove his claims are untrue. Craig’s alleged location during the first BTC transaction lead to these findings.

At the beginning of April, Wright shared on Medium about his participation in Bitcoin’s creation and gave a detailed outlook of how it ‘began’. The popular figure revealed information on where the nodes were run together with machines and where they were stored.

He added that, he owned a ranch in Bagnoo, Australia, where he had turn a part of his property into a machine operation space. Furthermore, the crypto enthusiast said he run similar operations in his house located on the outskirts of Sydney.

Craig Wright noted in particular that he had travelled back to Bagnoo when BTC’s initial genesis block was created. In addition, on January 9, Craig travelled again having been the initial Bitcoin mining date.

However, based on research, Craig was on the opposite side of the world compared to Satoshi’s location that pinpoints California.

California; Beginning of Satoshi’s Bitcoin?

One of the well-known bounty hunters on twitter’s blockchain and crypto space made this discover back in 2016. The researcher shared through a blog the involved IP addresses for Bitcoin’s very first transaction which happened on 10th January, 2009.

Given that the project involved only Satoshi and Hal Finney on the said date, it therefore was possible to figure out which address was Satoshi’s. This IP address tells that Satoshi’s location during the initial days of Bitcoin was in Van Nuys, California. A popular cryptocurrency researcher who goes by the twitter handle @SeekingSatoshi added that the IP was not related to any TOR exit node or VPN.

He went on to further add that information from initial versions of Bitcoin’s whitepaper show the time zones where Satoshi run his activities at the time. Detailed analysis based on frequency and time concur with the fact that he was based in America and may have been a teacher or student.

So far, nothing shows a correlation of Wright’s position with facts identified as support to Satoshi’s US location back in 2009. However, the controversial figure continues to enjoy a large fan base in crypto with a majority still backing him after these allegations.

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Author: Bitcoin Exchange Guide News Team

Facebook’s Libra May Resolve Bad Blood Between Winklevoss Twins and Mark Zuckerberg

  • Bitcoin has risen above $9,000, as of Sunday.
  • The new Facebook stablecoin may allow for the Winklevoss brothers and Mark Zuckerberg to be “frenemies.”

The dispute between Mark Zuckerberg and the Winklevoss twins – Cameron and Tyler – has been heavily publicized, even providing the basis for the feature film The Social Network. Years ago, the brothers won a $65 million settlement against Facebook when they accused Zuckerberg of stealing their idea to launch such a social network. Now, with the entry of Facebook into the crypto space with their Libra project, it is possible that the brothers will be making peace.

During an interview with CBS’s “Sunday Morning,” Cameron commented that it would be in their best interest to become “frenemies” with Facebook and Zuckerberg. More specifically, Cameron said,

“There’s so much pie to grow, I mean, at this point, we need to be frenemies.”

Anyone in the crypto industry knows how vocal and prominent the brothers are in the space, as both are co-founders of the Gemini exchange. Joining in on the cryptocurrency space, Facebook announced their own cryptocurrency – Libra – today. However, in reports in May by the Financial Times, the twins were already speaking with Zuckerberg about digital currency.

As the announcement was released, Bitcoin ended up being pushed above the $9,000 price level on Sunday after the episode, which is the first time that it has reached this price level in over a year. Presently, Bitcoin is still enjoying this attention and is presently priced at $9,064.63.

The Winklevoss brothers first learned about Bitcoin in 2012, finding that Bitcoin is essentially “money that works like your email,” as they stated on Sunday Morning, considering how fast the transactions occurred and how simple it was to use. Cameron told the interviewer that he turned to speak with his brother, saying that Bitcoin could either be

“the next big thing or total BS.”

The Harvard and Oxford graduates made such a strong move to get into Bitcoin, becoming well known for their aggressive push into the market. Tyler stated, “Our thesis at the time was, bitcoin’s going to disrupt gold. And gold has a market cap of $7 trillion today. So, if bitcoin’s gonna be worth $7 trillion or more, this seems like a cheap asset.”

