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The Hidden Tax Risks Of Using Ripple’s XRP For Cross-Border Payments

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A debate­ has sparked among prominent figures in the­ cryptocurrency industry regarding the tax implications of using XRP for inte­rnational transactions. The­ focus lies on how XRPL pathfinding influences taxable­ events.

Fredo Ayala, an accounting expert passionate about digital assets, sparked controversy by claiming that a single-ledger XRP settlement without price changes would only impact the customer’s taxes. However, If prices change during pathfinding, both gains and losse­s could trigger taxable eve­nts.

Neil Hartne­r, a senior software engine­er at Ripple, sought clarification regarding a spe­cific case involving a cross-currency payment from USD to EUR. This transaction occurs automatically through bridging USD to XRP and the­n converting XRP to EUR. 

Ayala confirmed that such a transaction would trigger taxable­ consequences, de­pendent on the profits or losse­s compared to the original cost at the time­ of purchase.

RephraseMatt Hamilton, a former dire­ctor of developer re­lations at Ripple, made an intriguing comparison betwe­en traditional banking processes and the­ decentralized e­xchange in XRPL. According to Ayala, banks, being legal e­ntities, already report the­ir gains and losses. 

However, since­ the decentralize­d exchange in XRPL is not classified as a re­porting entity, the responsibility of handling tax-re­lated matters falls on the party initiating the­ transaction.

Taxability Of Crypto Profits: Ripple CTO’s Insight

David Schwartz, Ripple’s CTO, and one­ of XRPL’s creators, emphasized that the­ taxability of profits and gains is not dependent on the­ reporter. He argue­d that any profit or gain made throughout the process should be­ considered taxable income­ for the responsible party.

The comple­xity and uncertainty of tax regulations for crypto transactions, particularly those involving multiple­ currencies and jurisdictions in cross-border payme­nts, are highlighted by the ongoing de­bate. 

CoinTracker, a crypto tax software platform, re­ports that different countries e­nforce varying rules on taxing crypto income and capital gains. For instance­, Germany and Singapore do not levy taxe­s on long-term capital gains from cryptocurrencies, while­ the US and UK have contrasting policies.

Furthermore­, France, and Japan have distinct guideline­s regarding taxation on crypto-to-crypto trades. In contrast, Canada and Australia consider the­m as barter transactions.

Moreover, India and South Africa have­ ambiguous or inconsistent tax policies for cryptocurrencie­s, leading to confusion and challenges for crypto use­rs.

Related Reading | XRP Crashes 10% as Market Turns Red, Optimism (OP) Continues To Struggle, VC Spectra (SPCT) Leads The Bull Market In 2023

Smartphone Giants Samsung to Add Support For Stellar Payments Blockchain

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On July 15, the Stellar Development Foundation (SDF) revealed that it has been working with South Korean electronics giants, Samsung, to link its blockchain to the Samsung Blockchain Keystore. The addition of Stellar payments blockchain to Samsung gadgets aims to allow Stellar users to handle their private keys properly and securely.

The management and storage of private keys have been a major challenge for blockchain users. Indeed, the ability to manage private keys safely and comfortably is a vital barricade that the blockchain industry must resolve if it wants to achieve mass adoption. Although there is software that can store private keys on behalf of users,  they have been faced with security vulnerabilities.

Samsung’s secure and easy to use key management capability

Notably, the safest technique is the use of hardware-grade isolation. A different computer processor that can only be accessed by sanctioned software is used to secure private keys from snoopy individuals. This is the same capacity of security that Samsung launched earlier this year. While launching the new S20 Galaxy model, Samsung stated:

“We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain, Private Key. Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”

Back in March 2019, Samsung added support for Ether while releasing its Galaxy S10 model. Later in the same year, smartphone giants also integrated support for Bitcoin, opening the way for more than 30 different cryptocurrencies. SDF ‘s move to integrate Stellar payments blockchain with Samsung is crucial, as the electronics company is a terrific global distributor. According to data by Statista, Samsung sold approximately 300 million gadgets in 2019 alone.

Stellar payments blockchain on Samsung smartphones

Capacity to provide smooth and secure key management; is not the only reason Stellar ‘s blockchain payments partnered with Samsung. Stellar ‘s ambition to further expand its global presence is a crucial factor in the new partnership. It provides a platform for Stellar-based companies to create innovative applications for Samsung users.

