MoneyGram Is Using XRP In Cross-Border Settlements, Reveals Q2 Report

MoneyGram Is Using XRP In Cross-Border Settlements, Reveals Q2 Report
  • Ripple and MoneyGram established a partnership on June 17th, 2019.
  • The new partnership is expected to help with working capital needs, while improving profits.

MoneyGram has long been one of the largest money transfer companies in the world, so why wouldn’t they take an opportunity to partner with Ripple? Their collaboration just began on June 17th, and the entire XRP community has been abuzz, gossiping over if XRP would be included in the new partnership. To settle any confusion, MoneyGram’s Q2 report reveals that the suspicions are a reality.

More specifically, the report states,

“The commercial agreement allows MoneyGram to utilize Ripple’s xRapid blockchain product, as well as XRP, Ripple’s cryptocurrency, to facilitate cross-border settlement.”

Ultimately, the company believes that the partnership will make it possible to reduce their working capital needs, while bringing in new earnings.

The cryptocurrency community has welcomed the new collaboration with open arms, as has MoneyGram.

Alex Holmes, the CEO of MoneyGram, even called the partnership a “perfect marriage” that would ultimately speed up different processes in the firm. Ripple needs more companies on board with their network, which is where MoneyGram comes in. However, by partnering with Ripple, MoneyGram also makes Ripple into an ally, rather than an enemy, in the payment remittance sector.

As a result of the commercial agreement, Ripple purchased $50 million worth of MoneyGram shares, which are presently priced at $4.10 per share. The agreement states that MoneyGram has the option of selling $20 million more in equity to Ripple between now and June 30th, 2020.

The Global Remittance Market Report shows that MoneyGram International Inc., among others, will play a big role in the rapid growth of the remittance market in the next five years. Involving Ripple in this advancement can only lead to positive outcomes for all parties involved. To view the full report and forecast, visit here.

At the time of writing, Ripple’s native token (XRP) was valued at $0.311004, losing 1.71% in value through the last 24 hours. However, XRP still has a $13.33 billion market cap.

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Author: Krystle M

Kraken Enables New Options To Fund 5 Top Fiat Currencies; USD, EUR, GBP, CAD and JPY

Kraken Enables New Options To Fund 5 Top Fiat Currencies; USD, EUR, GBP, CAD and JPY

Kraken, a crypto exchange based in the U. S., has recently started a new partnership with Etana Custody. This new partnership will enable the company to offer deposits and withdrawal for five major fiat currencies: U. S. dollars (USD), euro (EUR), Canadian dollar (CAD), British pound (GBP) and the Japanese yen (JPY).

The company announced that starting this week, the new partnership will enable the clients to use these options. However, the standard “Starter” accounts. Only “Intermediate” and “Pro” accounts will receive the benefit.

In order to use this new feature, the traders will have to use the integrated Etana Custody Wallet and to register a bank account that will wire the money to buy the new tokens. Unfortunately, it may take up from one to five business days in order to receive your tokens since wire transfers are notoriously slow.

The customers of the company will also be able to convert their money between all the five fiat currency options, according to the announcement.

It was also revealed that because of this integration the users can also access the market via Meta Trader platforms without issues.

Etana Custody is a company based in Auckland that provides crypto custodial solutions for its clients. Kraken is considerably more famous and it is one of the most important crypto exchanges in the world. It has 24 crypto tokens listed that form 74 unique trading pairs.

Several Crypto Exchange Are Starting to Support Fiat

The crypto world definitely does not live in isolation anymore. As crypto trading started to get really prominent, several companies are following the same trend that Kraken is following just now: they are starting to offer fiat options.

Bitstamp, for instanceiss a major European exchange that has finally started to accept GBP. This is very important, especially now that Brexit is about to happen because it will connect the U. K. to European crypto markets.

Smart Valor, too, is a Swiss platform that is considerably interested in creating a bridge between the crypto world and fiat currencies. It seems that integration is the way for the future.

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Author: Gabriel Machado

New Blockchain-Based Real Estate Business to Launch in Japan, Thanks to Sumitomo and bitFlyer

New Blockchain-Based Real Estate Business to Launch in Japan, Thanks to Sumitomo and bitFlyer
  • The real estate industry is starting to increase interest in the use of blockchain technology.
  • A new partnership between a Japanese business giant and a crypto exchange will make it possible to handle rental transactions from a smartphone.