When the Winklevoss brothers first got involved, Bitcoin was only priced at around $8 or $9, as stated on Sunday Morning.

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Author: Krystle M

Russia’s Former Minister’s Bitcoin T-Shirts Would Have Been Worth $9,000

Russia's Former Minister's Bitcoin T-Shirts Would Have Been Worth $9,000

In a recent interview, the Winklevoss Twins – two of the most prominent names in the global cryptocurrency sphere – revealed that they invested heavily in Bitcoin when it was trading at about $9. This means that anything that was bought for 1 Bitcoin at the time has probably multiplied 9,000x, if you choose to look at it that way. Another person that seems to fall comfortably into this category is a very prominent figure in Russia’s financial climate.

Gref and his Bitcoin T-Shirts

Herman Gref is currently the CEO of Sberbank, which is the country’s biggest state-owned banking and financial services company. Since he was also Russia’s Minister of Economy, Gref is obviously not a finance newbie and also knows a little something about crypto.

Recently, Gref revealed during an interview that in the early days of cryptocurrency, he tried his hands on Bitcoin even using it to buy a few shirts. The catch now is that at the time of purchase, Gref paid for the T-shirts in Bitcoin when one coin was worth between $1 and $5. Today, Bitcoin is valued over $9000 meaning that in retrospect, the former minister spent an arm and a leg on just a few T-Shirts.

Since it was such a long time ago, Gref admits that he’s not sure what exactly happened to those T-shirts and explained that he doesn’t look back on the buy with any remorse at all. He also added that he lost some funds when he lost his private wallet keys some time ago but discussing the losses now, especially with all the growth and development crypto has seen, Gref is still far from distraught about it, suggesting that he wasn’t the best participant in the game.

“It’s like a casino and I am not a casino player.”

Bitcoin Might Never Be A Store of Value

Most Bitcoin enthusiasts believe that Bitcoin is a good medium of exchange, making the internet of money easier and also a great store of value, especially as Bitcoin, is already offering better returns than gold. Gref, however, agrees that Bitcoin is a great way to handle transactions but disagrees that it can work as a store of value. According to him, Bitcoin and altcoins might never become the store of value everyone hopes it would be because no government would let any properly decentralized cryptocurrency grow so much that it undermines the power of their fiats.

This is an opinion that has been aired by some government officials in countries like the U.S. and China. Gref has earlier expressed his opinion that the earliest time any country would fully support any entirely decentralized cryptocurrency would be another ten years.

We Should Focus on Blockchain Technology

There are many applications for blockchain technology all over the world and even people who are less than enthusiastic about cryptocurrency, in particular, agree with this. The Sberbank CEO thinks that blockchain technology will have amazing potential and provide serious solutions to many different sectors but adds that at the moment, the technology is not ready for proper adoption.

No More Crypto for Sberbank

Sberbank had a few cryptocurrency projects it was working on but had to abandon them, especially since the Central Bank of Russia wasn’t very enthusiastic. According to Gref:

“We never had any extraordinary plans for cryptocurrency projects and never imposed digital money upon our customers. We just followed the trend. However, I am glad that the hype has gone, making way to the blockchain technology development.”

Last month, Sberbank publicly disclosed their decision to discontinue any cryptocurrency projects it was working on. One of the reasons for this was that the regulation/legislation for digital assets and its trading activities were unclear and wouldn’t have been clarified anytime soon.

Elvira Nabiullina, the governor of Russia’s Central Bank, clearly said last month that the apex bank wasn’t in support of cryptocurrency. According to her, trades and transactions with other countries are still better handled with fiat.

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Author: Tolu

Investors Abandon Western Union as Facebook’s Libra Stablecoin Eyes Money Transfers Globally

Investors Abandon Western Union as Facebook’s Libra Stablecoin Eyes Money Transfers Globally
  • Customers are opting out of Western Union money transfers.
  • Facebook’s Libra will allow customers to send payments with no fees.

