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Report: Blockchain Outperforms Mainstream Remittance Industry

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A report from Blockdata says that, “due to legacy technology and a large number of intermediaries, moving money from one country to another is a slow and expensive process. When you consider that payments sent to friends or family abroad, or remittances, make up a sizable chunk of the income of hundreds of millions around the globe, the need for lower costs and faster transfers becomes obvious. So we took a deep dive into the remittance industry to understand how innovators are using blockchain to improve services.”
Blockdata makes it known that its report looks at the current state of the remittance industry, how blockchain technology can be used for remittances, and what the potential impact of blockchain will be on this industry.
The report stresses the fact that blockchain is back in the headlines again and which it renders thanks to reports of both Facebook and JP Morgan for working on their own digital currencies.
It notes  that JPM Coin will be used to handle some of the $6 trillion per day transacted between JP Morgan clients, while Facebook’s coin will be used for sending money on messaging platform WhatsApp. And by so doing, it appears likely that both stablecoins will be used to “facilitate cross-border payments, one of the most appealing and achievable uses of blockchain technology.”
As a matter of fact, blockchain innovation as a relatively new technology can be costly and slow to progress. However, owing that annual global remittance payments are projected to surpass $1 trillion by 2022, the potential impact of blockchain here is enormous. Credibly, improvements to transfer speeds and a reduction in fees will have a real impact on the well-being of hundreds of millions of people.
Key insights from the  report are:

    • The global remittance industry is projected to hit $1 trillion by 2022 and $1.4 trillion by 2025.
  • Based on the compounded annual growth rate (CAGR) for each region since 2000, we project that global remittance outflows will grow by around 12% each year.
  • Remittance settlement time is 388 times faster on blockchain than traditional channels.
  • India, China, Philippines, Mexico, and France made up 35% of total remittance inflows in 2017.
  • Dozens of blockchain remittance companies have been created since bitcoin’s genesis 10 years ago.

In summary, Blockdata claims that the  results show that about two-thirds of remittance startups utilize blockchain technology without their own token.
“Most of these companies are building on existing blockchain infrastructure like RippleNet or Stellar; others like Everex are integrating their own cryptocurrencies to transfer funds between parties; Wyre uses its own proprietary blockchain technology to complete cross-border payments.” The report says.

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PayPal has reached 85% of Binance.US Volume in first month of Crypto services

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The payment giant company in the United States, PayPal is said to have reached a benchmark of 85 percent of the total trading volume of Binance.US; a cryptocurrency trading platform within its first month of operation. The payment company which was once skeptical about anything Bitcoin and cryptocurrencies launched and started offering cryptocurrency services to its users last month, October, 2020. This was made possible by a partnership between Paxos and PayPal to make cryptocurrencies available to users in the United states.

However, the daily trading volume has risen to 25 million dollars, a figure close to the total trading volume of Binance.US since PayPal launched. The figures on the trading platform of Paxos; itBit exchange rose from a daily figure of 5 million dollars to a whopping $25 million in November after a month of partnership with PayPal. Whether the partnership with PayPal is the reason for the spike in the daily trading volumes or other reasons are responsible for it, this remains unclarified.

PayPal has an estimated user base of over 346 million users over the world. Whether or not the partnership is responsible for the spike in the 24-hour trading volume on Paxos’s platform, offering crypto services on the platform is about to see a new level of adoption of cryptocurrencies worldwide.

Tola says he wants more big companies to go after PayPal’s footstep

Tola Joseph, the CEO and founder of twitterCryptomasterclass has expressed his views via his twitter handle (@connectwithtola) as regards the report about PayPal reaching 85 percent of the daily trading volume of Binance.US. He says he wants to see giant companies get involved in crypto and offer cryptocurrency services in a tweet.

He also included in another tweet what will happen in one year if PayPal’s one-month volume could be a competition to cryptocurrency exchanges. He included that he wanted the payment giant to offer cryptocurrency exchange services.

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Singapore’s Largest Bank, DBS to Launch Crypto Trading & Custody Service

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Singapore’s largest bank is reportedly making an inroad into the blockchain and cryptocurrency industry with the launching of a cryptocurrency trading and custody service. 

The Bank DBS is also reportedly launching in addition a platform for conducting security tokens offerings STO. The trading service will support five major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC). 

The DBS cryptocurrency trading platform will also support four fiat currencies such as the US dollar, the Singaporean dollar, the Japanese Yen and Hong Kong dollar. 

It’s revealed that using it’s STO features, businesses will be able to issue tokens. The bank further revealed the trading platform will not hold cryptocurrency rather, it’ll be held by the Bank itself. The bank said the service will offer “distinct advantages such as the assurance of institutional-grade security.” 

While the move of the Bank to release its cryptocurrency offerings further validate the idea that blockchain technology will be adopted by businesses and government globally, and more Singaporeans will be able to conveniently purchase cryptocurrency, the Bank was quoted saying:

DBS’ plans for a digital exchange are still [a] work in [progress], and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”

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A WordPress Plugin Now Allow Contents to be Time stamped on Ethereum

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A WordPress plugin has been developed to allow WordPress users time stamp contents on the Ethereum Blockchain. 

The plugin which was developed by an Amsterdam based firm WordProof helps WordPress website owners with Copyright issues by giving assurance to traders who the creator of a content and the integrity of same content considering blockchains cannot be tampered with. 

WordPress is one of the largest Content Management Systems on the internet powering up multitudes of websites of various types. 

The plugin was announced by WordProof on the 22nd of October, 2020 at the London BlockDown 2020 3D virtual blockchain conference. At the event, WordProof Head of Product, Jelle van der Schoot revealed the firms envision itself to be the most user-friendly timestamping tools for use across all Content Management Systems and e-commerce platforms. 

According to WordProof, it also supports other blockchains such as Telos and EOS. 

Speaking on the support of Ethereum on WordProof, Jelle van der Schoot said “Adding support for Ethereum marks an important step towards achieving this goal, so we’re excited to welcome the Ethereum community!”

It’s no doubt content theft is a serious challenge and alterations of published contents that could impact truth poses a serious concern to information flow. But with the ability to timestamp contents on WordPress just like Steemit and Hive blockchain blogging platforms, the defining features of blockchain become available to millions of WordPress users for use.

Other WordPress based crypto plugins 

While the development of WordProof and its integration with Ethereum, it’s not the only WordPress plugin. Over the years, there has been several blockchain and cryptocurrency plugins offering features to enrich the WordPress user experience. There has been plugins that display cryptocurrency prices, plugins that allows automatic publishing to Steemit, that allows the buying of cryptocurrency amongst several others.

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