InstaReM’s CEO, Prajit Nanu, spoke to Ripple’s Asheesh Birla about advancing financial inclusion worldwide and how he plans to achieve it.
Ripple-backed InstaReM is a digital cross-border money transfer service provider that entered the European market in 2018. Headquartered in Singapore, InstaReM has customers spread across 35+ countries, and is at the forefront of fintech innovation in Southeast Asia.
Prajit Nanu spoke about the 7-8% fees on remittances worldwide and how it was higher in some Southeast Asian markets where the need for affordable money was the greatest. He added that financial inclusion can be improved by building an “ecosystem of companion products, including insurance, that can be used in tandem with remittances to improve financial stability.”
The Ripple Insight blog by Asheesh Birla said,
“… Prajit is focused on helping InstaReM customers by reducing the cost and enhancing the speed of its remittance services. By improving both, InstaReM is able to deliver greater impact while also expanding its market share.
For InstaReM, Ripple eliminates the need to prefund accounts in a number of countries, enabling real-time transactions at a fraction of the cost compared to the traditional methods.”
Prajit Nanu acknowledged that liquidity was a big factor when it came to remittances, stating that Ripple was helping InstaReM with it. Nanu also added that they had eliminated pre-funding by utilizing Ripple’s corridors in the Philippines and Mexico, allowing InstaReM to send any amount of money instantly without batching or increasing overall transaction volumes.
InstaReM started its journey as a money transfer service provider in Australia in 2015. According to the World Bank, InstaReM has been the most competitive remittance platform in several Asian corridors, such as Australia to India, Malaysia, the Philippines, and Vietnam through three consecutive quarters.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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