Tag: Remittances

Who is Ripple Labs: The Private Company behind XRP

Who is Ripple Labs: The Private Company behind XRP

BTC MANAGER, RIPPLE
There’s a common misconception within the blockchain and cryptocurrency community, which states that Ripple (XRP) is a corporate entity and the sole company behind the project’s development. The truth, however, reveals something much different. The masterminds behind the controversy-gaining and speedy settlement cryptocurrency, are an entirely separate company with multiple divisions. Of these formed divisions, some are decentralized and are representative of their backing of the XRP cryptocurrency. Others are entirely centralized and have no intentions of integrating or utilizing XRP in any way, shape, or form. Ripple Labs is the primary firm behind the development of the Ripple Payment Protocol, which can almost be seen as a global vision rather than one main technology protocol. To pu
Pakistani Bank Teams With Alipay for Blockchain Remittances

Pakistani Bank Teams With Alipay for Blockchain Remittances

Coin Desk
Pakistan-based Telenor Microfinance Bank, a subsidiary of Norwegian telecoms multinational Telenor Group, has launched cross-border payments using blockchain technology from payments firm Alipay. Claiming it as Pakistan’s first blockchain-based international remittance service, the bank announced Tuesday that the product is a joint effort between Telenor Group’s Malaysian fintech subsidiary Valyou and its Pakistani mobile banking arm Easypaisa, offering real-time money transfers between the two nations. Blockchain will “significantly boost the speed and efficiency” of payments, the bank said in a statement, adding that the money transfers will be “highly secure and transparent.” “Currently, Pakistan receives about $1 billion in home remittances from Malaysia and this Easypaisa-Valyou colla

CoinText Enables SMS-Based Cryptocurrency Transactions Expands to the Philippines

BITCOIN, BITCOIN CASH, BTC MANAGER
On January 3, 2018, CoinText.io, a service that provides a service enabling users to send and receive cryptocurrency using text messages, announced it was enabling its Bitcoin Cash (BCH) wallet in the Philippines reported Yahoo Finance. Simplifying the Use of Cryptocurrency CoinText is an innovative service that allows users to send cryptocurrency to mobile phone numbers or any BCH address. Users needn’t go through the hassle of downloading a wallet or taking any other action to send or receive coins while making the funds immediately available to be re-spent. Vin Armani, CoinText founder and CTO, commented: “The Philippines has many cryptocurrency exchanges that make using cryptocurrency for remittances a no-brainer. With CoinText, Filipinos can make borderless payments and withdraw peso
Where the Future of Crypto Payments Is Being Built

Where the Future of Crypto Payments Is Being Built

Coin Desk
Leah Callon-Butler is the co-founder of Intimate.io, a token project aiming to bring payments, privacy and reputation to the adult industry. The following is an exclusive contribution to CoinDesk’s 2018 Year in Review.  “The stars have aligned,” he said, the room hanging on his every word. “In the same way that the industrial revolution created the economic prosperity that’s made the U.S. what it is today; in the same way that Africa leapfrogged wired telecommunications and went straight to wireless; the Philippines has the potential to be the biggest beneficiary of this technology now. Manila could be the next New York. The next London. The next Hong Kong. The next Tokyo.” The audience at Manila Private House was silent, wholly captivated by Brock Pierce’s speech as he told the story of
National Bank of Kuwait Taps Ripple for New Remittance Service

National Bank of Kuwait Taps Ripple for New Remittance Service

Coin Desk, RIPPLE
National Bank of Kuwait (NBK) has joined Ripple’s blockchain-based payments network seeking faster cross-border money transfers. The bank announced Thursday that it has launched a new remittance service, dubbed NBK Direct Remit, that enables “immediate” blockchain-based payments using Ripple technology. The service is launching with a remittance corridor to Jordan only, but is expected expand to more countries in the near future, the bank said in a statement. NBK has a presence in China, Geneva, London, Paris, New York and Singapore, and regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and UAE. NBK is charging a fee of 1 Kuwaiti dinars ($3.29) per transaction for Jordan transfers if funds are sent to its local branch. For customers using other banks, it will levy 5
National Bank of Kuwait Launches Ripple-Based Cross-Border Payments Product

