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Here Is Why Ripple’s (XRP) MoneyTap App Is That Necessary Trick Needed To Capture Japan

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Ripple (XRP) is wining in the blockchain space and doing fantastic in the world of cross-border remittance. As Ripple is being celebrated for it outstanding performances in the financial world, some forces are gathering momentum to take Ripple’s awesome tools down.

While this forces tails Ripple here and there, urgent measures are taken by the blockchain firm to fight them beyond understanding.

One of this measures is the MoneyTap deployed to Japan for a seamless payment protocol within the country. Although, MoneyTap is a domestic app, it is an Idea of a jointly launched Japanese Bank Consortium, a platform comprising of 61 banks which covers around 80% of banking assets in Japan. This recently unveiled app, MoneyTap, is completely powered by RippleNet.

The app, according to Ripple, allows customers of consortium bank members to settle domestic transactions instantly.

Luckily, SBI, which is a member of the consortium is currently the largest money transfer provider in Japan, and has 10 billion JPY monthly payment volume. The bank, with the help of RippleNet also settles cross-border payment for Thai workers within Japan.

It is easy through this banks to make MoneyTap usable and sellable to any country in need. With affirmations from the customers of the app, there will be growth for Ripple in Japan and beyond.

RippleNet Makes Cross-border Payment Settlement Easy For 45,000 Thai Workers In Japan

There is happiness on the face of Thai workers in Japan with the newly unveiled cross-border payment solution from Japan to Thailand. The solution makes it easy for Thai who has an SBI card to send fund to their Thai bank account. The payment protocol is easy to use, and comes very cheap for customers to depend on.

Conclusion: As it is now, MoneyTap and the cross-border remittance solution developed using RIppleNet are necessary to make people believe in Ripple more. With this development, Ripple has the potential to coast the whole of Japan completely.

Source: Crypto Crimson
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Brazilian Authorities Arrest Suspect Of Running Potential Crypto Money Laundering Scheme

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Brazilian police arrested a man that was apparently running a crypto money laundering scheme in Brazil.

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The information was released by the local news site Gauchazh on April 23. As per the report, law enforcement officials shut down a Bitcoin (BTC) mining farm that operated in a clandestine drug laboratory in Porto Alegre.

Suspect Arrested of Running Crypto Money Laundering Scheme

According to the report, police found mining equipment valued at R$ 250,000, close to $63,000. These devices were switched on and running 24 hours a day mining Bitcoin. The room in which the equipment was found had little ventilation and no other security objects to run the operations.

The man claims that he owns the equipment to mine virtual currencies and that he entered the market in order to mine digital assets. At the same time, he said that he is not involved in illicit organizations dealing with drugs. The individual was also accused of stealing electricity to mine virtual currencies. Bitcoin mining requires large amounts of electricityand, depending on its price, it could be profitable or not to perform mining activities.

Adriano Nonnemacher, a police officer, commented:

“The flat is well-hidden. We are going to investigate further. Everything points to a Bitcoin mining operation. They could be exchanging the money and use it to fuel drug trafficking. Here is also a possibility that they are using the funds derived from drug trafficking to buy Bitcoin.”

At the same time, police officers decided to seize the mining equipment that could have entered the country in an illegal way from China.

Bitcoin has been several times linked to illegal activities around the world and in many different situations. However, there are some reports that show that most Bitcoin transactions are not related to illicit and criminal activities.

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New York State Sees First Conviction for Crypto Money Laundering

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A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering.

The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet.

Between 2013 and 2018, the two men sold steroids and other drugs including Viagra across the U.S. via their website “NextDayGear” and on the dark web. They sold over 10,000 packages and accepted payments in cryptocurrency and fiat currency via Western Union, which they then laundered.

Customers usually paid in bitcoin, the Attorney’s Office said, with the defendants laundering the proceeds via one or more “intermediary” cryptocurrency wallets to obfuscate the source of the funds. The bitcoin was then converted to U.S. dollars using a cryptocurrency exchange platform before the cash was deposited into their bank accounts.

Western Union payments, on the other hand, were laundered through the use of false identities or international wire transfers from receivers outside of the U.S..

The duo has now pleaded guilty and faces a jail term of 2.5–7.5 years, with sentencing expected to take place on July 12.

Manhattan District Attorney, Cyrus R. Vance, Jr., said:

“These defendants raked in crypto and cash worth millions on their full-service website that sold prescription-free counterfeit steroids and other controlled substances to customers in all 50 states.”

“Online drug sellers who do business in New York should take note: whether you’re operating in plain sight or in hidden corners of the dark web, my Office has the skills and resources to follow the money, shut down your business, and hold you accountable,” Vance warned.

Just last week, the same DA’s office also indicted three individuals for dealing in drugs and laundering $2.3 million in cryptocurrency by using preloaded debit cards and withdrawing cash at ATMs in Manhattan and New Jersey.

 

source:coindesk

 

 

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Galaxy Digital CTO Out at Novogratz-Led Crypto Fund

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Mike McMahon, chief technology officer at crypto merchant bank Galaxy Digital, has left the firm, CoinDesk has learned.

“I have already left Galaxy Digital and looking for my next opportunity,” he told CoinDesk Wednesday, declining to provide further details.

Galaxy didn’t respond to CoinDesk’s request for comment by press time, but it’s actively looking for McMahon’s replacement, according to a new job posting on LinkedIn.

The CTO should, among other things, “build, coach and provide hands-on leadership to the technology team” an “build a strong partnership with the business to ensure technology is supporting revenue-generating, client-facing business initiatives.”

McMahon joined Galaxy a year ago following a career at traditional financial institutions and mainstream companies, including Bank of New York-Mellon, Morgan Stanley and Goldman Sachs, according to his LinkedIn profile.

He also spent more than two years at ENSO Financial Analytics, a fintech company owned by Chicago futures exchange operator CME Group.

Galaxy Digital, founded by former hedge fund manager Michael Novogratz, is one of the most active investors in crypto startups. In recent months, it backed staking startup Bison Trails and crypto analytics firm CipherTrace.

In January, Galaxy announced it had raised $250 million to “offer loans in U.S. dollars to struggling crypto firms.” Before that, Novogratz signaled his own confidence in the enterprise despite the bear market when he bought 2.7 percent of Galaxy’s shares, increasing his total stake to about 79.3 percent.

Although based in New York, Galaxy Digital is listed on the Toronto Stock Exchange’s TSX Venture Exchange, where it went public via a reverse merger with a pharmaceutical company.

 

source:coindesk

 

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