Blockchain technology is one of the most innovative solutions to come from cryptocurrency, and the traditional banking industry has begun to examine the use of this ledger as well. However, the complications involved with the real estate industry has been working to minimize their complicated paper processes by introducing this immutable ledger technology.

The most recent change in this industry involves a collaboration between Sumitomo Corporation and bitFlyer, who will be working to launch a blockchain real estate business.

The bitFlyer Blockchain will be creating an umbrella platform that is focused on renting real estate, which will involve smart contracts. Yuzo Kano, the managing director of the bitFlyer Blockchain, stated that he hoped the project would allow anyone involved with a rental property to handle all of the data on a smartphone.

Speaking with CNET Japan, Kano stated, “It can greatly simplify the real estate rental contracts process, and the intermediary company can also reduce its significant administrative costs.”

According to the publication, while the full rollout of the project isn’t expected until 2020, the prototype should be ready before the end of 2019.

This announcement comes around the same time that the real estate industry begins to gain more attention with the use of blockchain technology. Malta, for example, recently stated that all of their real estate rentals would be logged on the blockchain, and the idea of tokenizing this industry is also gaining traction.

This development is also a major milestone for bitFlyer Blockchain, entering a new market with their exchange operation. This month, the company only just started accepting new accounts, following a year-long holdup over their compliance with regulations governing the exchange.

[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

R3 Is Ready To Support A Brazilian Stock Exchange Banco Maré Focused on Startups via BVM12 Platform

R3 Is Ready To Support A Brazilian Stock Exchange Banco Maré Focused on Startups via BVM12 Platform

The prominent blockchain consortium R3 has decided to start a partnership with Banco Maré, a Brazilian fintech startup, in order to launch a stock exchange in the country which will be focused on investing in tech startups.

Banco Maré is a digital bank powered by the blockchain technology that has a heavy focus on financial inclusion and is now planning the creation of the tokenized stock exchange in the country.

The platform is being called BVM12 at the moment and its main goal is to act as another way that startups will be able to use in order to get funds. On one hand, they get the investment that they need in order to take their businesses forward, on the other hand, the investors can get high returns on investment for using their money to support these companies in their early stages.

The bank, which is set in Rio de Janeiro, has already consulted with the Brazilian Securities and Exchange Commission and it is looking to request permission to conduct this project officially in the next month.

Alexander Albuquerque, the CEO of Banco Maré, has affirmed that this new company can be very important in order to “democratize risky investment” in the country. He also affirmed that this could help the low-income public to be a part of the stock market.

Obviously, this also means that people with not a lot of financial stability would be betting in very risky businesses, which could have a very negative impact on their lives and on financial stability overall, as this would be a very speculative market.

In related news, it seems that Brazil is finally waking up to the potential of blockchain technology. For instance, the government is currently considering a bill that would require local administrators to use new techs such as the blockchain. The state of Bahia, for instance, has launched a blockchain that will be used to track public bidding on contracts.

The blockchain is getting so popular that even the Rio Branco Institute, one of the most traditional diplomacy institutes in the country, is now requiring diplomat candidates to learn about the blockchain technology.

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Author: Gabriel Machado

New Studio Blockchain Accelerator by IDEO Gets Amazon, Fidelity, Deloitte and Messari Backing

New Studio Blockchain Accelerator by IDEO Gets Amazon, Fidelity, Deloitte and Messari Backing

IDEO CoLab has started an important partnership with over 20 companies in order to launch a blockchain accelerator startup. IDEO CoLab, which is a subsidiary of IDEO, has found companies such as Fidelity, Amazon, Deloitte, Messari, the Ethereum Foundation and the Stellar Foundation as important partners in this enterprise.

The accelerator will be called Startup Studio and it will have each of the current partners hosting their own accelerator programs in order to fund the development of new blockchain technology.

Ian Lee, the managing director of the company, has affirmed that these companies will provide smaller ones with all the tools that they need in order to start their own development. The idea is to finance initiatives that are aimed to give more control and ownership to the users over their own lives.

The blockchain currently promises to do it, however, it fails most of the time because most of the current programs are not really that useful for the average person, so the focus will be in creating programs that will be. By making these advancements on the technology, the CEO believes that opportunities of billions or even trillions of dollars can be found.

Each of the partners will be important because they will offer specific values to the accelerated companies. Amazon, for example, can help by providing resources that let the users determine how to build and deploy services using its Amazon Web Service platform. Deloitte, for instance, can help with accounting, taxes and structuring.

