We asked for more context on the soundbyte statistic.
An estimate by the World Bank pegged 2016’s global remittance market at $573 billion, and a whopping $422 billion of that went to developing countries.
The simple act of transferring money from one country to another — more formally known as remittance — is one economic heavyweight of a market, yet blockchain technology is poised to change its operations anyway. Already well-suited for securely transferring units of value around the world, the same technology that powers Bitcoin holds great implications for the world’s remittance businesses.
Ripple is among the most relevant companies for those looking at this space through a fintech lens — its On-Demand Liquidity platform and XRP cryptocurrency have been part of how mainstream remittance company MoneyGram operates since August 2019. Speaking on stage at Ripple’s Swell conference, MoneyGram CEO Alex Holmes let it fly earlier today that 10% of his company’s business between the US and Mexico happens with help from Ripple’s On-Demand Liquidity.
10% of what, though?
The fluffy but blockchain-positive bit of publicity on Ripple’s website calls much more attention to the statistic. It’s exciting prospects if cryptocurrency technology can account for 10% of how a major remittance company does business between two countries, but when was this milestone reached, and that 10% figure accounts for what size whole? Reached for comment, Holmes went into limited detail:
“The 10% relates to the ODL (On Demand Liquidity) platform and represents the percent of our Mexican peso volume that we trade. We take USD and buy Mexican pesos. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar. True success will be determined by others joining the platform, so it’s early days.”
For not wanting to reveal the size of MoneyGram’s US-Mexico business, Holmes seems happy to talk about the technology’s potential to bring ease of international transaction to new countries.
After a month of inaccessibility, Cointelegraph’s Facebook page has been unblocked and will return to keeping you informed on the latest in crypto immediately.
After being banned for more than a month, Cointelegraph is once again accessible via Facebook.
There were more questions than answers when the block took effect on September 18. Facebook has a hardline anti-crypto policy when it comes to paid advertisements, but ours was a community page for distributing reported news, boasting more than 700,000 likes.
It’s not clear what happened to initiate the block. Facebook’s policy for pages of this kind revolve around prohibiting “misleading, fraudulent or deceptive” information, and they “must not facilitate or promote online gambling, online real money, games of skill, or online lotteries without our prior written permission.” None of these apply to the content we produce and distribute.
Our Instagram page remained live and active throughout this time, even though Facebook owns that company as well.
A Facebook rep shared via email that the Cointelegraph page was unpublished in error and is live once again. That means there’s never been a better time to visit us on Facebook and give us a like.
This crypto nation is rising.
Cointelegraph’s global reach is growing with the launch of its Turkish edition today, October 24. This signals Cointelegraph’s continued expansion as we open our new headquarters in Istanbul.
Turkish editor Erhan Kahraman will lead the charge, building a team that delivers relevant news to the crypto and blockchain communities in this part of the world. Here’s what you need to know.
With a population of 82 million people, this country bordering the Mediterranean and Black Seas is an established early adopter for cryptocurrency and blockchain technologies. According to a report by Statista, 20% of Turks are familiar with crypto in one way or another. We expect that level of awareness to quickly ramp up, and Turkey is becoming a point of interest for crypto players around the world.
There’s a lot of evidence to confirm it. Major crypto companies are setting up shop there, and the Turkish government last month teased plans to unveil its own national cryptocurrency. This region is clearing becoming more important within crypto, not less important. Industry leaders are gathering under the umbrella of Blockchain Turkey Platform to research and develop common blockchain practices.
“Cointelegraph Turkish will expand the global presence of Cointelegraph in the region,” said Erhan Kahraman, Cointelegraph Turkish Editor. “The Turkish version aims to create a local knowledge base for newcomers to the crypto community, while also covering breaking news from around the globe, price analysis, and market updates for veteran traders.”
Turkey will join Cointelegraph’s existing bureaus in Germany, Italy, Brazil, Japan, Korea, Spain, and Serbia. We’re excited to have yet another foothold toward delivering valuable crypto news from around the world to our readers, wherever they may be.
Cointelegraph travelled to South Korea to meet a new generation of crypto entrepreneurs.
In the last few decades, South Korea has been among the fastest developing countries in the world. It is currently the planet’s third-largest crypto economy, after the United States and Japan.
Cointelegraph traveled to Korea to meet a new generation of crypto entrepreneurs who are building the future of blockchain. Among the people we talked to were representatives of established firms — such as crypto investment funds Hashed and Kakao’s blockchain subsidiary GroundX — but also common Korean investors who still see Bitcoin as a path toward a better life.
Despite strict regulation on initial coin offerings and cryptocurrency exchanges, South Korean authorities are also helping the crypto industry and implementing blockchain technology in the public sector. For instance, the city of Busan, Korea’s second-largest city, is creating a local digital currency that will be used in people’s everyday life.
Even though it is fertile ground for crypto entrepreneurship, the Korean market is very competitive: as popular Korean blogger Spunky told Cointelegraph, the overwhelming majority of crypto startups are bound to fail. Only the most daring entrepreneurs offering the best use cases will emerge.
Given the size of Korea’s crypto economy, it is only natural that Cointelegraph opened a new representative office in Seoul. Check out the video from the launch party!
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