Former Google and Spotify exec launches subscription-based, international money-transfer service
Higlobe saves users on average 1-6% in transaction commissions, allowing freelancers and small businesses to keep up to thousands of dollars more a year
PALO ALTO, Calif.–(BUSINESS WIRE)–#BatteryVentures—Higlobe, Inc., the U.S. based solution for international payment transfers, raised $14 million in funding to expand its technology and launch into new markets. The funding round was led by global technology investment firm Battery Ventures, an investor in a number of U.S.-based fintech companies. Battery Senior Partner Scott Tobin will join Higlobe’s board. Higlobe uses asset-backed stablecoins to provide an efficient and cost-effective means of making cross-border payments between bank accounts.
“Our mission is to move the world’s money instantly and at no cost to help the increasingly global workforce get more money back to their home bank account,” said CEO and Co-founder Teymour H. Farman-Farmaian, who leveraged his experience at Spotify to build Higlobe as a subscription-based payments platform. “Our clients only pay a fixed, low-cost subscription for a U.S. receiving bank account regardless of the number of transfers they make. We want to make working and getting paid easier and faster, particularly as the pandemic has fueled even more interest in remote work.”
Higlobe facilitates fast and easy payments for freelancers
Demand for online freelance work is growing at an annual rate of 10%, according to the Online Labour Index, creating an advantageous situation for a highly skilled, global remote workforce. This increase in hiring benefits both employees, who are looking for flexibility and higher wages, and employers, who are looking for skilled workers and to reduce costs. There are many skilled developers, designers, and engineers throughout Latin America who find it beneficial to get paid in U.S. dollars.
“I’ve hired dozens of contractors in the last decade who love working for a U.S. company, but they always complain about how much money they’d lose each month and how complicated it is to get paid,” said Higlobe Co-Founder and CTO Jeff Bolton.
There are more than 14 million self-employed (freelance) workers in Mexico alone, according to the Mexican National Institute of Statistics and Geography. Higlobe serves freelance workers and small businesses in Mexico working for U.S. based companies and plans to launch in Brazil later this year. By doing so, Higlobe plans to take a bite out of the estimated $21 trillion cross-border payments market.
One Higlobe customer based in Mexico, small business owner and freelance marketer Bernardo Loce, noted that in some cases with his work, “getting the payment was more difficult than the actual job! And the payment that I received in the end was so much less after all the commissions and foreign exchange fees. If I had understood the complexity involved in getting paid beforehand, I would’ve thought twice about taking the job. When I use Higlobe I don’t have to worry about commissions and I get my money quickly.”
Higlobe is the first zero transaction-fee payment service launching in Mexico
Higlobe’s service offers customers the ability to make multiple transfers per month for one flat rate, making it less expensive than other cross-border payment providers. Current competitors charge between one and six percent per cross-border payment, often in a combination of hidden exchange rates and fees. Higlobe simplifies the process by charging a monthly subscription fee as low as $4.99 for a U.S. receiving bank account, regardless of the number of transfers made.
Higlobe is currently available in Mexico, free for a limited time, to Mexican citizens or legal permanent residents that work with business clients in the U.S. Users can sign up for Higlobe’s service online where they must provide proof of identity and residence.
Higlobe exclusively uses stablecoins issued by companies that are regulated and supervised by U.S. federal or state agencies and that are 1:1 backed by U.S. dollars or U.S. government treasury securities.
“Higlobe’s unique application of stablecoin is poised to disrupt the global payments industry,” said Battery’s Scott Tobin. “The blockchain provides a safe and speedy solution to an archaic system that disadvantages so many workers, and by leveraging this new technology, Higlobe can change the lives of millions of members of the global remote workforce. We are excited to partner with Teymour and his team to scale the company and its services.”
About Higlobe, Inc.
Higlobe, Inc. is a financial technology company revolutionizing the world of cross-border payments. Founded in 2020 by Teymour H. Farman-Farmaian and Jeff Bolton, they used their global experience to build an international payment transfer solution that leverages stablecoins that are 1:1 backed by U.S. dollars or U.S. government treasury securities to transfer money quickly. Higlobe’s investors include Battery Ventures, TTV Capital, FjLabs, Reciprocal Ventures, Paxos, DCG, Raptor Group, and Gokul Rajaram. Follow Higlobe on Instagram, Facebook, and LinkedIn.
About Battery Ventures
Battery partners with exceptional founders and management teams to develop category-defining businesses in industries including software and services, enterprise infrastructure, consumer technology, healthcare IT and industrial tech/life-sciences tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, London, New York, and Tel Aviv. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation.
As the coin appreciated, it broke outside of the descending channel.
Over the last week, the Ethereum price lost more than 7% of its value. The buyers have entered the market, which has helped Ethereum climb on its chart.
