xRapid Update: Bitso Liquidity Index Breaks into an ATH as XRP/MXN Trading Gains Momentum

  • MoneyGram facilitating cross-border flows
  • Significant Volume means Ripple doesn’t have to incentivize
  • The Bitso Liquidity Index has broken into an all-time high (ATH).

Mexican licensed crypto exchange Bitso is seeing heightened activity when it comes to XRP/MXN trading. Though the volume in itself isn’t much, it is making progress and continuously growing.

In the past 24 hours, XRP/MXN registered the trading volume of $509,763, accounting for 0.05 percent of all the volume recorded in XRP markets, as per Coinmarketcap.

On Sept. 14, XRP/MXN trading volume surpassed BTC/MXN volume on Bitso. However, currently, while BTC/MXN accounts for more than half at 58.45% of all trading volume on Bitso, XRP/MXN only has about 32% share.

MoneyGram facilitating Cross-Border Flows

Just last month, Breanne Madigan, the head of Global Institutional Markets at Ripple and former Goldman Sachs executive shared despite the trading volume of the digital asset being down 65 percent, XRP/MXN has surged 25 percent.

Speaking at Global Blockchain Policy Forum organized by the OECD on Sept. 13 in Paris, Madigan shared how it works.

With one of its latest partner MoneyGram as an example, she detailed how MoneyGram help facilitate their cross-border flows for someone who lives in the US and wants to send Mexican pesos back to Mexico.

How it works is, through its partnership Ripple send MoneyGrams flow to one of the originating exchanges say Coinbase in the US where the US dollars get swapped to XRP and then they get sent to cross-border to a local exchange in Mexico say Bitso where it takes that XRP and swaps it into local Mexican pesos. The consumer then will receive Mexican pesos directly.

So, Ripple delivered significant cost savings to MoneyGram, a real value proposition to a company that’s affecting the end consumers because their fees will be lowered as a result.

As such as Ripple scale xRapid, its on-demand liquidity product, they’re launching new corridors.

Significant Volume Means Ripple Doesn’t Have to Incentivize

Madigan further states the way they’ve structured their contracts is in such a way that it leaves an opportunity for new liquidity participants to have the incentive to enter.

Since launching MoneyGram into that corridor, “a number of new liquidity participants are realizing there is a real arbitrage opportunity,” and Ripple doesn’t have to pay to incentivize people to make markets because there’s the significant volume going through that corridor.

On another note,

Madigan also talked about how they’ve seen global consensus from countries across the world including the UK, Australia, Malaysia, and Singapore noting that XRP is not a security but in fact a hybrid between a utility and settlement token.

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Author: AnTy

Bitcoin QR Generator Crypto Scams Running Rampant On Google; Hampering BTC Adoption

Bitcoin trading has gone up this year as bulls have returned to the market with renewed interest in the leading cryptocurrency. The cryptocurrency has surged past $10,000 this year, and the price rise seems to be continuing into the later parts of the year.

Bitcoin Not Living Up To its Full Potential Due To Negative Perception

Despite the run that Bitcoin is on, researchers suggest that the crypto asset is not growing at the rate that it actually should be. Many people associate cryptocurrencies with scams, theft, and fraud, and this negative perception is hampering the advancement of Bitcoin. Several governments and regulators have created unfriendly policies for the crypto industry because of the fears that citizens within their jurisdictions will fall victim to crypto related scams. Billions of dollars have been lost to scammers who used cryptocurrency schemes, and the effects of these have been detrimental to the progress of Bitcoin.

QR Code Scams on the Rise

Recent research suggests that 80% of the results that come up when one searches for a “Bitcoin QR generator” lead to a fraudulent website. QR code generators are used by Bitcoin traders to create QR codes for wallet addresses to enable easy and quick transfer of cryptocurrency from one holder to another. However, most of the code generators that are popping up on Google give a user a QR code which leads to a Bitcoin wallet address of a scammer, and several people have lost their funds to this scam.

According to Tal Be’ery from ZenGo, the fake websites create a QR code that you which carries an address belonging to the scammers instead of the address requested by a user. All payments made end up in the scammers’ wallet. Be’ery went on to say that the scammers use a blockchain explorer API to generate the QR code for their address.

The research available shows that over $20,000 has been lost to QR scams in recent times, and researchers say that this figure is just the tip of the iceberg. The chances are high that there are more people who have lost their Bitcoin to scammers who use this method. These scammers are constantly changing the QR codes and the address they use, which makes it difficult to identify them and blacklist the addresses.

Be’ery said that QR are not humanly readable, and this makes it easy for scammers to use them to defraud crypto users. Over the first six months of 2019, it is estimated that the total amount of cryptocurrency stolen by scammers and hackers is worth over $4 billion. Most of the stolen loot was accessed directly from crypto exchanges by hackers, but scams also contributed significantly to this amount.