Furthermore, now that Samsung is supporting Stellar, its developers can now develop blockchain applications and solutions for Samsung Galaxy phones. However, not all of the Samsung gadgets support integration. Supported models include the Galaxy S20 Series, Galaxy Z Flip, Galaxy Note 10 Series, Galaxy Fold and Galaxy S10 Series.

Digital Technology Adoption Triggered by COVID-19

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Initially, before lockdowns were made worldwide due to the novel coronavirus pandemic, digital technology in banking was already gaining momentum. The adoption of digital technology has increased in the midst of the current lockdown.

Current trends lead more businesses to adopt emerging technologies, such as electronic payments, which would benefit fintech and other related firms during this pandemic. According to the President of the Singapore Fintech Association, Chia Hock Lai, the extended span of social distance would alter the customer’s and business preferences leading to digital technology; not only millennial and digital awareness, but inclusive of all age groups.

Digital Technology adoption among businesses and financial institutions to accelerate

Industry gurus and academics claim that start-ups, especially those with strong funding, would have to live long enough to enjoy the benefit, and this could turn out to be a challenge if investors expand more cautiously.

Indeed, DBS Bank, headquartered in Singapore, initially approximated to fully digitize one million clients by 2021. This figure was triggered by the safe distance norm and circuit breaker measures that lead individuals online in 2020. The bank is now just 100,000 clients below the target amount.

According to the DBS consumer banking group head:

 “We anticipate that Covid-19 could accelerate the digital adoption timeline by years.We can expect this momentum to be maintained. Past studies have shown that customers who pick up digital payments or banking services tend to keep up with them after overcoming the initial inertia, or when they have the impetus… to adopt digital services.”

Fintech startups to struggle to obtain consistent funding

Moreover, according to OCBC Bank’s Head of Digital and Innovations, Pranav Seth, financial transactions increased by a massive 40% in the first three months of this year, compared to the same period last year. In addition, he reported that digital transactions on the PayNow bank’s platform had increased three times, while ATM transactions had decreased by 20% between February and March.

In conclusion, Assistant Professor Wang Xin of Nanyang Business School claims that some financial technology start-ups may face financial challenges due to the current high unemployment rate and credit needs of heavily affected sectors such as airline, hospitality and entertainment.

Ripple – “Families Shouldn’t Have to Wait to Receive Payments from Overseas”

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On 9th April, Ripple published a blog on how the company was helping out people in Thailand for cross border payments. They established their plans for making new connections and expanding the remittance capabilities of RippleNet customers like digital money transfer service Azimo and universal banks like SCB Thailand. 

As one of the top global remittance destinations, Thailand receives over 6 billion USD from countries worldwide annually. Irrespective of the heavy payments coming in, the country experiences costly transactional fees. 

To fight the expense and time-consuming transactions, at a time when the pandemic is on the rise, Ripple is leveraging Azimo and SCB Thailand with Ripple’s Global Payments Network – RippleNet. This will enable “instant” cross-border payments from Europe to Thailand.

“Connections like this help solve the challenges of expensive and unreliable global payments. Before, remittances from Europe into Thailand averaged more than one business day to settle. Now, through the RippleNet connection with SCB, Azimo can clear Pounds and Euros into Thai Baht in less than a minute.”

Recently, Azimo launched RippleNet’s ODL [On-Demand Liquidity] service as a part pf their remittance capabilities in Philipines. According to Ripple, from the time Azimo joined hands with them, the payment provider has been able to expand their reach by offering more places and ways to move money. 

Cross border payments have always been a problem to the export/import community, but with the ever-increasing global businesses, cross-border payments needed a faster, secure and easier solution. With a single connection, financial institutions can now gain access to blockchain technology and its immutable ledger along with faster than ever transaction timeline using Ripple’s ecosystem especially in a time of crisis and global lockdowns. 

Unconfirmed: Bank of America and Ripple Have Something Cooking 

One of the XRP influencers on Twitter tweeted, “Bank of America and Ripple are about to drop the atomic bomb of announcements and it will send $XRP soaring. Mark my words it’s coming.”

The tweet included two screenshots, one belongs to the official account of Ripple which has asked the influencer to take down a post which consists of certain “larger campaign” and that the information was leaked prematurely. While the other screenshot consists of Bank of America details which hints at something Ripple and BOA might be working on. 

