A Boost for Crypto as Banco Santander Announces Ripple Partnership 1 1849

banco santander ripple

There’s been a lot of speculation over whether cryptocurrency, the blockchain, and financial institutions can co-exist. But Ripple has been working hard to earn the respect of large banking corporations. And now Spanish bank, Banco Santander, has just announced the launch of their new international payments service, which makes use of Ripple’s blockchain tech.

Making International Same Day Transactions Possible

Banco Santander is offering this new service, called Santander One Pay FX, to its retail customers in Spain, Brazil, Poland, and the UK, with the intention of rolling it out to further regions later on this year. By using Ripple’s XCurrent blockchain technology, now the bank’s customers will at last be able to enjoy same day international transfers, or at the very latest, by the next day.

In addition to this added benefit for Santander clients, consumers will also be able to see the exact amount they will receive in the target currency, before authorizing the transfer. This is a pretty big step for the bank to take, as it embraces blockchain technology as an early adopter. In fact, this latest move makes Banco Santander the first bank to launch a blockchain-based international payments service for retail customers in multiple countries at the same time.

What Does Banco Santander Say?

The Spanish bank also plans to build upon the current offer by adding more features to its payment services over the next few months. Executive Chairman of Banco Santander, Ana Botín, said in a statement, “One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally — offering value, transparency and the trust and service customers expect from a bank like Santander.”

She went on to explain, “From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK. Blockchain technology offers tremendous opportunities to improve the services we offer our customers, and the launch of Santander One Pay FX is the first of many potential applications.”

While the new service will be the same in each country, customers will be given different payment options, rather than just sending their own currency. So, for example, in Spain, customers will have the ability to send US dollars to the US and UK pounds to the UK. And UK customers can send euros to anywhere within the EU.

That Banco Santander has so publicly come out in full support of the blockchain and launching this new service can only be a good thing. This is certainly a boost for Ripple and the cryptocurrency community in general, and surely the first of many such announcements to look forward to this year.

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Christina is a technology and business communicator who has worked with high profile ICOs and blockchain influencers to break industry news.

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Baking Bread in a Refugee Camp Just Got Easier 0 53

When Zulfiqar Deo and Ondrej Dusilek first visited Jordan in 2016 to conduct interviews in the Zaatari UN refugee camp, they found a paradox. Nearly a hundred thousand refugees, displaced by the war in Syria, were living in a ‘camp’ that’s looking more and more like a permanent settlement every year. Many of these refugees were educated professionals or business people in Syria. But in Zaatari they’re not allowed to work. Though the Jordanian government provides $870 million in annual support, they have restrictions on refugee work permits in order to protect their own economy.

Nevertheless, businesses naturally pop up in a community of this size. Deo, who was detained at the airport, communicated with Dusilek and their support team in the camp, including advisors from PriceWaterhouse Cooper and SIX Group, a coach and mentor from the F10 fintech incubator, and a handful of volunteers. They estimated that three thousand microbusinesses helped circulate $11 million per month in the Zaatari community.

Invisible Businesses

Without access to capital, though, the refugee’s businesses were struggling. A wedding dress rental company couldn’t grow to meet the demands of the community. A baker wanted to scale up his shop but couldn’t afford the machine that would make it possible. “Refugee entrepreneurs are a significant global population not being served,” Deo told The Block Talk earlier this week. “They cannot access a business bank account. They have no formal record that their business even exists,” says Deo. “Even as successful entrepreneurs, they’re financially excluded.”

This ‘significant global population’ is growing fast. Over 68 million people worldwide have been displaced by violence, and that number is growing by 300 thousand people each year. If this unprecedented upsurge continues, we’re looking at a near future in which one out of every 100 people on earth is a refugee.

Part of the refugee experience is disconnection. But we have the technology to connect people. Can we introduce it to regions like Zaatari to engage refugees more directly with the global community? Can we use the blockchain to finance refugee entrepreneurs and stimulate micro-economies in camps and settlements?

