The head of MoneyGram confirmed today that the global money transfer company has been using XRP cryptocurrency to exchange U.S. dollars and Mexican pesos extensively since July.
The Libra Association would not quite deny reports that digital payment service PayPal is withdrawing from the group, designed to oversee Facebook’s highly controversial, proposed cryptocurrency.
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…
Blockchain is one of the six emerging technologies the World Economic Forum believes will change the world so dramatically that they will be a “fourth industrial revolution.”