Here are the screenshots:

Azimo and SCB Thailand Bank of America

 

Image Source: XRP 2020 Twitter

Along with this, there are rumors going on about Ripple being acquired by Bank of America. You can check out more about it here!

Ripple Gets Major Mentions in SBI Holdings’ Plans for Future Crypto and Blockchain Adoption

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Ripple and its partners have made it a point to deliver products all across the world for global consumption. Over the past two years, Ripple has undergone many changes to establish itself as a market leader in cryptocurrency cross border transactions.

Recently, SBI Holdings published a report outlining its next quarter financial plans. Ripple was mentioned several times in the report of SBI, most of which adhered to cross-border transactions and how the company intended to improve payment gateways.

SBI Holdings talked about how MoneyTap has been successful in accepting an investment from Ripple and therefore create more products on the blockchain. MoneyTap plans to accelerate commercial services through the implementation of applications, common gateways and a RC cloud.

The report added that over 34 banks had invested in MoneyTap. These banks included The Awa Bank, EHIME Bank, Kita-Nippon Bank and the Shiga Bank.

The SBI group is advancing the adoption of private cloud-based accounting systems to regional financial institutions in order to integrate their systems. In the beginning, the SBI Sumishin Net bank plans to introduce Hitachi’s accounting system into many workings.

Once this integration takes off, financial institutions are expected to operate more stably with reduced maintenance costs.

According to the report, the SBI Group will offer technology into the private cloud or the SBi Financial Cloud. The Cloud is expected to be powered by Amazon Web Services which will then support the common platform running on APIs.

This will then be used for Fintech ventures and various other services. SBI further claimed that it will provide an API platform to financial institutions to support the adoption of fintech startup companies’ services and systems.

At the moment, the SBI Group has adopted 10 companies while 5 other companies were in the process of adoption. Sources close to the company revealed that there are are seven more companies in the pipeline.

The next anticipated development from SBI was SBI DigiTrust, a platform that offers services that utilize advanced technologies of SBI security solutions and NEC.

SBI security solutions will utilize the distributed ledger technology of Corda as well as the popular SSO platform. The company will also include a new and improved security design with solid relationships with the financial industry. SBI believed that they possessed an increased knowledge of financial industry trends, an ace that would give them an edge.

SBI holdings has also partnered with Google’s digital skill training program “Grow with Google“. This was done to promote IT literacy rate in the local communities by working as a hub and partnering with regional financial institutions nationwide. SBI Group is expected to utilize the Google digitization support content to make that a reality.

Ripple Plans to Stamp Cross Border Payments System With Intermex Partnership

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Some cryptocurrency companies have taken it upon themselves to improve the state of cross border transactions across the world to create a stronger financial ecosystem. One such company has been Ripple, the parent of the third-largest cryptocurrency on the charts.

Ripple recently announced its latest partnership with Internataional Money Express Inc to strengthen the cross border payment infrastructure between the United States and Mexico.

Ripple revealed that this partnership was taken to make global payments easy and cost-effective without the hassle of the current financial structure. The Intermex-Ripple partnership will ensure that the cross borer transaction demands in the Latin American and Carribean corridors were taken care of.

According to the latest blog by Ripple:

“The partnership will enable Intermex to leverage RippleNet for faster, transparent cross-border remittance services between the United States and Mexico. More remitters than ever are sending money home to their loved ones through this corridor. According to the World Bank, Mexico is the third highest country with remittance recipients, $36 billion remittance flows in 2019—with the U.S. topping the list of countries with the highest inbound flow to this region.”

Intermex is considered as pone of the biggest remitter service providers between the United States and Mexico. The organization processes more than 30 million payment transactions a year with new customers being added every single day. Intermex runs its operations through a network of 100,000 payer locations. Intermex claimed that it will be able to streamline its settling process using Ripple‘s On-Demand Liquidity  [ODL] index.

Using ODL technology, Intermex will be able to eliminate the need for financial institutions to pre-fund accounts in destination currencies. This allows such organizations to release more capital for better exchange rates. Ripple admitted that post the launch of the ODL, there has been a massive uptake in the industry. It is not yet clear when the company will officially release the ODL integrated product.

Intermex is the second company after MoneyGram that Ripple has partnered with to improve the cross border department. MoneyGram CEO Alex Holmes had also revealed that over 10 percent of US-Mexico remittance on MoneyGram was done on the ODL.

