• People walk outside of Ria Money Transfer office in Brussels, Belgium on Nov. 10, 2018 (via Shutterstock).
    Technology

    Blockchain must solve last-mile problem to dominate remittance business

    Sending money to relatives in developing countries is growing into a half-trillion-dollar business

    Blockchain-based money transfer services can dominate the international remittance business as it grows into a half-trillion-dollar industry over the next five years. That is the result of a study released Monday by Juniper Research, predicting blockchain technology will revolutionize money transfer if it can solve it’s “last-mile” problem—getting cash to recipients in low and middle-income countries. Those countries currently account for $332 billion in money transfers, much of it sent through traditional firms like Western Union and MoneyGram to unbanked people in third world countries, Juniper said. That will grow to $525 billion by 2024. (The World Bank said that number was much higher, reaching $528 billion in 2018.) According…

  • A Citibank, in case you've never seen one (via Wiki Commons).
    Alt coins,  Technology

    As JPM Coin launches, Citi reflects on decision to cancel Citicoin

    JPMorgan’s Ethereum-based digital currency has competition from IBM Blockchain World Wire’s Stellar-based stablecoin platform

    In the wake of JPMorgan’s February launch of its Ethereum-based JPM Coin digital currency, Citi let it be known why it had killed the Citicoin project its innovation lab discussed—but never formally announced—back in 2015.