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Stellar Lumens [XLM] technology will influence global payment systems positively, says Jed McCaleb

Sthuthie Murthy

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Stellar Lumens [XLM] technology will influence global payment systems positively, says Jed McCaleb
Source: Pixabay

Stellar CTO and co-founder who is also the creator of Mt. Gox, told CNBC yesterday about his visions for a singular payment system across the world, crucially involving Blockchain technology.

Like Ripple, Stellar is also an international remittance setup powered by Blockchain with its own digital token, is making an attempt to create a similar network at present.

McCaleb quoted:

“It seems pretty clear to me, in the future, there will be an operable universal payments network.”

He added on:

“There is a possibility of a halfway house situation evolving, facilitating uninterrupted use of fiat currencies via Blockchain, allowing people to use things they’re used to, like dollars and euros. “

Many legit financial institutions accept the fact that they are considering both Stellar and Ripple as a major shake-up of their remittance models, as McCaleb’s comments flush in. Ripple is already lined up to be implemented by South Korean Woori Bank on a commercial basis later this year.

Stellar’s blockchain technology could strengthen ‘Universal Payments Network’ by 2028, that is, the future will not just be payments but traditional assets such as stocks which uses Blockchain technology as well.

McCaleb further stated:

“In the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere. The change will potentially occur before 2028.

Stellar Lumens [XLM], the Stellar networks’ very own token was beaming in green for a while before it dropped down yesterday to $0.2512. It was also in the news recently for the adoption of the lightning network as a precautionary measure to neutralize future drawbacks.

Jed, a longtime developer in the crypto world predicted its technology will change global payment systems, stock markets and fundraising by 2028. He has had a hand on some of the largest crypto exchanges to date, starting with Mt. Gox Bitcoin exchange to being the CEO at Stellar currently.

He also said the phenomenon of token sales known as initial coin offerings show how the entire market is not tapped right now by the financial system.

Initial Coin Offerings have raised the equivalent of nearly $9 billion in just over four years, according to a financial research firm, Autonomous Next. The influx of funds into Initial Coin Offerings has also spurred the growth of many fraudulent fundraisers, drawing the attention of regulators. But proponents say the token sales represent a new model for fundraising.





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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