 

Ripple Predicts Asian Market Takeover And a Leaner Payments System In 2020

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Ripple’s focus on the cross border transaction market has been evident from all its updates and developments. But apart from this, the company has revealed that they want to create a more seamless payment network easily accessible to society.

In a recent Ripple blog post, Marcus Treacher, the Ripple SVP Customer Success spoke about what lies in store for financial markets in 2020.

The Ripple official had five major pointers as to what might change in the coming months. Treacher spoke about how the international payments market will continue to get faster and smaller by leveraging emerging technologies. He claimed that there will be more developments oriented towards consumer solutions and increased SME needs.

Marcus Treacher opined that major mainstream banks will delve fully into making cross border transactions faster than ever. This is expected to be done by reducing overhead costs, a major hindrance in the current scenario. To carry out this plan, banks are expected to use upcoming technologies like the Interledger Protocol [ILP].

Today Ripple works closely with a lot of institutional investors and the insights the company received are invaluable. Treacher predicted that in the coming months, banks will turn to cloud providers of banking technology to help reduce overhead costs. According to the Ripple blog:

“…cloud-hosted banking technology providers have developed new platforms with modern methods, pioneers of cloud service providers are ideally positioned to easily and inexpensively integrate into emerging blockchain networks, Artificial Intelligence (AI) engines and other emerging fintech categories—meaning the competitive advantage of innovative banks over slower-moving rivals will be intensified.”

Building consumer solutions on an international level was also a  major area of interest for Ripple and other companies. One concept being tested out is in the field of instant cross border settlement. This would mean that an international tourist can conduct payments in a foreign country while trading in their native currency.

This would be done by tying up banks in multiple countries under the umbrella of a decentralized blockchain network. Micropayments have been tested out in small scale applications like Telegram and Line but the vision for the future is to scale it on a global level.

Small-to-Medium Enterprises [SMEs] are expected to be the biggest beneficiaries of the burgeoning decentralized economy. Marcus Treacher stated that if SMEs use blockchain technology, it will free up more capital for reinvestment. This is then expected to open up SMEs to new markets.

The Asian and the South Asian markets have taken multiple steps over the past few months to become major players in the decentralized economy. This determination to outdo the western markets has been a reason why more and more Asian companies were adopting blockchain technology. Treacher revealed that this rapid expansion will increase the digital asset trade rate coming in from Asia, which at present stands at a whopping eighty percent.

‘Google Coin’, Libra and Big Corporations Foray into Digital Currency

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‘Google Coin’: The media space is currently enthralled by the idea of big corporations venturing into digital currency. Facebook led the way for the big four internet companies (Amazon, Netflix, Google and Facebook) with plans for launching the Libra stablecoin. While Bitcoin had a rough 2019 ending, the blockchain ecosystem entered into a hectic 2020 start. 

Price swings are not that frequent and at best, no more Initial Coins Offerings and scams to wade of industry attention. The fact that it’s so hard to predict tomorrow gains with digital assets, positioned institutions, and corporations as mere observers. However, the sublime of events into a subtle crypto sphere is shifting attention towards the development of fresh projects. 

While it is Bitcoin that sparked the digital money revolution,  established internet firms and central banks will create the future.

Speaking about digital money, Tyler and Cameron Winklevoss highlighted the Big Four, will each have at least one digital currency project by 2021. Headlines of Google attaining Quantum Computing Supremacy in late 2019 voiced alarm on the future of Bitcoin. Later on China would join the space with claims of working towards quantum computing technology. 

This technology breakthrough raised more fear than fun among blockchain communities, given that quantum technology could easily affect Bitcoin’s key features.  If quantum computing falls in the hand of cybercriminals, they could easily hack cryptocurrency ledgers and take control of the blockchain.

Following Google’s breakthrough, the search giant entered into a partnership with Citigroup for launching a fully-fledged smart checking bank account through Google Pay. This announcement piled pressure on Bitcoin developers and the blockchain community to enhance Bitcoin’s user experience and mass adoption. 

Or else Google wipes cryptocurrencies to redundancy. 

The Internet mogul code-named its planned bank account to Cache and anticipates to enable users to implement  Google’s analytic tools in traditional banking products. The firm expects to launch the payment service by the end of 2020, alongside Facebook’s Libra coin. Two projects that pose a major competition for Bitcoin. 

