Ripple partner and startup raises a whopping $1.7 million in funding to improve cross-border payments

SendFriend, a partner of Ripple and a startup that focuses on improving cross-border payments has received a whopping $1.7 million in funding during its first round of investment.
The next-generation remittance company focuses on the smartest way to send money to the Philippines which will help overseas Filipino workers to securely transfer USD to PHP at the lowest rate available via SendFriend. The news of the investment was published on MarketWatch and informed that the capital raised was led by companies like 8 Decimal Capital, Techstars, 2020 Ventures, Barclays, MIT Media Lab etc.
Migrants in the U.S. who send home money via traditional methods usually face problems like delayed payments, high fees and sometimes, the payment doesn’t go through. Moreover, out of $650 billion in remittance transaction occurring in the U.S., $45 billion is lost in fees.
Furthermore, MarketWatch stated:
“SendFriend will launch as the only option for OFWs to securely and reliably send money internationally with fees that are 65% lower than the industry average as it replaces the frictions and fees of the banking system with one seamless, ultra low cost experience to send money globally.”
SendFriend uses Ripple’s xRapid payment solution to facilitate cross-border payments. XRP provides the liquidity needed to make the transaction happen. xRapid transactions occur as a result of converting USD to XRP, which is then sent via exchanges, thus circumventing banks and FIs and the XRP is then converted back to PHP via the exchange in Philippines.
Earlier this year,  CEO David Lighton had said,
“We leveraged the blockchain to create an instant digital money transfer service, a full 65% cheaper than the industry’s average. SendFriend is the US’ first fully compliant international consumer payment solution built on the blockchain and we are going live in Q1.”
SendFriend was founded by people at MIT and was also accepted into Barclays Accelerator Program, powered by Techstars. Moreover, SendFriend plans to launch in New Jersey but, will soon be available to OFWs in other states via desktop and mobile as well. In addition, users can also request to get an early access version of the same.
The post Ripple partner and startup raises a whopping $1.7 million in funding to improve cross-border payments appeared first on AMBCrypto.
Source: AMB Crypto

MIT Researchers Develop Cryptocurrency That Is Up to 99% More Efficient Than Bitcoin

Researchers at the Massachusett Institute of Technology (MIT) have come up with a cryptocurrency known as Vault that is set to revolutionize the cryptocurrency industry. First, the cryptocurrency network reduces the need for large data to join the network and verify transactions as well as reduces memory consumption.
No need to spend so much
The need to download the full blockchain for a cryptocurrency from inception in order to be fully involved in transaction verification and to maintain the network integrity is the case for decentralized cryptocurrency now. This is a major hindrance to scalability according to the researchers as not everyone can afford to pay for a large amount of data and powerful computers to download such blockchains.
Co-author of a paper that will soon be presented on the Vault cryptocurrency, Derek Leung, said:
“Currently there are a lot of cryptocurrencies, but they’re hitting bottlenecks related to joining the system as a new user and to storage. The broad goal here is to enable cryptocurrencies to scale well for more and more users.”
To join the Vault network, users only need to download a small fraction of the blockchain data and they will still be able to participate fully. This cuts down data consumption by at least 90% and saves computer memory for other uses. Speaking of memory, the design also allows the network to remove any empty accounts that are taking up space to make room for credible transactions.
Proof-of-Stake instead of Proof-of-Work
A vault was built on a cryptocurrency network called Algorand which uses Proof-of-Stake as its means of verifying transactions. The name Vault refers to how the transactions are stacked. Leung explains it better.
“A vault is a place where you can store money, but the blockchain also lets you ‘vault’ over blocks when joining a network. When I’m bootstrapping, I only need a block from way in the past to verify a block way in the future. I can skip over all blocks in between, which saves us a lot of bandwidth.”
That means no need to verify transactions sequentially instead, new users can just match a transaction somewhere in the past, also known as “breadcrumb” and match it to another “breadcrumb” somewhere maybe thousands of transactions ahead to verify it and they are all set.
The paper on the cryptocurrency which is to be presented at the Network and Distributed System Security Symposium next month is titled “Spun”. More details on the cryptocurrency can be found here.
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Source: CoinGape