National Bank of Kuwait Launches Ripple-Based Cross-Border Payments Product

BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY, RIPPLE
The National Bank of Kuwait (NBK) has launched a cross-border remittance product based on RippleNet’s blockchain technology, according to an announcement published Dec. 27.Established in 1952, the NBK is the largest financial institution in terms of assets in Kuwait. Per the bank’s 2017 annual report, the NBK has over $86.3 billion in total assets.The NBK has reportedly become the first financial establishment in Kuwait to implement a remittance product — “NBK Direct Remit” — for international live payments based on RippleNet’s blockchain technology. The product will purportedly speed up cross-border money transfers.Dimitrios Kokosioulis, the deputy CEO of group operations and technology, said that the blockchain-based solution allows the bank’s customers to “make money transfers within se

Japanese Giant Mizuho Financial Group to Introduce Digital Currency for Cashless Payments

COINTELEGRAPH, CRYPTOCURRENCY
Japan’s Mizuho Financial Group plans to introduce a digital currency to be used for remittances and payments in March, English-language Asian media Nikkei reports Dec. 26.According to the article, the fees that the retail shops will be required to pay for accepting the currency will be significantly lower than the fees charged for credit card usage. The transfer of funds back and forth between the digital wallet and the bank account will be reportedly free, as will be sending funds to other users.Furthermore, according to Nikkei, the bank brought “about 60 regional banks on board” to promote cashless payments. Moreover, regional banks will reportedly be able to provide the service under a common name, which hasn’t been established yet.The currency will reportedly be managed by a dedicated
New Remittances System to Tackle Crypto Volatility When International Payments Are Made

New Remittances System to Tackle Crypto Volatility When International Payments Are Made

BITCOIN, BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY, ETHEREUM
A Japanese fintech company has unveiled a system that is designed to address the price volatility seen when cryptocurrencies are used for remittances.Atom Solutions says that, at present, the options for foreign workers who need to make overseas remittances are imperfect. While costs can be high when they try to complete transactions through a traditional bank, an entirely different issue altogether comes to the fore when crypto is used. Because of the wild fluctuations seen in the marketplace — from Bitcoin and Ethereum to lesser-known altcoins — the value of a remittance can fall dramatically in a short space of time, meaning that the fiat converted to crypto for a remittance can be worth a lot less when it’s converted back to fiat at the other end.This is why the firm has devised the Eq

Facebook May Launch a Stablecoin to Target India’s $69 Billion Remittance Market

BLOCKCHAIN, BTC MANAGER
Cryptocurrency’s first killer application may be well on its way from the rosters of Facebook, a company ironically known for practices contrary to the ethos of decentralized currencies and blockchains, reported South China Morning Post on December 21, 2018. Facebook’s Crypto Deal The San Francisco-headquartered social media giant is leveraging India’s mammoth $69 billion remittance market, which also forms the world’s largest. As per sources close to the matter, Facebook will deploy a stablecoin offering on its widely-popular WhatsApp service mobile application that initially begun as a messaging platform but has since grown to offer an umbrella of products such as micro-payments. For the uninitiated, remittances are funds that an expatriate chooses to send to their families and friends
Facebook to Develop its Own Stablecoin for Remittances: Report

Facebook to Develop its Own Stablecoin for Remittances: Report

Coin Desk
Social media giant Facebook is reportedly looking to develop its own stablecoin for money transfers. Citing anonymous sources familiar with the plan, a Bloomberg report on Friday said the company will first focus on the Indian market to let users transfer money via a dollar-pegged cryptocurrency on WhatsApp, the messaging app Facebook acquired in 2014. However, the report added the actual launch of the stablecoin could still be far since the initiative is at a strategic planning stage. Currently, WhatsApp has over 200 million monthly active users in India. India is also one of the largest markets for remittances, with migrants sending $69.59 billion back home in 2017 alone, according to the latest annual remittances report from the World Bank. Facebook set up its blockchain team in May, ai