The cryptocurrency community does not often impact the traditional financial industry, but the GlobalCoin is causing a bit of a shift. Today, Facebook officially unveiled their Libra project, which will be the new cryptocurrency from the social media platform. With the work of multiple companies, Facebook stated that the cryptocurrency is not meant to launch until the first half of next year, but it appears to already have an impact on a Western Union.

According to reports from CNBC, Western Union’s shares dropped noticeably on Tuesday, which has been credited to the announcement of Libra. Libra will be offering users of the social media platform the chance to transfer money internationally, but without imposing any fee. Western Union provides the same service with cash, but these transactions incur a fee. Unfortunately, these conflicting services caused Western Union to drop by 1.7% on the S&P 500 index.

The cross-border payments, also known as remittances, are performed by Western Union as a bank, which receives the payment from the sender and sends it to the recipient. With Libra, users do not get a fee and they can use their local currency digitally. To make Libra possible, Facebook has already partnered with some prominent payment companies, including Visa, Mastercard, and PayPal.

In Western Union’s most recent quarterly report, the company revealed that approximately 80% of their revenue is made up of “consumer-to-consumer” money exchanges. The report, which was published in May, predicts that their non-adjusted earnings for 2019 would result in a price of $2.66 to $2.76 per share.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Krystle M

These Are Four Fiat Currencies Have a Value Under 1 Satoshi, Bitcoin’s Smallest Unit of Value

These Are Four Fiat Currencies Have a Value Under 1 Satoshi, Bitcoin's Smallest Unit of Value

The price of Bitcoin just keeps growing as many economies in the world are in pure turmoil. This has made the price of the tokens increase (at the time of this report, Bitcoin was being traded with the price of over $9,000 USD, the highest in the year until now) while fiat currencies are still being destroyed by hyperinflation all over the world.

If you want the ultimate proof that the economy is very grim for many of these countries, you can see this list, which was originally created by NullTX. It has four different fiat currencies that were valued at 1 Satoshi, which is equal to 0.000001 BTC (about a ninth of a cent in the U. S.).

Currenies Valued Less than 1 Satoshi

Paraguayan Guarani (PYG)

Paraguay is known for not having a very stable economy. In fact, the issue goes way back the time in which the country was attacked by Brazil, Uruguay and Argentina… in 1864. That’s right. The economy of the small country was so affected by the many deaths of the war that they never really recovered fully and the country is still very poor.

At the moment, the value of the Paraguayan Guarani (PYG) is far from looking very healthy, as the country’s unit is worth only $0.00016 USD. You would certainly need more than 100 million PYG in order to buy a single Bitcoin.

Laotian Kip (LAK)

With a domestic currency that is worth only 0.00011 USD, the Laotian Kip (LAK) is far from a good unit of money. The country of Laos is not the kind of place that makes the economic headlines for success, although it cannot be considered one of the worse countries of the world.

While the economy of the country does not get better, we will probably not see the LAK getting more value than it has right now.

Guinean Franc (GNF)

The Guinean Franc (GNF) is worth the same as the Laotian Kip, 0.0001 USD. As you can imagine, this is far from exciting for the country, which is considered very poor and it lacks in several areas such as infrastructure.

Again, there is not much hope that the situation for this fiat currency will improve anytime soon, unfortunately.

Sierra Leonean Leone (SLL)

The final of the fiat currencies that are worth less than a single Satoshi is the Sierra Leonean Leone (SLL). At the moment, the unit of this currency is valued at 0.00011 USD. This happened mostly because Serra Leone is not a very stable region politically and its economy has several issues.

Inflation has destroyed the value of the token so much that even with a very high nominal value of SLL you actually will not have a lot of money.

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Author: Gabriel Machado

Crypto Analytics Firm Longhash Gives Tether (USDT) Stablecoin a 90 of 100 Health Score

Crypto Analytics Firm Longhash Gives Tether (USDT) Stablecoin a 90 of 100 Health Score

The first half of the year has already passed by; thus, we can gain a firm perspective of how the crypto space trends are over the past six months. Looking at Bitcoin, it has gone up by more than 140%, but for the crypto exchanges in the market, they are still vulnerable and are currently on the face of things. The Tether token is still in between the controversy that is taking place.

