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.
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.
“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).
How to protect your crypto from cyber robbers
Nairametrics proffers some vital solutions on how best to protect your crypto assets.
The recent bullish run in the crypto industry has attracted some bad actors whose motive primarily is to rob investors, crypto traders, and larger entities of their crypto-assets.
Just yesterday, India TV News reported that cyber-criminals targeted high-income individuals across India. Victims received messages through their social media groups asking them to sell and buy Bitcoin via a mobile app.
Manan Shah, Founder and CEO of Avalance Global Solutions, told IANS that the rich are not immune to these growing menace. He said:
“I have seen so many wealthy Indians falling into the trap of such fake cryptocurrency wallets in the recent past. One gentleman just came to me who lost $50,000 (over Rs 37 lakh) while dealing with one such fake platform.”
Recall that about a month ago, Nairametrics reported that crypto scammers gained $24 million worth of BTC in H1 2020.
As the COVID-19 pandemic has kept a lot of individuals more active online, scammers are pulling various types of scams such as fake ICOs, BTC recovery, fake exchanges, giveaways, video scams, fake tumblers, Ponzi schemes, malware, and many more.
Nairametrics proffers some vital solutions on how best to protect your crypto assets in the midst of all the scams. They include:
Always make sure you know the individual you are dealing with. If an individual is offering you an investment opportunity, check if they have a proper website and a Linkedin account. Read the white paper, and Google the project to see what others are saying about it.
If an individual is asking you for cryptos or your money, they are probably trying to defraud you. But if you are not sure, try to verify their claims and ask for proof of their identity. If you are still not sure if you are dealing with a scammer or not, you can send an e-mail to a relevant regulatory authority.
Always be sensitive. If it sounds or feels too good to be true, it’s most likely a scam; even when it sounds reasonable, it could be a scam. If someone claims to have a recording or something else belonging to you, ask for proof.
Do proper background checks
Before sending your cash to any crypto exchange or online wallet, make sure you are using the correct website. If an entity or individual tells you they will make you rich, ask them for evidence. Scammers don’t like to waste time, so they will probably move on to the next victim once they notice you are not easily deceived.
Never release your private keys
Never give out your private keys to anyone, including your family members, and don’t keep your private keys where others might find them. Write down your keys and put them somewhere safe.
If you use a crypto exchange, use as many of their security measures as possible (like an authenticator, phone verification, or others) and make sure your passwords are complex. These measures will not make it impossible to be hacked or scammed, but they will make the scammers have a very hard time defrauding you.
Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.
Bitcoin is on rampage as it breaks through $12,000 price level
BTC recorded a plus of 2.18% and was trading at a price of $11,974.
The world’s flagship cryptocurrency has broken through the strong resistance level of $12,000. This happened just some hours ago, according to information obtained by Nairametrics.
Why BTC is up presently?
Bitcoin bulls have been on a bullish run, triggered by high liquidity in the global money markets. Investors remain bullish in the long term despite the blurred global economic outlook and resurgence of the COVID-19 virus.
Renowned crypto investor and co-founder of Gemini Exchange, Tyler Winklevoss, earlier today tweeted about BTC’s surge saying; “And Bitcoin has breached 12k. Great way to start the week!”
And #Bitcoin has breached 12k. Great way to start the week!
— Tyler Winklevoss (@tylerwinklevoss) August 10, 2020
Over the weekend, Bitcoin’s price mostly fluctuated between the $11,400 and $11867 price levels. But just some hours ago, the popular crypto asset finally broke through the $12,000 mark.
Within the last 24 hours, BTC recorded a plus of 2.18% and was trading at a price of $11,974 at the time of writing. The market capitalization has risen from $216 billion to almost $220 billion and the Bitcoin dominance slightly to 60.7%. In addition, the control of Bitcoin’s supply has been steadily shifting towards smaller entities
The percentage of supply owned by entities holding ≤ 10 $BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%. These show that more retail investors are grabbing a stake on the most popular crypto asset and diminishing the strength of BTC whales.
PAX Gold: Crypto backed by gold but outperforms gold
PAX Gold (PAXG) is a crypto asset backed by Gold.
It’s crypto. It’s physical gold. And recently, it was approved by the New York State Department of Financial Services for custody and listing. It’s a product from the crypto-verse that combines gold and crypto into a single unit.
Data from Coinmarketcap showed PAX Gold traded at about $1,521 as of March 21, 2020. As of the time of writing this report, the crypto asset was trading at about $2,039.40, showing gains in percentage terms of about 134%. Meanwhile, Gold price so far has gained just 35% in 2020.
Why PAX Gold: The sudden surge in this gold-backed stablecoin, since the era of the COVID-19 pandemic, appears to be driven by increased awareness of its unique features, which include access to gold without bullion fees or other storage costs.
Quick fact: PAX Gold (PAXG) is a crypto asset backed by Gold. A PaxoGold digital coin is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Any entity or individual who owns PAX Gold owns the underlying physical gold held in custody by Paxos Trust Company.
Paxos has recently responded to all its digital coins being listed on the New York State Department of Financial Services (NYDFS), stating that it validated the company’s time, energy, and expense which it put into compliance.
Commenting on the green list, Dan Burstein, Chief Compliance Officer at Paxos said: “As the Chief Compliance Officer at Paxos, I’m proud that the culture of Paxos is truly centered around compliance. We build products that the world has never seen before, and we build them for the innovators in the space, not the bad actors.
“Our engineers and product managers prioritize compliance as we create new products, our business development team considers compliance as we structure new partnerships, our operations team helps onboard and service customers according to our high compliance standards, our information security team ensures we hold our customers’ digital assets and personal information in the most secure way possible— the list goes on.”