According to Lee, the idea is to create an accelerator that will work differently from the other companies in the market right now. Unlike the others, they will have quick workshops which are created in a way that the teams can learn fast what they need to do and go home to work. None of the workshops will have any cost, but they are only available to the participating companies.

The project will have residencies, too, which will range from three to six months and will see the teams accompanies by at least 20 people that will help them to create the best business possible.

IDEO is looking to create a sustainable model for blockchain development. The company is aware of the difficulties that people in this area often face and is ready to help them.

The company was created back in 2012 and it has partnerships with several large companies. Since then, it has been working in the technology field and collaborated with the development of several companies, as well as invested in 9 startups during this timeframe. The list includes popular ones such as Augur, Zcash, Grin and others.

Also, the company is interested in investing in around 12 new blockchain firms per year. This will increase the current portfolio quite fast.

So far, the CEO affirms that they found a sustainable way to support the startups when they need it the most and he believes that they will continue to follow this approach as time passes, which is set to deepen the relationship between them and these early companies.

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Author: Gabriel Machado

Ocean Protocol, Singapore’s sgCarMart to Introduce ‘Know Your Car’ Blockchain Data Marketplace

Ocean Protocol, Singapore's sgCarMart to Introduce 'Know Your Car' Blockchain Data Marketplace

The vehicle industry is slowly adopting blockchain technology as more partnership crop in between the two industries.

The latest partnership announced on Friday, July 5th, 2019 introduces the used car industry player sgCarMart to data protection and verification through a partnership with Ocean Protocol, a data exchange protocol built on a blockchain.

  • Singapore reports 9,000 used cars to change hands every month as recorded in 2018.
  • Ocean Protocol and sgCarMart form partnership to launch “Know Your Vehicle” platform.

Singapore based used car firm, sgCarMart, announced its partnership with Ocean Protocol for the latter firm to provide a platform for consumers in the country to verify the condition and data of the vehicle related before purchase.

According to the press release, the Know Your Vehicle platform will provide “comprehensive information about a used car” and further allow users to securely share the info.

This is expected to improve the used car business in Singapore and help consumers make more objective and accurate buying decisions.

“All in all, the Know-Your-Vehicle Data Marketplace can promote road safety for all by making sure that consumers purchase cars that are fit for the road; and in the long run, encourage car owners to better maintain their cars to maximize resale value thereby enforcing a virtuous cycle.” – Press release on Ocean Protocol/ sgCarMart partnership.

“Know your Vehicle” Platform Launches

Customers looking for a used car usually have to rely on a third party or the used car dealer to confirm the state of the car.

This brings about a state of information asymmetry which may lead to an underestimate on the measurements of the vehicle. Other car sellers may hide the defects altogether leading to an unwanted purchase.

The Know Your Vehicle protocol is aiming to end this problem by providing customers with the capability of tracking data origin on a vehicle and then trace its history. This allows users to access not only get timely information but also reliable and accurate information on used cars. Ocean Protocol provides an efficient platform for users to share and monetize their data in a secure and immutable environment.

Speaking on the partnership with Ocean Protocol, the General Manager of sgCarMart Quotz, Glenn Ong, said,

“We are pleased to unlock used car data so that consumers can make better and safer buying decisions. In future, we hope to leverage these data further to help industries and the government to advance products and services as well as a greener and more efficient future for the people in Singapore.”

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Author: Lujan Odera

Seed CX Settles on Corvil Analytics for Performance and Infrastructure Tracking in Crypto Markets

Seed CX Settles on Corvil Analytics for Performance and Infrastructure Tracking in Crypto Markets

Seed CX, a cryptocurrency exchange targeting institutions recently announced a partnership with Corvil Analytics. The move is set to enhance Seed CX ecosystem especially in performance and infrastructure tracking for clients.

Corvil Analytics offers services to financial institutions which include solutions to regulation inefficiencies and on-spot data analysis for crypto market information.

Ideally, the firm targets clients who want to secure better positions by avoiding the risks involved in regulation and price movements. Furthermore, the company has a simplified way of responding to regulatory questions.

Seed CX will leverage the services provided by Corvil to gain real-time insights on how their clients behave and what products would suit their needs. The move is in turn expected to boost performance given the availability of better analytical tools.

Corvil’s analytic services aim at identifying potential risks through its VPN access, AWS that allows web access and the collocated cross-connects.

Seed CX Strategic Partners and the Impact!

Generally, the working relationship with Corvil will place Seed CX at a better position technologically. This crypto exchange ecosystem is set to have a more transparent and efficient execution pattern as clients carry out trades.