Although buyers are attempting to make a comeback, the sellers continue to drive the price action on the one-day chart.
The $1,400 price mark continues to remain a tough resistance zone for Ethereum price. A break past from the aforementioned support line will help ETH revisit its next price ceiling.
The technical outlook for Ethereum continues to remain bearish at the time of writing. Bitcoin’s price recovery has helped major altcoins pick pace over the last 24 hours.
Ethereum Price Analysis: One Day Chart
ETH was trading at $1,340 at the time of writing. In the past 24 hours, the buyers have helped the coin break outside of the descending trendline.
The immediate and strong resistance remained at $1,400. The altcoin has struggled to break past that level over the last couple of weeks.
Once the $1,400 mark is broken, Ethereum can attempt to trade close to $1,700. On the other hand, a fall from the $1,340 price mark will push ETH down to $1,100 and then to the $1,000 level.
The past trading session for Ethereum was green, signifying an increase in the number of buyers.
On its chart, ETH was attempting to recover. However, the buyers have remained low at the time of writing. Technical indicators have pointed towards a bearish outlook.
The Relative Strength Index was below the half-line, which also indicated that buyers were fewer in number than sellers.
Ethereum price was below the 20-SMA line, which signified low demand. It also meant that sellers were driving the price momentum in the market.
ETH’s other indicators have also shown that the sellers were in control of the market at the time of writing. The demand for the coin has to go up in order for the coin to touch its next resistance mark.
The Moving Average Convergence Divergence indicates the price momentum and overall price action. MACD witnessed a bearish crossover and formed red histograms at the time of writing.
This reading is connected to the sell signal for the coin. The Chaikin Money Flow displays the capital inflows and capital outflows at a given period in time.
The CMF was below the half-line and that points towards low capital inflows, although there was an uptick on the indicator.
Cardano price has been pushed up on its chart by the bulls at the time of writing. In the past day, Cardano moved up 2%. Over the last week, the price action of the altcoin wasn’t positive as it lost most of the gains in the week.
Continued buyer recovery could push ADA past its next resistance level. At the time of writing, however, ADA was trading sideways.
The altcoin has remained sandwiched between $0.50 and $0.44, respectively, over the past couple of weeks.
Although buying strength tried to recover on its chart, selling strength was still dominating at the time of writing.
The support zone for Cardano price rests between $0.44 and $0.40, respectively. Cardano has been one of the altcoins that have moved against the tide.
Bitcoin, however, showed signs of appreciation over the last 24 hours. ADA bulls can quickly fade out if the coin’s buying strength doesn’t move into the positive zone.
Cardano Price Analysis: One Day Chart
ADA was trading at $0.46 at the time of writing. Over the last 24 hours, the coin broke past one of its resistance levels.
The immediate resistance mark for Cardano was $0.49. If the bulls manage to topple over the $0.49 price level, then the bulls can stay put for a longer time.
If buyers don’t come forward, Cardano price will fall to $0.43 and then below the $0.40 mark.
The amount of the altcoin traded in the past session declined, despite a rise in buying strength. This signified the dominance of the sellers in the market.
The altcoin displayed signs of recovery on the one-day chart. Technical indicators pointed toward the bulls taking over.
At the time of writing, the Relative Strength Index was below the half-line, indicating that buying pressure remained greater than selling pressure.
Cardano price was below the 20-SMA line, and that signified less demand as sellers were driving the price momentum in the market.
With a push from the buyers, ADA could travel above the 20-SMA and 50-SMA lines, invalidating the bearish thesis.
ADA’s bulls have still not gained momentum on the one-day chart. As long as buyers don’t overpower sellers’ strength, the bulls will not be able to push the price of the altcoin above the $0.49 mark.
The Moving Average Convergence Divergence indicates the price momentum and price action of the altcoin. The MACD underwent a bearish crossover and formed red histograms, which were sell signal for the coin.
The Directional Movement Index measures the overall price direction. DMI was negative as the -DI line was above the +DI line.
The Average Directional Index was moving up towards the 20 mark, which is a sign of the current price action gaining momentum.
Interoperability enabling network Quant has gained 10% in the last 24 hours amidst the general crypto bear market. The token is inexorably climbing up the price charts while other tokens struggle to keep their heads above water. The crypto is steadily gaining, testing new highs after its yearly low in June when its price dipped below $50.
The Quant blockchain was a project geared toward solving the issue of interaction among multiple blockchains. Since its inception in 2018, the token began an upward climb from below $1, culminating in an all-time high just below $400. This unprecedented event in the history of Quant took place in September 2021. Quant soared 200% from $187 to $490 on the month, a spike that analysts attribute to three factors.