The Tether Controversy is Still Taking Place

Last year the token closed with allegations of the lack for one-for-one dollar backing. As a result, it was finding itself in the middle of the heated controversy. A token that many would think it is more than healthy within the crypto space, but with the recent report published, it seems to be stating otherwise.

One of the crypto analysists firms, Longhash, imparted a health score that was about 90 out of the 100 to the current stablecoin that is being accused of having fractional banking. According to this classified, the Tether token is being classified as being very healthy within the crypto space.

Longhash used a fivefold metric to establish the health of the said token, and this is where the firm went ahead to state that USDT was actually faring very well from the five metrics presented. The report was keenly looking at the stability of the token in terms of the price fluctuations.

The second key metric that was used in the analysis is the use and acceptance of the token; this was based on the volume and the number of exchanges taking place between the pairs. The other metrics they looked into was risk resistance against the volatile crypto market, growth of the coin, long term performance, all this relative to the tokens market capitalization.

Looking at the Gemini USD

Gemini USD was launched by Winklevoss twins and was able to score about 78. But this is not it as it was able to outscore the stablecoin senior when comparing the stability and practicability. But the coin feels a little short when looking at the market acceptance and the overall growth.

When looking at the distribution, the Tether coin was described as being concentrated. The reason being half of its current supply is on Binance, a crypto exchange that has been considered to be the largest in the world. However, despite this lopsided supply, it seems the USDT is fairing on much better than the stablecoin counterparts.

“Could the actions of iFinex eventually cause USDT to crash? It’s possible. But at least according to the data that we currently have, we think USDT is in extremely good health.”

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Author: Bitcoin Exchange Guide News Team

Blockchain Center Miami Celebrates in Style with Big Crypto Community Gathering

Blockchain Center Miami Celebrates in Style with Big Crypto Community Gathering

If you are based in Miami and you are interested in the blockchain world, we have good news for you. The Blockchain Center Miami has been finally inaugurated after months of planning. The center is set to be an important blockchain hub for the people of South Florida.

The building where the Blockchain Center Miami is based is on downtown Miami and it is set to serve as a venue for events in the community.

This new space was launched with a party full of drinks and food. There was even a DJ (DJ Yissel), according to the organizers of the event. The party attracted a lot of people from the local industry who were curious to see what the new place was all about.

Even the mayor of Miami attended the event, which can be considered a success. He cut the ribbon in order to inaugurate the place and presented the directors of the new center with a Certificate of Recognition.

As announced by the press release, the core team of the new blockchain center will include names such as Nick Spanos, Eryka Gemma Flores and Scott Spiegel. The organization will be focused on both global and local blockchain events and will cater to the local Florida crypto communities.

This is not the first blockchain center created by Spanos, though. Far from that. He first launched one back in 2013 when Bitcoin was not even five years old. The first center was located in New York and this story is featured on Banking on Bitcoin, a documentary that you can see on Netflix right now.

The New York-based center is located only 100 feet from the New York Stock Exchange, so you can bet that it is pretty well located (and that Spanos has a lot of money to invest).

During the launch, Spanos affirmed that one of the goals of the new center is to help to “unleash the minds” of Latin American youths. As you may know, Florida has a large Latin American population, so he is interested in influencing them.

Flores also talked about the launch, which she described as “exciting and surreal”. She affirmed that even as the company is pushing the decentralization of the world forward, having a physical space is very important because they are changing the narrative and creating important opportunities for the locals.

After the party happened, an afterparty event exhibited the Banking on Bitcoin movie, which was seen by the people present on a massive screen that was also able to see be seen from the street. The idea was to also involve the people passing on the street. In the future, a screen will show the projection of crypto price movements and news.

The organized also affirmed that the new center was created to be the go-to Bitcoin-related place for events in the city and the surrounding region. Not only it has a nice view but it also has offices and even entire floors that can be rented by local and international crypto companies that might want to use the space.

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Author: Gabriel Machado