At the beginning of 2019, Seed CX made known its intention to bring into the market a spot trade option for institutions leveraging its services. In addition, the firm recently joined forces with TradAir which would allow more clients to use its OTC settlement supported by Zero Hash.

Edward Woodford, the CEO & co-founder of Seed CX, noted that Corvil indeed places the firm at a better position with its advanced tech. He added that Seed CX can now use the tools to keep track and prepare for the dynamic cryptocurrency market.

“Through this enhanced analysis of orders, execution, infrastructure, and market data, Corvil helps us deliver the performance, responsiveness, and reliability standards our clients now expect.”

Seed CX Head of Market Operations, Adam Leaman, supported the positive sentiments shared on the prospects of their partnership with Corvil Analytics. He particularly praised the technology as a de facto within the cryptocurrency space stating that Corvil would allow Seed CX;

“focus on delivering new features, stability, and a better quality product instead of developing bespoke internal tools,”

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Author: Lujan Odera

Ripple Announces New Strategic Partnership With MoneyGram (MGI)

Ripple Announces New Strategic Partnership With MoneyGram (MGI)
  • Ripple signs new partnership with MoneyGram
  • Using xRapid MoneyGram will leverage XRP to have faster and cheaper transactions

Ripple has just signed a new strategic partnership with MoneyGram, one of the largest money transfer companies in the world.

Through this partnership, Ripple is expected to become MoneyGram’s partner for cross border payments and exchange settlements using virtual currencies. The information was released by Ripple in a recently published statement.

Ripple Announces Partnership With MoneyGram

As per the announcement made by Ripple, during the next two years, Ripple will be providing MoneyGram with cross border trading services and foreign exchange settlement through digital assets. At the same time, Ripple has decided to provide a capital commitment to the company, allowing them to draw up to $50 million in exchange for equity.

Through this partnership, MoneyGram will be using the xRapid product developed by Ripple to reduce the reliance on pre-funding bank accounts. Funds would be sent from one currency and settled in another currency in other countries.

The xRapid product uses the XRP digital asset in order to make fast and cheap transfers. XRP is one of the most efficient digital currencies for settlement with transaction fees that are just fractions of a penny.

MoneyGram Chairman and CEO, Alex Holmes, commented about this partnership:

“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”

At the moment, MoneyGram is operating in a $600 billion global remittance market and it has served millions of customers in different countries around the world. MoneyGram relies on traditional foreign exchange markets in order to be able to meet its market obligations.

After the announcement released by Ripple, the price of the XRP digital asset moved over 5% from $0.43 to $0.45.

A few weeks ago, several rumors spread regarding Ripple purchasing MoneyGram. It seems that Ripple had something prepared, and this partnership seems to be very important for the future of the third largest digital asset.

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Author: Carl T

ABN AMRO Clearing Bank, BUX Partner to Work on Blockchain Investment Trading App STOCKS

ABN AMRO Clearing Bank, BUX Partner to Work on Blockchain Investment Trading App STOCKS
  • ABM AMRO Clearing signs a new partnership with the mobile investment platform BUX
  • The new commission-free stock trading mobile app is expected to be released this summer

ABM AMRO Clearing, a global securities services provider, has signed a new partnership with the mobile investment platform BUX to create a commission-free stock trading mobile application. The information was released by BUX in a press release on May 29.

ABN AMRO Clearing Signs Partnership With BUX

As per the news release, ABN AMRO Clearing is one of the top three clearer for derivatives and cash securities, OTC products, commodities and other asset classes in different time zones. Indeed, the company was able to process 3.79 billion trades just in 2018 alone.

The new application is going to be called STOCS and it is expected to be launched as soon as in summer 2019. The goal is to reach the the whole European Continent and start rolling it out in the Netherlands, followed by Germany and then the rest of Europe.

The funds that clients will deposit on the platform are going to be held by ABN AMRO Clearing in a specific individual blockchain bank account. This bank account leverages the proprietary Banking-as-a-Service platform, which will allow ABN AMRO Clearing to operate as a bank.

At the same time, ABN AMRO Clearing will also provide STOCKS with a solution called Smart Order Routing that will allow clients to buy and sell orders on the platform.

According to a BUX spokesperson, the new solution is expected to work in a similar way to a bank account. However, instead of using escrow accounts, the funds will be administered in the blockchain network.

Moreover, ABN AMRO has also launched a blockchain inventory tracking platform that is used to leverage the Internet of Things (IoT) technology.

[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: Carl T