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Cryptocurrency

Ripple helps MoneyGram records 100% growth on digital transactions 

MoneyGram, a fast-growing platform reported a growth rate of over 100% of the year to year digital transactions on its platforms in Q1 2020.

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Ripple helps MoneyGram records 100% growth on digital transactions 

MoneyGram recently reported a growth rate of over 100% of the year to year digital transactions on its platforms in Q1 2020, thanks to its recent partnership with Ripple (a leading cryptocurrency platform).

MoneyGram is a fast-growing platform for cross-border P2P payments and money transfers around many countries.

Last year, MoneyGram received $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.

The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.

This deal would definitely give MoneyGram’s arch-rival, Western Union, a run for its money. Reports from different private sources, seen by Nairametrics show that Western Union is now bent on buying MoneyGram to scale on its robust growth experienced lately.

READ MORE: Bitcoin: Nigeria’s new goldmine

Recall that XRP(Ripple), the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether, had recently gotten the attention of the world’s biggest economy for money remittance.

ripple cryptocurrency, Ripple helps MoneyGram records 100% growth on digital transactions 

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U.S Consumer Financial Protection Bureau, which plays a major role in protecting America’s consumers in the financial sector, recently acknowledged Ripple by saying that it would seek continued growth and expanding partnerships of companies such as Ripple.

READ ALSO: Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

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“I’m excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress we’ve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money,” Alex Holmes MoneyGram Chairman and CEO said.

 “Our digital business growth in May is particularly notable as we not only increased our active digital customer base but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform,” Holmes added.

The organic growth of MoneyGram’s transactions also deepens its hold on money transfers in 200 countries (70 countries enjoying the digital services). 

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Nigerians increasingly using Bitcoin since CBN’s Crypto ban

A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset.

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Nobody is going to ban Bitcoin - US Bank regulator

It’s been roughly three months since the Central bank restricted Nigeria’s financial institutions from dealing with anything crypto-related, yet recent data suggests its citizens have increasingly found other alternatives to access the world’s flagship crypto.

Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin’s peer to peer trading in Nigeria surged by 27% since the CBN directive took effect about 85 days ago, as Nigerians moved about $103 million worth of Bitcoins on just Paxful and LocalBitcoins channels alone.

Bitcoin recorded gains and its suitability in hedging against inflation, coupled with access to other crypto assets that offer more viable options, seem not to have weakened despite the recent N5/$ rebate scheme introduced by the Central Bank of Nigeria to encourage Nigerians in the diaspora to use official channels to remit their funds instead of doing so through Cryptocurrencies.

The world’s most popular crypto has rallied by almost 500% since its latest bull run began at the start of Q4 2020, hitting record highs of almost $65,000 this month before pulling back to $55,000 at the time of drafting this report amid strong institutional purchases sighted in emerged markets.

Some market analysts argue that Nigeria’s apex bank’s hold on the country’s financial system has further complicated transactional processes in Africa’s largest economy because Bitcoin still relies heavily on fiat currencies despite being virtual, from pricing its value to how its ownership is being ascertained. In spite of this, the growing interest in Bitcoin has not weakened.

Adding credence to Nigeria’s grip on Bitcoin includes data collated from Google trends, printing that Africa’s largest crypto market, emerged as the first amongst other countries by a long-distance over its interest in Bitcoin with a perfect score of 100%.

Nigeria’s relatively young educated population coupled with its growing internet adoption and smartphone penetration has facilitated Bitcoin to thrive exponentially amid rising inflation that has eroded the savings of many Nigerians.

The borderless feature of Bitcoin also makes payment effortless for Nigerians in addition to offering outrageously low transaction fees.

To give context, many Nigerian banks charge 1–2.5%. For a $1 million offshore transfer, bank charges may go up to $10,000, but with the flagship crypto, transfer of such amount would not exceed $300, even at peak periods.

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Consequently, a significant number of Nigerians already pay a premium for accessing the crypto market, as data from Binance, the world’s largest crypto exchange by volume, at the time of writing, posted a rate of N607 to 1 USDT with Nigerian banking channels close to the global crypto ecosystem.

Bottom line

A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset. They are thus ready to pay a premium to hold on to Crypto irrespective of the Central Bank’s ban.

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Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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