Transfers | Digital Money Times

Crypto-Based Transfers Can Cut Remittance Costs in Africa by 90%

April 23, 2019 By Mark Lyford Leave a Comment

Remittances have become a lifeline for many people in Sub-Saharan Africa, but the cost of sending money via banks and money transfer operators remains punitively high. On average, it costs 9.3% (of value transferred) to send the equivalent of $ 200 to the region, the highest remittance rates anywhere on the planet, according to the new World Bank 2019 report. However, the cost drops dramatically by as much as 90% when money is sent through cryptocurrency-based fintech companies like Bitpesa.

Also read: Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings Read more...

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Western Union Partners With Crypto Wallet for Cross-Border Transfers

April 10, 2019 By Mark Lyford Leave a Comment

Crypto wallet provider Coins.ph has partnered with U.S. financial service company Western Union to enhance cross-border transfers to the Philippines.

The partnership will grant over 5 million Coins.ph users access to both local and international payments transferred into their digital asset wallets.

According to Coins.ph, the decision to partner with Western Union was based on its desire to ensure that people can receive cash payments from virtually every nation in the world.

In an announcement, the blockchain firm said it would harness Western Union’s global reach and position as a leader in money transfers to grow their services exponentially — and hopefully its user base as well. Read more...

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Crypto Exchange Globitex Launches Banking Solution With Instant Transfers

February 14, 2019 By Mark Lyford Leave a Comment

Cryptocurrency exchange Globitex has launched a new service called the Euro Wallet which allows users to make and receive euro payments in their personal IBAN accounts like any other European bank account. The company claims that this service is a solution to banks closing accounts of crypto businesses.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Globitex’s Banking Solutions

European cryptocurrency exchange Globitex announced on Wednesday the launch of its new service called the Euro Wallet. The company is co-founded by early bitcoin adopter and former executive director of the Bitcoin Foundation Jon Matonis. Read more...

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Facebook Developing Cryptocurrency for WhatsApp Transfers Amidst Another Privacy Scandal

December 21, 2018 By Mark Lyford Leave a Comment

According to sources, Facebook is developing a cryptocurrency that would enable money transfers to be done through its messaging app WhatsApp. As stated in the publication by Bloomberg, the company is working on a stablecoin pegged to the US Dollar to minimize volatility. Unfortunately for Facebook, the wave of exposed privacy breaches and violations that

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Bloomberg: Facebook (FB) Is Working on a Stablecoin for WhatsApp Transfers

December 21, 2018 By Mark Lyford Leave a Comment

Facebook (FB) is reportedly developing a cryptocurrency designed specifically for money transfers on its WhatsApp encrypted mobile-messaging app. According to a breaking report by Bloomberg, the new cryptocurrency will be a stablecoin pegged to the U.S. dollar, in order to reduce volatility. The first focus will be the remittance market in India, according to people familiar with […]
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US Coinbase Customers Can Make Instant, Free Crypto-To-Cash Transfers to PayPal

December 15, 2018 By Mark Lyford Leave a Comment

Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers. This means customers can now move the crypto balances in their Coinbase accounts to their PayPal accounts immediately, at no charge. “These withdrawals are not only fast; they’re free and incur no fees,” … Continued

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‘Bitcoin Premier League Transfers Within A Year,’ Says eToro

October 24, 2018 By Mark Lyford Leave a Comment

Following the bitcoin signing of a Turkish Amateur player in January, could crypto-transfers be heading to the English Premier League? ‘Yes’ and ‘Soon’, according to eToro’s UK Managing Director, Iqbal V Gandham.

Premier League Transfers Paid in Bitcoin

eToro announced partnerships with seven Premier League clubs earlier this season, including former champions Leicester City, and Tottenham Hotspur. Each club is receiving sponsorship monies in bitcoin, in return for promoting the platform.

The clubs have also been eager to explore the benefits that blockchain technologies can bring them, according to Gandham. These might include authenticating merchandise, reducing ticket touting, and even buying new players. Read more...

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Buy and Sell Cryptocurrency for Cash, Guaranteed by Thousands of Escrows Worldwide. International Cash Transfers

October 2, 2018 By Mark Lyford Leave a Comment

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. CryptoCasher is a next-generation platform that seeks to revolutionize the crypto-trading with cash backed by escrow services, in a safe, anonymous decentralized PEP exchange (person-escrow-person). October 2, 2018: Good

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Investors Believe XRP Is Better Than Bitcoin And FIAT For Money Transfers

September 28, 2018 By Mark Lyford Leave a Comment

It’s pretty common to see Bitcoin compared to FIAT and XRP compared to FIAT in the argument over which is the best for the facilitation of money transfer, however it’s pretty rare that we see XRP compared with both Bitcoin and FIAT at the same time.

This is because XRP isn’t really considered a direct competitor to Bitcoin – generally,. They do different things. If we dig right back to the fundamental level of simple money transfers though, many do argue that XRP is far better for the facilitation of this than both Bitcoin and FIAT. Read more...

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Bank Of America Show That Bitcoin Transfers Are 6000 x Cheaper Than Their Own

September 21, 2018 By Mark Lyford Leave a Comment

The Bank of America have released data that shows how Bitcoin transfers equate to around 6000 times cheaper than the traditional transfer of FIAT currencies at the banks own standard rates. Many do argue that Bitcoin transactions carry a ridiculous expense, however with these findings in mind, Bitcoin is still proving to be a far superior alternative to FIAT currencies.