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Quant’s All-Time High Catalysts
The first catalyst outline was the launch of Overledger 2.0.5, the network’s DLT connection for businesses to all networks and DLT. Secondly, Quant offered developers incentives via the “Quant developers Program,” a means to lure devs into its ecosystem. Devs build useful protocols and apps, which in turn, attract more users, thereby ensuring the growth of Quant.
Finally, Quant’s price boosted when it got listed on major exchange platforms like Coinbase and Binance. This move alone caused the protocol’s trading volume to skyrocket from $9 million to a whopping $740 million, according to coinmarketcap. And the rest, they say, is history. Although the token has not tested such highs since then, it continued to do well for itself till the general market became turbulent.
Macroeconomics Turned Crypto Assets Bearish
By June this year, when the crypto market dropped into a downward spiral, the Quant token dipped to a low of $49. A combination of macro factors dragged down most cryptos, including Bitcoin, from their lofty heights.
For one, the Russo-Ukrainian war began causing global unrest, which always targets risk-prone assets, e.g., crypto. Then followed inflation and Fed’s hawkish attitude towards digital assets in fixing the problem. Ethereum’s merge with its initial hype and subsequent letdown came into the mix, further muddying up the waters. As a result, crypto assets globally have been testing unheard-of lows.
At the time of writing, Bitcoin continues to fluctuate around the $20,000 resistance level. This is notably a far cry from its legendary $65,000 high, which occurred in 2021. Similarly, ETH and SOL are not left out of this bearish market turn, trading at $1300 and $33, respectively. Ethereum is 70% down from its all-time high, while Solana is 87% below its own.
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Yet Quant is slowly but surely wending its way up the chart, testing new highs daily. At the time of writing, the token is exchanging hands around $116 after briefly testing $120 earlier in the day. Against the past week’s prices, it is a 7.90% gain, 10% over the last 24 hours.
Featured image from Pixabay and chart from TradingView.com
The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning.
Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday.
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Influencer Believes Impending Close To Ripple-SEC Case Is Responsible
According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads.
The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end.
Ripple And XRP Community Expect A Favorable Verdict
Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended.
Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset.
Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost
Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain.
Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week.
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These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data.
Featured image from Pixabay and chart from TradingView.com
Eleven different blockchains currently support Tether, USDT.
A New York court ordered Tether Operations Limited to submit financial records.
Tether, in a statement released on Friday, announced the release of its native token USDT on the Polkadot Network. Polkadot is an open-source blockchain platform that is decentralized. Moreover, it’s a comprehensive Web3 environment that allows for registry and computation amongst different blockchains.
In addition, the adoption of the stablecoin allows the blockchain platform to further expand its footprint in distributed systems. Concurrently, “potential adverse effects associated with market volatility” will be mitigated thanks to Tether’s incorporation.
Multiple Blockchains Support
The release blog further states that the Polkadot Relay Chain would enable Tether users to conduct USDT transactions and information sharing in a safe and trustless manner.
“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive.”
Eleven different blockchains currently support Tether, a stablecoin. After adding Polkadot on Friday, the firm says it hopes to continue growing by a factor of many more.
Of the total $81.84 billion in swaps today, 55.60% is settled in tether, and 62% of all BTC exchanges use tether as a counterparty. Support for the Polkadot blockchain came at a time when a New York court ordered Tether Operations Limited to submit financial records demonstrating USDT’s backing. The court’s ruling is the result of a class action complaint that five individuals brought three years ago.
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The digital money issued by the Central Bank of Iran is termed “crypto rial”.
Officials have also begun issuing crypto mining licenses.
On Wednesday, the CBI of Iran declared that on Thursday, “the pilot launch of crypto rial” will commence, as reported by the Iranian Chamber of Commerce, Industries, Mines, and Agriculture.
The digital money issued by the Central Bank of Iran is called “crypto rial”. The Iranian central bank has previously said, according to the Chamber’s description, that “the aim of designing the crypto rial is to turn banknotes into a programmable entity.” The Chamber of Commerce highlighted “its high security” regarding the digital money issued as a key selling point.
Exemplifying further, the Chamber stated:
“Crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto rial can be tracked.”
Iran Embraces Crypto
The crypto industry in Iran now has a “comprehensive and detailed” set of regulations thanks to recent official approval. As part of the new system, officials have begun issuing crypto mining licenses.
Vice Minister of Iran’s Ministry of Industry, Mine, and Trade and President of Iran’s Trade Promotion Organization (TPO) Alireza Peymanpak said earlier this month that the country’s first formal import order had been made using cryptocurrency valued at $10 million. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.
According to the Chamber, the CBDC was created “to help improve financial inclusion and function as a powerful tool for the CBI to compete with other stable coins globally.” Moreover, the introduction of the crypto rial had been scheduled for the month of November. Furthermore, it went on to say that national experts were worried about the public’s familiarity with digital wallets. And the impact on banks if CBDCs were implemented.
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