The concept of cross-border transactions has been given a huge boost with MoneyMatch, a FinTech startup announcing that they have conducted their first ever cross-border transaction out of Malaysia using Ripple’s product, xVia.
Adrian Yap, the CEO of MoneyMatch stated:
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.”
The MoneyMatch team have revealed that the company partnered with Ripple to integrate the cryptocurrency company’s xVia technology to ensure seamless and faster cross-border transactions. The report by the company stated that Ripple’s technology was used to send money from Malaysia to Spain, thereby converting Malaysian Ringgits to Euros. MoneyMatch also added that the transaction was completed within a couple of hours whereas transactions on traditional ecosystems like SWIFT would have taken days.
According to reports from the company, once the transaction to Spain was completed, MoneyMatch conducted trade from Malaysia to Germany, Latvia, and Ireland.
This is not the first time that xVia has been used by a financial institution with the latest partnership being with Plato, a London based all in one smart banking platform. The company will be making use of Ripple’s xVia interface to enable cross-border payments across various networks.
In a press release on 28th August, Platio’s CEO, Dima Okhrimchuk, briefly explained the mission of the company. He had stated:
“Platio aims to take the best features from both crypto and fiat financial systems. Our Smart Banking Ecosystem is set to increase confidence in crypto as an asset and drive its global adoption”.
Ripple’s rapid entry into the banking industry has also been quite apparent with news of the cryptocurrency company’s partner, Banco Santander, partnering with SWIF to go live in countries such as Spain. The United Kingdom, Poland, and Argentina.
The announcement read:
“With SWIFT gpi, Santander can now offer a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.”
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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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Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem
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