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Is Ripple’s testnet being used for running Thailand-based DeeMoney’s services?

Arijit Sarkar



Credit: Wikipedia

While strong opposition from government bodies has crippled cryptocurrency’s adoption in the past, the recent involvement of non-financial companies leveraging crypto has been a differentiator for future users. As a result, crypto-leaders including exchanges and token providers are on a partnering spree, aimed at gaining monopoly over new and emerging markets.

Leading this race is Ripple, the crypto-tech giant currently speculated to run the entire network for Facebook’s upcoming stablecoin. Additionally, the company made news for its numerous partnerships with fintechs and banks across the world. While Ripple has been open about such announcements, a Twitter user, @Covalent5, discovered a new code that suggests Ripple’s server being used to host DeeMoney’s service. The tweet read,

“Ripple – DeeMoney – MoneyGram”

Source: @Covalent5

The screenshot details the use of Ripple test network for running DeeMoney’s services. DeeMoney is a Thailand-based financial institution that is currently partnered with MoneyGram for enabling global distribution of currencies. While the client IP address on the screenshot is private (usually to evade detection), the code uses an URL that points to Ripple’s official server.

The code’s primary URL makes use of xctest, which is a framework to write unit test for Xcode projects. Additionally, the code shows the use of nginx high performance server that is currently used by companies such as Netflix and Github, which has also led speculators to believe the actuation of the project.

While none of the companies involved, including DeeMoney, Moneygram and Ripple have publicly announced any partnership, Ripple’s recent movements in the international market have given fuel to such speculations.

In what could be yet another confirmation, crypto-enthusiast @TimDoerr, further checked the URL on the screenshot and found out,

“Actual external address below points to Ripple’s hosted Amazon services”

Source: @TimDoerr

This article will be updated post any official confirmation on the part of either of the parties.

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Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla



Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.

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