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Ripple-Backed MoneyGram and Walmart Building Cash Transfer Service for Nearly 5,000 Stores

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  • Yuri Molchan
    📰 News

    The food retail giant Walmart has been working with MoneyGram and Ria wiring systems to improve its current Walmart2World payment platform

Ripple-Backed MoneyGram and Walmart Building Cash Transfer Service for Nearly 5,000 Stores
Cover image via www.123rf.com
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Walmart is collaborating with Ripple-backed Ria and MoneyGram to improve its existing system for transferring money.

Chances are high that since MoneyGram utilizes Ripple’s On-Demand Liquidity and Ria runs on Ripple too, the current Walmart’s system Walmart2World will do likewise, thus becoming much faster and cheaper.

Walmart is building a new system with MoneyGram and Ria

A few years ago, Walmart created a special money transfer service with a low fee for its customers – Walmart2Walmart. In 2018, the retail giant expanded the use of this system and created Walmart2World to be utilized globally between the 4,700 stores.

Besides, earlier this year, there were numerous reports about Walmart planning to create its own digital currency, sometimes referred to as ‘Walmart Coin’.

Now, the company teams up with Ripple-backed MoneyGram, as well as Ripple-supported Ria, to set up an instant and cheap system to let its customers transfer money globally between all of its multiple stores.

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A choice between MoneyGram and Ria

The MoneyGram CEO, Alex Holmes, says:

“MoneyGram and Walmart have worked closely together for over two decades and have innovated to provide the world’s leading money transfer service for consumers in the United States. Walmart’s vision of creating a marketplace for financial services will benefit consumers through pricing and payout options, and we believe that our leading brand and competitive foreign exchange rates will help drive the future success of the marketplace.”

When using Walmart2World, customers will be given a choice between MoneyGram and Ria.

Juan Bianchi, the head of Euronet’s money transfer segment, said:

“We are excited Walmart has chosen to expand its relationship with Ria in their mission to provide customers more choice and the most economical and transparent services at the best price.”

 

What are your thoughts on the new application of Ripple’s technology intended by Walmart? Feel free to leave a comment under the article on our Twitter page!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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