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Author: Ali Raza

Germany’s Grand Coalition Looks To Deny All Private Stablecoins Like Facebook’s Crypto Libra

France and Germany have agreed to block Facebook’s Libra cryptocurrency. In a joint statement, the two governments confirmed that no private entity can claim monetary power, which is inherent to the sovereignty of nations.

The EU is taking a tough, regulatory-laden approach to Facebook’s Libra, and is considering coming up with a common set of rules for cryptocurrencies in general. ECB board member Benoit Coeure said that when Facebook announced Libra, it was a “wake-up call” for Europe to come up with a cryptocurrency of its own.

Thomas Heilmann of the center-right Christian Democratic Union (CDU) says:

“Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.”

The federal government can certainly envisage a state-stable cryptocurrency. It also provides for its own state block chain and a new digital corporate form for companies: The digital corporation is to facilitate start-ups in this area.

In Switzerland, Libra is applying for a payment service license, although it could face rules that typically apply to banks, regulators in the non-EU Alpine state said on Wednesday. In China, the central bank is accelerating efforts to launch the country’s digital yuan project. This move is also part of China’s plan to block Libra.

The bitcoin price has soared so far this year, climbing some 200% as expectations around Facebook’s libra, and bitcoin and cryptocurrency interest from some of the world’s biggest technology companies have driven a fresh wave of bitcoin investment.

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Author: Sritanshu Sinha

Dark Market Hackers Are Selling $800 In Bitcoin For $10k Cash To Help Launder Money: Armor Research

Security experts and researchers have recently identified an ongoing trend of illicit and lucrative transactions involving BTC to cash transactions. The security experts provided a glimpse into what is taking place in the dark web after analyzing dozens of transactions posted and executed in various forums and marketplaces.

The financial scammers are alleged to be selling bitcoin for between ten and twelve cents on the dollar for any willing buyer who is ready to provide a prepaid Bitcoin fee. This is according to Armor’s Threat Resistance Unit report for the third quarter of 2019 which focused on black market crypto transactions.

Evading Risks

The scheme being conducted by the cybercriminals has seen some of the money launderers providing buyers with bundles of cash. Normally, the amount ranges from $2,500 to $10,000. This is in exchange for a ten to twelve percent fee payable via Bitcoin.

When the buyer sends the cryptocurrency, they are requested to send the details of the Western Union, PayPal, or bank account where the money will be sent.

In essence, this type of transaction is simple in that it provides the crypto buyer with a sky-high return on the illicit purchases that they have made. This, in addition, helps do away with the need to use a money mule or the risk that may come with accessing an account that is already compromised.

According to the report, money mules are the people who transfer funds from compromised accounts in exchange for a transaction fee that ranges between ten to twelve percent of their actual value.

The actors in such transactions tend to open expensive business accounts in a bid to ensure that they will not trigger any fraud alerts that may arise after transacting in large money volumes. The accounts are also useful in guaranteeing that the actors will not draw any unwanted attention.

Outstandingly, this particular scheme is meant to benefit the people who are selling the stolen funds. This is because they do not get to take possession of the funds in question, but instead, only deal in their transfer. What this means is that the person who buys the funds will carry all the risks.

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Author: Daniel W

ICO Startup GXChain (GXC) Offices Reportedly Shut Down By Chinese Police; Execs Being Interrogated

GXChain, A Chinese-based initial coin offering (ICO) initiative, have just had their offices clamped by the Hangzhou local police.

According to Bitcoin influencer and co-founder of Primitive Ventures it seems the GXChain team is having some legal issues. Using her Twitter account, Dovey was able to relay the news to the world by posting a photo of the startup’s offices which were taped closed, probably by the Chinese police, and stating that GXChain had been shut down by the Chinese police.

Dovey also wondered why GXChain had been clamped as she believes it has an authentic business. Dovey, however, quipped that the reason for the clampdown could have been triggered by the startup’s core business of trading individuals processed credit data saying that the venture is very sensitive in China. GXChain has in the past sometimes blurred the lines of privacy in a similar manner to Facebook and that could likely be the cause.

Dovey also updated her followers stating that the entire managerial team of GXChain had been picked up by Hangzhou local police for interrogations.

GXChain was started in 2017 and was rated as one of the hot ICOs of the year. The startup were successful in reaching their hardcap just a few hours after its ICO went live. The company sold approximately 24,510,000 GXC tokens and in the process raising about $144,000,000 USD after the end of ICO.

The company refers to itself as the ‘blockchain for the global data economy’ and comprises of a decentralized data marketplace that offers various forms of data to numerous enterprises in China.

Compared to many ICOs that came up in 2017, GXChain is one of the few legit projects that kept its promise. They maintained a team that kept working to ensure the project was successful even after the ICO was over. Despite being one of the authentic ICOs of 2017, the Chinese police are now after them.