Google Coin Compliance Debate

Regulators in the United States are still concerned that Facebook’s Libra could potentially bypass the US dollar. In addition to as well bypassing the traditional banking system. Meanwhile, with China hot on heels to launch its digital stablecoin, Mark Zuckerberg believes Libra is the only saving grace for the US dollar in the currency wars.

Moreover, Google executive Caesar Sengupta in an interview with the Wall Street Journal noted that Google Pay’s approach is to partner with the existing financial ecosystem.

It might occur that Facebook is the only tech giant struggling with data privacy concerns, yet numerous user privacy controversies have plagued Google as well. For at least half a decade now. 

Google’s Ad Data Aggregation Could Fuel Google Coin

Majority internet scholars argue that Google is an ad company and not a consumer software firm. Hence to make possible its outreach, the search engine collects exhaustive amounts of user data to render its service.

Achieving the full capability of targeted ads calls for an extensive understanding of browsing habits, user background, purchases and several other preferences. All of which Google has the ability to cling to through data aggregation and analysis. 

Unlike Facebook, Google plays its role in protecting user data from hackers and phishing attempts. However, the internet giant’s model needs to collect as much online data as possible for cross-correlating between your offline persona and your online preferences. 

Ben Smith, a Vice President of Engineering and a fellow at Google admits that ads contribute a significant amount of revenue for the company. An amount averaging at least $33.7 Billion per year.

 

The revenue does play a big part in driving Google’s core mission to provide value to everyone. It’s not every day that a company provides top quality products to worldwide users at no monetary cost.

Thanks to the ad revenue, Google can afford to develop expansive user security solutions for free. Yet here is the big question: are these services free in the actual sense, or does Google provide them for free at the expense of user privacy?

Let find out, because;

If Facebook’s Libra gives you worry, Google coin should definitely give you a migraine.

Here are six good reasons.  

Google Coin Data Privacy Concerns

  • Tracking – Tracking and providing user information to advertisers around the world gave Google a whopping $95 Billion in 2017. The internet company tracks through its various applications, from Gmail to Android phones. 

 

  • Incognito – The incognito mode on Google’s Chrome browser tricks users into thinking they are anonymously surfing the net. However, this method is only meant to bar Google from tracking your information. Nonetheless, other websites on the internet can easily track you. 

 

  • Gmail – It is common to find targeted ads a few seconds into using Google’s search engine. The firm combines its native tracking capabilities with the search engine and Gmail to win sufficient user information. 

 

  • Cookies -These are such a crafty way of accumulating user data. Besides Google, hundreds of thousands of internet businesses use them to collect user information. The worse thing is that cookies are stored on a user’s device. 

 

  • Data Leaks – Despite the company admitting to setting aside massive resources for deploying security and privacy checkups, there is always the chance of bug leak. In 2009, at least 0.5 percent of google doc users had their data leaked following a bug leak. 

 

  • Association with National Intelligence (CIA & NSA) – Google has partnership ties with In-Q-Tel, an investment subsidiary of the CIA. The subsidiary provides cutting edge technologies to Intelligence. Which means they can easily acquire user data from Google if they wanted to. 

 

While it is not that Alphabet Inc (Google’s Parent Company) is an unethical company to just sell your privacy; there lies a formidable risk with such a company owning your financial data. Well if Google coin launched today,  who knows the amount of financial data we would provide them with. The fact is we provide too much data to Google and that would pose a great risk to users of Google Coin.

Tim Draper believes that the fiat to cryptocurrency usage ration will become 50-50 after digital currencies become cheaper and frictionless to operate. He added that the attainment of this ratio will make spending and investing of Cryptocurrencies easier and convenient than it is with dollars. 

With Google, Facebook and other tech companies joining the race to digital money, the ratio outlook is by far possible sooner than later.  A situation that also validates that digital currencies are here to stay. 

Sengupta said: 

“It may be the slightly longer path, but it’s more sustainable. If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us.”

The biggest concerns around Libra and Google Coin lie within regulatory compliance, digital security and data privacy. While data privacy is a growing concern with Facebook,  and Google positioning itself as the ethical outlier of “Never be Evil”; users still have not been able to abandon the consumption of their services. Meanwhile,  Google Coin poses a bigger threat against Bitcoin than Quantum computing. 

