Cryptocurrency
MoneyGram received $9.3 million from Ripple in Q3
MoneyGram collected $9.3 million in Q3 from Ripple for market development fees.
Recent financial filings seen by Nairametrics revealed Ripple sent MoneyGram millions of dollars worth of XRP in Q3 2020.
MoneyGram collected $9.3 million in Q3 from the multi-billion dollar valued company for market development fees.
The market development fees are deposited in XRP, which MoneyGram says it immediately turns into cash.
READ: Ripple ventures into lending
READ: Ripple owners say XRP will be worth $100
Highlights of Moneygram Q3 2020 results include
- Total revenue was $323.2 million, representing a slight increase on a reported basis or -1% on a constant currency basis
- Money transfer revenue was $297.6 million, up 5%, or 4% on a constant currency basis, driven by the strength of our digital business
- Investment revenue was $3.0 million for the quarter representing a decline of $10.4 million due to lower prevailing interest rates
- Total operating expenses of $286.6 million, improved $19.2 million or 6%
- Transaction and Operations Support expenses decreased $31.5 million or 56% which included: Agile management of expenses through the pandemic as the Company continues to benefit from its Digital Transformation.
- $8.9 million net benefits from Ripple market development fees of $9.3 million, partially offset by related transaction and trading expenses of $0.4 million
- The Company recorded $6.3 million in foreign exchange gains primarily related to currency movements during the pandemic.
READ: Buyers storm into XRP, gains 10% in 7 days
READ: Cryptos having better technology than Bitcoin
What you should know; Recall Nairametrics some months ago broke the news on MoneyGram receiving $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: Minimising foreign exchange risks for your transfers
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with 81 now digitally enabled.
Cryptocurrency
Canadian investment company buys more Bitcoin
The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020.
Cypherpunk Holdings a publicly listed Canadian investment company, amid record sell-offs prevailing in the flagship crypto market, has recently purchased more Bitcoin (BTC).
The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020. Cypherpunk holdings raised cash by selling other crypto-assets like Monero (XMR) and Ethereum (ETH).
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With the purchase, Cypherpunk now has 276.5 Bitcoins making it the 9th public Bitcoin holder. At current values, such crypto is worth about $5 million.
The report further added that “During October 2020, Cypherpunk Holdings Inc. was added to the unofficial list of public companies with a treasury position in Bitcoin alongside other companies such as MicroStrategy [MSTR], Square [SQ], and Galaxy Digital Holdings [GLXY].”
READ: Bitcoin boosts Square earnings in Q3
At the time of writing, Bitcoin price traded at $17,151.39 with a daily trading volume of $44 billion. BTC price is down -3.0% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
Recall a publicly-traded company based in America, MicroStrategy, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is seen in many quarters as a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.
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Bottom-line: The many global economic uncertainties that include inflation and the depreciation in value for most global fiat currencies have made cash an unreliable store of value, pushing well-known companies like Square, MicroStrategy, Grayscale to store their value in a deflationary currency like Bitcoin.
READ: Global companies are buying Bitcoins to hedge against inflation
Cryptocurrency
Large entity transfers $78 million worth of Ethereum
An unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to another unknown wallet.
The bull trend currently in play amidst the record sell-offs seen yesterday has kept Ethereum whales very busy. This confirms the bias that the bearish days look numbered and never again will Ether trade below $200 support, taking to account recent price actions coming to play.
What we know: Data retrieved from Whale Alert, an advanced crypto tracker revealed an unknown crypto entity moved 154,245 ETH ($78,168,076 ) from an unknown wallet to an unknown wallet.
READ: Crypto traders transfer USDT 100,000,000
🚨 🚨 🚨 🚨 🚨 🚨 🚨 154,245 #ETH (78,168,076 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 26, 2020
READ: Pigs on a rampage, Bitcoin drops $2,000
What this means: Such movements have been tracked by Nairametrics on the bias revealing large entities have purchased almost half of all the Ethereum mined so far in 2020, pushing the value to rise over 150% from March 2020.
- This is clear evidence that major investors are now looking at the future potential of Ethereum as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.
- Ethereum supports smart contracts on which developers can write code in order to program digital value.
- Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.
READ: Ethereum whale transfers 200,000 ETH, as price drops to $387
At the time of writing, the second most valuable crypto by market value traded at $526.21 with a daily trading volume of $23,939,794,283 USD. Ethereum is down 1.44% in the last 24 hours. The market capitalization of Ethereum stood at $59.77 Billion.
READ: Reps Committee warns MDAs against failure to render accounts to Auditor-General
What you should know
- Crypto holders or entities who own a large number of Ethereum are typically called Whales.
- This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.
Explore Data on the Nairametrics Research Website
Cryptocurrency
Pigs on a rampage, Bitcoin drops $2,000
Bitcoin prices plunged by more than 15%, approaching the $17,000 level.
It appears the bulls driving Bitcoin upward lately have momentarily gone out of steam. Bitcoin prices plunged by more than 15%, approaching the $17,000 level, after reaching as high as $19,580, owing to heavy losses as large investors cash in on some of their Bitcoin holdings.
READ: Why Bitcoin suddenly lost $1,000
- The crypto lost $2,000 in a matter of few hours, falling around $17,000 before it sprang up back to the $17,900 price level.
- Taking into consideration that most bitcoin wallets are in profit, unsurprisingly, some investors are already cashing out some of their gains amid the end of a turbulent 2020.
- That said, its recent price action shows its tilting towards an overbought position.
READ: Dangote cement post a 52-week high, investors gain N224 Billion
At the time of writing, Bitcoin price was $17,890.84 with a 24-hour trading volume of $33,259,413,581.
The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction, as more investors deposit their BTC on Coinbase.
READ: President Trump’s action triggers Ethereum plunge
“Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.”
READ: NBS hits back at Prof Hanke, says Nigeria’s inflation is not 33%
Should you buy it?
Although it’s more likely that some Bitcoin whales increase their purchases when prices drop to these levels, Nairametrics, envisages cautious buying, as the volatility in this fast-changing market, could lead to a significant loss of capital.
However, if things get really terrible, Nairametrics believes this could be another chance to buy bitcoin below $15,000.
READ: $66.5 billion worth of Bitcoin lost forever
What you should know
Recall Nairametrics exclusively broke the news on how a crypto strategist, Ki-Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.
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Large entity transfers $78 million worth of Ethereum
