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Ripple's Partner MoneyGram Doesn't Hold Any XRP

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Tue, 12/17/2019 - 15:55
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  • MoneyGram CEO Alex Holmes reveals that his company instantly sells all XRP its receives due to regulatory issues

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Contents

CNN International recently aired its interview with MoneyGram CEO Alex Holmes where he explained why blockchain giant Ripple was the best fit for his struggling company.

During the conversation with CNN's Julia Chatterley, Holmes also revealed that neither he nor his company owned any XRP. 

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Why Ripple?   

Ripple makes it easier and less expensive to transfer money across the globe with its On-Demand Liquidity (ODL) solution. Back in June, Ripple decided to invest up to $50 mln in the old-school money transfer company MoneyGram in a bid to propel the adoption of its native token XRP. The deal was finalized in late November. 

MoneyGram has a lot of liquidity and working capital positioned all around the world, and Ripple can transform this capability and transfer money with data.

"It's incredibly complicated to move money across the border," Holmes said. 

Holmes adds that Ripple's ability to move money with data is "magical" since it allows instantly transferring funds without any "trapped liquidity." 

"They also have the vision that encapsulates what we are trying to do as well. [...] I think and Ripple and its crypto XRP are innovative in that sense."

Ripple lets MoneyGram reduce costs for its clients and increase profitability for the company's shareholders. 

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Ripple's Xpring Debuts New Platform for XRP Payments Integration - READ MORE

Not an XRP holder 

When asked whether he holds any XRP, Holmes said he personally didn't own any. The same pertains to Money Gram -- the company sells its tokens as soon as it receives it. 

"Any XRP that we receive we tend to sell about as real-time as possible"

Holmes explains that MoneyGram cannot hold any crypto due to regulatory roadblocks.  

"We do not hold any crypto assets for any period of time on our books."

As reported by U.Today, XRP's price performance has been absolutely abysmal in 2019, and some analysts, including Jacob Canfield, expect more pain.   

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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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

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Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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