The findings from the Bank of America show that an international transfer in US Dollars costs on average $ 45.00 per transaction, compared to just $ 0.46 for the same transaction made in Bitcoin. Read more...

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Digital Remittance Solutions Provider TransferGo Launches Real-Time Transfers Using Ripple’s Network

September 9, 2018 By Mark Lyford Leave a Comment

If you can’t beat them join them. For one digital remittances solutions provider, this held true. TransferGo announced on September 5 that it had launched a blockchain-based real-time transfer system that’s powered by Ripple. The company revealed that it had settled on Ripple’s network due to its speed of execution and its low costs, dubbing it as the best replacement for SWIFT. TransferGo will focus on the large Europe to India corridor, making Ripple an even better choice as it’s rate of adoption in India is quite high. The announcement comes at a time when most cryptos, Ripple’s XRP included, wiped out billions of dollars in hours. Read more...

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Abra Supports SEPA Bank Transfers, Enabling Crypto Purchases With Fiat

September 6, 2018 By Mark Lyford Leave a Comment

Abra, the all-in-one digital wallet and cryptocurrency exchange, has announced its support for Single Euro Payment Area (SEPA) bank accounts. European users can now enable direct wire transfers from European banks to purchase any of Abra’s 28 available cryptocurrencies.

Founded in 2014, Abra is working toward providing users with maximum privacy and control. The application is non-custodial, and the wallet’s private keys are never held by anyone other than the actual user. Abra employs no middlemen, ensuring customer funds are never touched, managed or viewed by outside parties. Past and present investors in Abra include American Express Ventures, First Round Capital, Arbor Ventures and RRE Ventures. Read more...

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CEX.IO Makes Wire Transfers Advantageous by Eliminating Commission

August 30, 2018 By Mark Lyford Leave a Comment

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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Wyre Adds MakerDAO Stablecoin Pairing for Global Money Transfers

August 15, 2018 By Mark Lyford Leave a Comment

Blockchain money transfer company Wyre has announced a partnership with MakerDAO, creator of the Dai stablecoin, to offer Dai as part of a fiat-crypto trading pair in more than 30 countries across the world including the U.S.

Under the new framework, Wyre’s regulated money transfer infrastructure will be used to facilitate the instantaneous movement of “fiat currency directly into and out of Dai,” thereby removing the unpredictability of “speculative cryptocurrencies like Ethereum and Bitcoin” and benefiting from the speed and security of the blockchain, a press release for the announcement states. The arrangement is designed to give customers a quick and secure money transfer protocol that offers full regulatory compliance. Read more...

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Improving International Money Transfers

July 25, 2018 By Mark Lyford Leave a Comment

TransferTo is has announced a partnering with Stellar.org to further enhance the way in which money is transferred across borders. Under this collaboration, financial institutions and partners of both Stellar.org and TransferTo will benefit from the combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries. Read more...

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Smart Contract Bug Disables ICON (ICX) Token Transfers

June 16, 2018 By Mark Lyford Leave a Comment

It appears that a bug in the ICON smart contract has disabled ICX token transfers. One Reddit user reported a few hours ago that the bug prevents ICX tokens from being moved from any wallet.

Modifier Code Flaw Responsible for the Problem

According to the Reddit poster, the ICON smart contract bug is the same one found in another cryptocurrency project called Yggdrash. The bug is reportedly a flaw in the modifier code as seen in the image below.

Certified German Bank Transfers Loans with Bitcoin, Subverts SWIFT

May 13, 2018 By Mark Lyford Leave a Comment

One online bank in Germany is now using bitcoins for loan transfers.

Subverting SWIFT

Founded by German Radoslav Albrecht, Bitbond is an online bank which now affords its customers the ability to transfer loans internationally — specifically, by using Bitcoin.

The platform uses Bitcoin and other cryptocurrencies to subvert SWIFT — the self-proclaimed world’s leading provider of secure financial messaging services — by lending money around the world instantly and at virtually no cost. Albrecht explained to Reuters TV:

Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days. With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low. Read more...

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Bill Barhydt on Abra’s Pivot From P2P Money Transfers to “Crypto Banking”

April 10, 2018 By Mark Lyford Leave a Comment

Abra is a bitcoin-powered investment and payments app that first came to light at Launch Festival 2015 where it won the top prize at the event. The app uses bitcoin and litecoin smart contracts to represent the value of practically any fiat currency along with 20 crypto assets in the user’s wallet, where the user is always in complete control of their own private keys.

While Abra was originally pitched as an app for permissionless, borderless money transfers, the startup is now entering the realm of “crypto banking.” Abra CEO Bill Barhydt explained this change of focus in a recent interview with angel investor Jason Calacanis on This Week in Startups. Read more...

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Metropolitan Bank Halting Cryptocurrency-Related Transfers

January 15, 2018 By Mark Lyford Leave a Comment

Metropolitan Bank Holding Corp, believed to be widely used by cryptocurrency companies and investment firms, has reportedly ceased all international wire-based, cryptocurrency-related money transfers.

Fortune broke the news that Metropolitan Bank is immediately “ceasing all international crypto-related wire transfers to and from” the bank itself, according to a source that is a customer of the bank. Supposedly, the reason for the shutdown was because the bank could not verify the compliance of international wire transfers for cryptocurrency accounts. The move is alleged to be a response to an incident of international fraud associated with one of the bank’s clients. Read more...

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