Cointelegraph reports that the Chinese police are also actively investigating a non-custodial token trading platform EtherDelta in relation to a suspected exit scam.

Although it is not yet clear what the Hangzhou police are looking for in GXChain, keep it here for more details as the story unravels.

Latest update from who’s close with Hangzhou local police – all executives of GXchain are now with the police for interrogation

— Dovey Wan 🗝 🦖 (@DoveyWan) September 11, 2019

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Author: Joseph Kibe

Justin Sun, The TRON Millennial Entrepreneur, Looks to Meet Up with Warren Buffett Still

Justin Sun made global headlines a few months ago when he stated that he wanted to have a lunch-date with renowned global billionaire Warren Buffet. At the time, there were a few confirmed dates for the lunch, who included Charlie Lee, Litecoin’s founder as well as Yoni Assia, the founder of eToro.

Changpend Zhao, the founder of Binance rejected the offer. The response was that San Francisco was miles away, and he was at the time too busy to travel. The names of the other invited guests are yet to be revealed to the public.

An updated report was released hours later confirming that the lunch had been rescheduled. The report rumors that Donald Trump would be attending the lunch were unfounded and untrue.

Health Issues Delays Crucial Lunch

A report released by U Today indicated that Justin Sun had to delay his lunch with some of the richest men in the world due to an ongoing kidney issue. At the time, there were also reports that Justin had been banned from leaving the country by the Chinese Government. The reports indicated that he was being investigated for engaging in illegal business.

Justin Seeks an Audience with Warren Buffet After

Cliff Edwards, the director of Global Communication at Tron, recently had an interview where he mentioned that Justin was eager to have his lunch with Warren. He went as far as stating that the other invited guests had said they were willing to reschedule. They were in the process of negotiating time and date for the lunch.

Justin and Social Media

Justin, on Weibo, in a post that he has since removed went on record to state that he would be decreasing his social media use. His reason was that he had been too active, and the time had come for him to relax and fall back. He also sent an apology to the Tron community for creating too much hype around all single release features on the platform.

While Justin did try to get all the nine people together, the reality is that all the crypto-bosses are quite busy. If it took two months for that failed lunch date to happen, who knows how long it will take for the next one?

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Author: Daniel W

Stablecoins Pegged Against Foreign Currency Could Affect Swiss Monetary Policy: Central Bank President

Many regulators and heads of financial institutions have expressed concern over cryptocurrencies and their use. Crypto assets come with many challenges that place financial institutions in an awkward position as far as dealing with digital assets goes.

Thomas Jordan, the president of the Swiss National Bank, said that stablecoins pegged to fiat foreign currencies could place Switzerland’s monetary policy in jeopardy. The bank’s president made this statement at the University of Basel on the 5th of September.

The Volatility of Crypto Assets

Jordan said that cryptocurrencies have limited use as a payment method, units of account, or stores of value. Cryptocurrencies are volatile and prone to fluctuations, and this affects their ability to perform those functions according to Jordan.

In his description of cryptocurrencies, Jordan said that they are speculative investment instruments and they cannot be equated to good money. People who use financial systems describe a unit of value as good if it maintains a stable value over time, if it enables easy and efficient payments, and if it is accepted by many people across the world. If these lines of definition are applied to cryptocurrencies, one can see that it is unlikely that they will be used as money in Switzerland said Jordan.

Foreign Currency Pegged Stablecoins

Some stablecoins are pegged to fiat currencies such as the USD, and these may come into use in Switzerland. Jordan said that if these kinds of stablecoins made their way into Switzerland’s system, they could impair the country’s entire monetary policy.

A stablecoin backed by the Swiss franc would have no immediate effect on the country’s monetary policy but problems come from ones pegged on foreign currency. Swiss National Bank’s president said that giving the public access to a digital currency issued by the central bank could eventually cause a bank run, and this would then threaten the country’s financial systems.

A Hub for Crypto Development

Favorable regulations and an enabling environment have made Switzerland a welcoming environment for crypto-related businesses. Many crypto companies have set base in the country, and they are running a variety of blockchain and crypto projects.

Facebook placed the headquarters for its project Libra in Switzerland and authorities in the country have put the project under scrutiny. The country’s central bank is working closely with relevant authorities to ensure that Libra is compliant with the country’s regulations. The central bank’s chairman, Fritz Zurbruegg, said that it is difficult to provide a complete analysis of Libra because the documents about the project are vague.

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Author: Ali Raza

Baton Systems Secures $12 Million For Scaling Of Bank To Bank Blockchain Platform

Payment solutions are vital to the mainstream adoption of cryptocurrency, and there have been a variety of crypto payment systems developed over time. These different payment systems assist blockchain applications to be adopted easily in various industries.

