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Ripple Confirms MoneyGram Will Use XRP for Cross-Border Payments

There have always been questions as to which companies or service providers would use XRP in the future. In fact, there have been very few verifiable answers to this question. It turns out MoneyGram has some big plans for this digital asset, as it sees value in what Ripple has to offer. Having such a global remittance partner on board will certainly introduce some big changes for Ripple and its asset.

MoneyGram Prepares to Embrace XRP

Not too long ago, Ripple hinted that it was in talks with some major financial service providers. At the time, it was unclear which companies would be willing to partner with XRP. Western Union seemed to be an obvious candidate, although it is unclear if it will do so in the near future.

One company which has since confirmed the use of XRP in its future operations is none other than MoneyGram. As most people are well aware, MoneyGram is a global enterprise focusing on remittance solutions at somewhat affordable rates. Although it may not necessarily rival Western Union right now, MoneyGram has certainly built a strong presence in virtually every country around the world. It is a convenient service, and having them experiment with Ripple’s XRP will be pretty interesting to keep an eye on.

According to a recent Ripple post, Western Union will use XRP in its payment flows moving forward. Given MoneyGram’s presence in the remittance industry today, this is a big step forward for Ripple and its native digital asset. By embracing this new currency, MoneyGram will solve the liquidity issue most financial institutions face right now. Additionally, saving time and money is always beneficial to any company active in the financial sector.

Moreover, MoneyGram will access and use XRP through the xRapid project. Some people who kept a close eye on Ripple may know what xRapid is all about, as it is the company’s native on-demand liquidity product. xRapid revolves around real-time foreign exchange settlement through XRP, which is of interest to companies such as MoneyGram for obvious reasons. Financial institutions and service providers will unlock better liquidity and access multiple corridors through one originating account.

The use of XRP should be beneficial to MoneyGram users all over the world by reducing the costs associated with sending money abroad. Whether or not it will speed up transfers even further remains to be seen, but it’s certainly possible. Clearly, Ripple is making a lot of waves in the financial sector. It’s good to see remittance companies pay attention to this technology as well, as it is not a bank-oriented project by default.

How all of this will affect the cross-border payments industry in the future remains to be determined. It is evident there is plenty of room for improvement, and XRP may play a big part in that. Other than the banking sector, all other financial service providers struggle with liquidity, delays, and high fees. Addressing all of these problems will have to happen from within at some point. Only time will tell whether or not Ripple is the best solution in this regard.

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There is nothing worse than losing funds stored in your crypto wallet. It is pretty obvious that this situation has been a big problem for most users at some point in their lives. A new study shows that over 12,000 ether has been lost due to typing errors that sent money to non-existent addresses. Losing Ether due to Typos There are a lot of things that can go wrong when completing cryptocurrency transactions. For instance, one could enter a completely wrong address due to copying it incorrectly, a QR code could give an error when trying to send money, or one could simply type an address incorrectly. In the latter case, one’s money will be lost forever, as the transaction is often broadcast to an address that doesn’t even exist. Recovering such a transfer is pretty much impossible these days. Research by Alethio Analytics paints a very worrisome outlook in this regard. More specifically, the company claims a lot of ether has been lost due to sending money to nonexistent addresses. It is evident a lot of users have sent money to wrong addresses over the years, and it is possible that up to 12,622 ether has been lost because of typing errors. This is not a figure most people will feel comfortable with whatsoever. Although the exact amount of money lost is subject to interpretation, Alethio Analytics can make some sort of assumption in this regard. After thoroughly analyzing Ethereum’s external and contract accounts, it’s clear there have been quite a few wrong transactions up to network block 5 million. Although it is difficult to determine which addresses are perfectly fine and which are not, the team used an interesting technique to do so. Since no similar-looking Ethereum addresses can exist, they looked at Ethereum addresses which are almost identical. Assuming such addresses exist, the funds stored in one of two addresses were probably sent erroneously. It is not a foolproof technique by any means, but it is certainly one way to go about things. So far, the company’s research seems to indicate that over 2,600 erroneous addresses have been used as part of Ethereum transactions over the years. This means just over 12,622 ether are potentially lost forever, although this number is not exact. Considering that the value of ether has risen over the years, it is safe to say this money adds up to a nice chunk of change. Who this money belongs to exactly remains to be determined at this stage. The bigger question is whether or not more of these typos will occur in the future. Since there is no foolproof way to send cryptocurrency transactions in this day and age, we can only hope people become a lot more careful when it comes to moving funds. Otherwise, this may only be the tip of the iceberg in terms of money lost forever due to human error.

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