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‘Blockchain technology can transform the MENA region’, says Ripple and Roel Wolfert

Akash Anand

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'Blockchain technology can transform the MENA region', says Ripple and Roel Wolfert
Source: Pixabay

The main focal point of a lot of cryptocurrency organizations is to cater to the vast majority of geographical regions across the globe. This mantra has been diligently followed by Ripple for its propagation of an efficient system for cross border transactions, again ratified by its recent share of a blog by Roel Wolfert, Managing Partner at VGrip titled “How Blockchain Will Help Banks Tap New Markets in MENA”.

The blog post’s release coincided with the recently concluded Ripple Regionals MENA, a conference where proponents in the South Asian and Middle Eastern regions spoke about the need for a revamp in terms of transfer technologies. In Wolfert’s blog, he stated:



“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

The Managing Partner talked about how Blockchain is disrupting traditional remittances and banks, citing the recently published report by Blockdata which stated that blockchain-based transactions are 127 times cheaper and 388 times faster traditional remittance methods. Wolfert further made his case for blockchain technology by adding:

“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

Ripple’s prowess in the cross-border transactions department was also recently covered in a Forbes article, which mentioned the Brad Garlinghouse-led company’s partnerships with financial mainstays like Banco Santander and PNC bank. The piece stated:

“PNC bank is using Ripple’s blockchain software to process international payments. Santander is already collecting revenue from One Pay FX, a blockchain-based foreign exchange service that is also built on Ripple technology.”





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Altcoins

Ripple CTO dismisses Coin Metrics report saying it was a ‘timeline issue’, Tron [TRX] futures to soon start trading on OKEx platform and more

Febin Jose

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Ripple CTO dismisses Coin Metrics report saying it was a ‘timeline issue’, Tron [TRX] futures to soon start trading on OKEx platform and more

Daily Crypto News – May 18

1) XRP-backed stablecoin: Kava Labs is developing a stablecoin, USDX, backed by XRP on a Cosmos Zone, which dynamically maintains stability to USD with decentralized mechanisms.

Read more at https://bit.ly/2HE7xAv

2) BitMEX insurance funds: While some panicked when Bitcoin crashed suddenly, others remained calm and assessed the situation. It was noticed that there was a huge sell order on Bitstamp, which pushed the price of Bitcoin by ~20% in a few minutes.

Read more at https://bit.ly/2VNgUaK

3) USDC do not exceed balance of US dollars: News revolving around the USD Coin [USDC] had taken a negative connotation when Coinbase CEO Brian Armstrong was called out for shilling the cryptocurrency. As a way to put any fears or speculations to bed, Grant Thornton LLP, an independent accounting firm released the latest attestation report on US dollar reserves backing USDC.

Read more at https://bit.ly/2Ej5dxM

4) SatoshiPay launches Solar Wallet: SatoshiPay has been working closely and designing micro-payment apps for the Stellar Network. Earlier this year, the micro-payment solution company launched ‘Solar wallet’, a stellar network-based and user-friendly desktop wallet. The Solar Wallet has proved to be user-friendly and easy-to-use and can securely manage funds.

Read more at https://bit.ly/2HrJ6HH

5) Blockstream CSO on Bitcoin: Samson Mow, Blockstream’s Chief Strategy Officer appeared in the latest Keiser Report discussion featuring Max Keiser. Talking about the satellite, Mow said that the purpose of Blockstream satellite was to provide redundancy for the Bitcoin [BTC] network.

Read more at https://bit.ly/2VvuQkY

6) HitBTC is insolvent, claim customers: According to a series of tweets by CryptoMedication, from Zerononcense, cryptocurrency analytics and research firm, the exchange is “insolvent”. The Twitter handler exclaimed his surprise that the exchange was “still in operation” as they had only 350,000 BTCs after their liquidation.

Read more at https://bit.ly/2JtlOTK



7) Weiss Ratings on Bitcoin’s price movement: Weiss Ratings, the crypto-specific rankings company, which, at times has rubbed the cryptocurrency industry the wrong way on predictions, suggested an absence of “manipulation” and termed the fiasco as a “normal market correction”.

Read more at https://bit.ly/2JrYtlE





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