Baton Systems, a blockchain development firm that has developed a blockchain-based bank to bank payment solution has raised $12 million in its latest funding round. Trinity Ventures led the Series A round of funding and the funds acquired will be used to scale the bank to bank blockchain payment system.

Use of Payment System

The blockchain-based company has created a system that is compatible with legacy systems and can be used hand in hand with them. According to the blockchain firm, more than $13 billion worth of payments have been processed through the system as the company seeks to implement solutions for its clearinghouse counterparties and various other market participants.

Interoperability with legacy systems means that companies and banks which make use of the payment system do not need to change anything about their existing business systems. Baton Systems said that their platform could be fully integrated with any collateral and cash systems belonging to financial institutions without disturbing the current business processes, ledgers or systems.

The blockchain-powered system creates transparency and efficiency in settlement of payments. It also provides its users with instant reports and reconciliation of the transactions to ensure that all participants are kept in the loop about the events around a deal. Arjun Jayaram, Baton Systems’ CEO, clarified that while the payment solution uses distributed digital ledgers, it does not involve the use of cryptocurrencies or digital assets.

Baton Systems and its Position in Financial Systems in the World

Baton Systems is a key player in the creation of bank to bank payment solutions in the blockchain industry, and the firm has been involved with many institutions in a bid to implement these systems. The firm was part of the creation of the Bank of England’s first blockchain-based real-time gross settlement system. This pilot program influenced the Bank of England’s decision to construct its RTFS system which uses blockchain technology.

Last year, the blockchain company participated in Barclays’ hackathon and won an award for the best solution for the support of ISDA’s Common Domain Model (CDM) industry standard, which is applied to derivatives. This support was extended to the firm’s blockchain platform, and this allows their clients to bring their existing derivatives and swaps to the blockchain platform.

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Author: Ali Raza

Bitcoin Has Been More Profitable Than All Tech IPOs Since 2010 Per Crypto Godfather Data

Bitcoin is the best investment that you could have possibly made in this decade. According to data shared by the “Crypto Godfather”, known as the CEO of Block Journal, the performance of BTC has dwarfed all technology Initial Public Offerings (IPOs) since 2010.

This is mostly because Bitcoin was absolutely inexpensive back in 2010. The oldest data that can be found is Bitcoinmarket’s March 2010 data. It shows Bitcoin being traded at only $0.003 USD, less than a single cent. Now, it is trading over $10,000. This is an increase of 338,433,233% if you were quick enough.

Even if you bought it later, you can have easily become a millionaire with this investment. Bitcoin’s price rose 7,420% from April 2013 to today. When you compare the data to tech IPOs, the profitable of BTC is even more astounding.

The most profitable IPO is The Trade Desk’s one, which has seen prices going up 1,317%. That’s not even 10% of the gains that Bitcoin had. Even high-profile companies such as Pinterest only went up 77% while Spotify went up 14%.

Say that you have bought BTC this year. The returns are already almost 300% if you bought at the right now. Famous investments such as S&P 500 and Global Dow, which only went up 18.7% and 12.9%.

With the U. S.-China Trade War going on, Bitcoin is set to grow even more and traditional markets may lose money, so crypto investments continue to be very interesting.

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Author: Gabriel Machado

South Africa’s Richest Woman Thinks She Wasted Her Money On Bitcoin Investment

Most people who came to Bitcoin early have made profits as it is one of the biggest growing assets in the past decade. However, Magda Wierzycka, the richest woman of South Africa doesn’t seem to be on board on the crypto train.

In a recent interview with Bruce Whitfield on The Money Show, Wierzycka was asked if she ever wasted money. She replied: “Bitcoin! Bitcoin! Bitcoin! Bitcoin!”.

She goes as far as calling cryptos the biggest skeleton in her investment closet.

She adds:

“I bought my first Bitcoin at $4,000 and my last Bitcoin at $18,000 and watched it plummet – literally – the week after. I was completely caught up in Tulip Mania, I completely bought into the story that this is the digital gold – the digital store of value. I don’t care. I’ve lost so much money. I trust nothing any longer.”

However, Wierzycka has said the company believed strongly in the future of blockchain technology. Her firm Sygnia’s announced that it plans to open a cryptocurrency exchange by November will make it easier for South Africans to invest in this controversial currency.

Their clients will be able to buy cryptocurrencies, such as Bitcoin and Ethereum, on the planned exchange. In so doing, the exchange will hope to benefit from a growing interest in digital currencies.

Wierzycka arrived in South Africa as a 13-year-old refugee from Communist Poland and rose to the very top of the male-dominated world of finance. She co-founded Sygnia Group and became its CEO in 2006. Sygnia is a leader among asset managers in South Africa when it comes to the provision of low-cost, passively-managed investments.

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Author: Sritanshu Sinha