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Ripple's Partner MoneyGram Breaks Major Transaction Record During Holidays

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Mon, 01/06/2020 - 19:12
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  • Ripple's partner MoneyGram destroys its previous record of transactions during the holidays, plans to prioritize digitization in 2020

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According to a recent press release, legacy money transfer company MoneyGram has shattered its previous record of transactions during the holidays. The major partner of blockchain behemoth Ripple now boasts a 70 percent increase compared to the previous year.  Notably, this percentage increases to a whopping 120 percent if to include the US.  

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The digital transformation of MoneyGram 

The company emphasizes that around 80 percent of all transactions were made with the help of mobile devices. The total number of smartphone owners surpasses three billion people, which means that there is an enormous market for hassle-free international payments.

MoneyGram CEO Alex Holmes says that the company's new mission is mobilizing the movement of money. 

"The success of our mobile app throughout the year, and especially during this holiday season, demonstrates the value consumers place not only on our user experience, but also on our global distribution network," said Holmes. 

The old-school player will continue to work on the digitalization of its business in 2020. They plan to debut new "product enhancement" in the likes of Visa Direct. As reported by U.Today, MoneyGram became the first company in its line to start using the real-time payment solution by Visa.   

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MoneyGram's tie-up with Ripple  

Ripple now owns a 10 percent stake in MoneyGram after putting $50 mln into the company that is struggling big time to become profitable. The investment is supposed to help MoneyGram to step into new markets with Ripple's On-Demand Liquidity (ODL) solution.  

During his recent CNN interview, Holmes described Ripple's ability to move as "magical" while praising the innovative nature of XRP. However, the MoneyGram boss also revealed that neither he nor his company holds any XRP tokens. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

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Wed, 04/01/2020 - 06:00
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  • The Dow blows Bitcoin (BTC) out of the water with a 23 percent crash in Q1

Cover image via stock.adobe.com
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Even though Bitcoin's safe-haven status faltered due to its massive crash in March, it still ended up performing way better than U.S. stocks in Q1.

According to CNBC's estimations, the Dow notched a 23 percent decline, which marks its worst first quarter to date. Meanwhile, BTC is only down 10 percent from where it was trading three months ago. 

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A brutal quarter for stocks

The U.S. equities market was on a roll in early 2020 when new all-time highs seemingly became a new norm during the longest-lasting bull market in history. 

However, things took a dramatic turn in late February when it became clear that the deadly coronavirus was rapidly spreading all around the globe. From Feb. 24 to Feb. 28, global equities suffered their worst sell-off since the 2008 GFC and entered correction territory.  

Things came to a head on March 17 when the Dow tanked by 2,997 points (13 percent), its biggest decline since the Black Monday crash that took place in October 1987.

The Dow and other major indexes have had a mild recovery, but investors fear that the rapidly growing number of coronavirus infections in the U.S. could evaporate recent gains. 

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Bitcoin shows its risk-on side  

Bitcoin also started its Q1 on a high note by rallying all the way to $10,500 in mid-February. However, it finished the first quarter in 2020 in the red due to its abysmal price action in March. 

With that being said, there is a good chance that Q2 could be much better for the leading cryptocurrency given its past performance.  

As reported by U.Today, the correlation between Bitcoin and stocks recently reached a new high due to the global liquidity squeeze. However, Luno's Vijay Ayyar believes that it is still an uncorrelated asset that is yet to establish itself. 

“Bitcoin is still a relatively smaller asset class that is increasingly uncorrelated to traditional asset classes and this is in the process of being established as we speak," Ayyar said. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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