When you start with Bitcoin and crypto investment, there are a few important things you should learn, such as market capitalization, trading volume, secure cryptocurrency storage, where you can buy crypto in 2020, etc.
Investing in Bitcoin today is widely considered to be a very risky undertaking. But as per my understanding Investing in cryptocurrency does not have to be difficult or risky. Before taking action, investors clearly need to have a strategy and each responsible trader always does its own research before making an investment in any asset. Make sure yours is done!

 

FlashFX continues to push cross border transactions to the Philippines as Ripple’s tech comes to the forefront

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Ripple has been a prime candidate in facilitating other organizations with their cross border payment demands, and the company has gone far and beyond to expand its services to multiple regions. The effects of their developments are now being felt in those countries as FlashFX recently launched a mainstream advertisement for the service.

The company’s advertisement talks about sending money to the Philippines using Ripple and its proprietary technology, xRapid. FlashFX had first begun utilizing the cryptocurrency company’s services back in 2016 when they announced that the tie-up would improve the foreign exchange climate in Australia. FlashFX promised to deliver transparency, real-time settlement, transactional control to the user while at the same time cutting basic transfer costs.

Nicolas Steiger, CEO of FlashFX, had said:

“We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.”

This time around, Steiger had noted that there was no doubt Ripple’s solution was the key to the future of cross border payments as it provides on-demand liquidity using a digital asset.

FlashFX considers Australia as a hotspot for cross border transactions because the Australian Transaction Reports and Analysis Centre had claimed that the country processes $50 billion a year in cross border payments. Native companies have also taken significant strides in making cross border transactions a hit and Coins.ph; a Philippine start-up has had taken a big one in April.

Coins.ph had partnered with banking giant Western Union to enhance its cross-border payments platform. The partnership would integrate Coins.ph’se-mobile wallet into its cross-border payments platform. This would enable Coins.ph customers in the Philippines to receive Western Union transactions.

Users in the community stated that new technologies would be the ones that will bring about revolutionary changes in the financial ecosystem rather than traditional methods. FlashFX is the second major company after MoneyGram that Ripple has partnered with to provide ODL. The strategic integration also resulted in Ripple’s ODL being included in MoneyGram’s current payment solutions.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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MoneyGram CEO believes Ripple partnership is a transformative one

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Ripple’s partnership with MoneyGram has been one of the key highlights this quarter in the cross border transactions industry. Several luminaries and proponents of the field have claimed that Brad Garlinghouse had bagged an excellent opportunity to spread the use of cryptocurrencies in the remittance market.

During the recently concluded Ripple Swell Conference, Alex Holmes, the Chief Executive Officer [CEO] of MoneyGram, spoke to the Ripple CEO about the pressures the industry faces and what’s next for space.

Holmes admitted that the deal between Ripple and MoneyGram was a transformative one as many players in the most enormous scale industry do not attempt to use digital assets to further their cause. The MoneyGram CEO opined that the remittance market had changed a lot in the last several years, and using blockchain technology and cryptocurrencies were definitely the way to move forward.

Garlinghouse further inquired Holmes about the challenges, hurdles, and milestones faced by MoneyGram after entering the decentralized industry. Alex Holmes stated:

“What has amazed me the most is the amount of pressure that legacy players face. The fundamental challenge of moving money around the world is that there isn’t a lot of coordination between financial institutions and there should be more solutions to connect all of these pieces. More and more companies are looking to make the economy move like it should.”

As the discussion proceeded, Holmes also said that at the present moment, there was a balance to be achieved by financial bodies between cash and digital. According to him, the updates and developments do not stop at one milestone but instead have to be prolonged for a long time. Companies now have to be omnipresent in a sense, said Holmes.

MoneyGram has revealed that they are migrating to a legacy system on the cloud with an aim to use blockchain DLT to improve the company’s core systems. The organization’s belief that ODL is the forefront of technology is something that propelled its partnership with Ripple into fruition. Holmes also said:

“Financial institutions have a large opportunity to leverage blockchain and digital assets in order to think differently and push forward more innovation.”

The two partners have stated that they want to push aggressively at the moment to ensure that more trade corridors are opened up that will utilize disruptive technology. Alex Holmes was frank in stating that a couple of years back when the industry was nascent, he did not think it would be anything more than a way to make money. But now he insists it is a new foundation upon which the world can be built.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.