Boosting the World’s Underserved Through Technology

That’s the thinking behind BizGees, the company Deo and Dusilek launched to bring microfinancing to refugees. They want to support refugee-owned small businesses with interest-free loans, inventory, six months of ongoing support, and access to amenities from partner companies, like WSV’s ‘business in a box’ toolkit. By Deo’s calculation, a support package like this lowers the risk of business failure from 90 percent (which is close to normal for first time entrepreneurs, although these numbers are tricky to nail down) to a mere 10 percent.

“Refugees naturally nurture the same skills entrepreneurs have just out of necessity,” Deo observes. He notes that the creativity, initiative and ownership necessary for their survival are also traits commonly associated with entrepreneurs. “So why not support them?”

With the support packages Deo designed, 3-5 refugees who typically live on $5 per day could launch a startup or expand an existing microbusiness. Within a year, the microbusiness could become a small business employing 10 more people, who circulate their pay in the local markets and stimulate the whole community. When the loan is repaid after a year and a half, it’s reinvested, providing loans to another business.

Eventually, because of the transparent, chronological way the blockchain stores data, refugee entrepreneurs will build a credit history acceptable to most local banks, better positioning them for traditional finance like they may have had access to back home.

Finding The Right Environment

But there was a problem. Although their model is tested, BizGees couldn’t launch it in Zaatari because of the government’s work restrictions. “We had to move away from Jordan,” Deo said a bit ruefully, “and look for a different environment that allows refugees to work.” That led his team to Uganda, where tens of thousands of refugees have been displaced over the past decade by violence from a Christian terrorist group called the The Lord’s Resistance Army (LRA), operating in northern Uganda, South Sudan, the Central African Republic, and the Democratic Republic of the Congo.

According to Deo, some of the people in Uganda’s camps “didn’t take kindly to the service we were offering at first, asking ‘why is that person getting support and not us?’”

They had to work to re-educate the community on how the model brings long-term returns to everyone, by the money getting re-loaned and by financially stimulating local marketplaces. Now, Deo says, they’ve identified the refugees they can fund and the first microbusinesses should be up and running by the end of this month.

Working in Stressed Communities

Working in refugee camps isn’t easy. “It’s a very complex environment,” Deo says. “In addition to the financial issues they’re facing, there are social issues, psychological issues, most of them have post traumatic stress.” He notes that displacement alone causes mental health concerns, let alone the trauma of losing or being separated from loved ones. “You have to take into account the impact those traumas have as far as how they engage with the public and how they take control of their own lives.”

Consequently, the goal of BizGees isn’t just financial or technological. Their website asserts the importance of entrepreneurship as a way for people to take back ownership of their lives by building confidence and self-worth. Instead of just trying to make a buck, Deo, who has a background in international politics and NGOs as well as business, wants to meet a need.

How Crowdfunding Meets These Needs

BizGees is able to offer loans without interest or collateral because of the way they crowdfund them. Ninety percent of everything they raise goes to the refugees, while the other 10 percent supports BizGees’ operations, which are partially volunteer run.

The public participates through crowdfunding campaigns including art auctions, presales of products from post conflict zones, and cryptomining.

“The reason we’re using crowdfunding is to engage the global community more directly with the refugee experience,” says Deo. “The idea is to personalize it and help individuals to make a real social impact.”

Through blockchain’s ability to connect people directly without a third party, Deo sees a future where a group of individual financiers could get together to sponsor one refugee microbusiness and communicate with them directly. “They’re no longer reliant on third parties to know what’s going on in rural Uganda,” he says. “They have direct access.”

Getting People Socially Engaged

Direct communication is key because it creates the social engagement that is one of Deo’s overarching goals. Most people have no idea what a refugee camp is like, who’s in them, or what they’re facing on a day to day basis, he notes, citing that the average refugee stays on what’s supposed to be a temporary refugee status for 17 years (the U.S. State Department says 26 years on average for protracted refugees). “The support base for refugees is focused on disaster relief, for the first 6 months or so,” Deo says.

“There’s a big gap between the actual experience of refugee populations across the world and how we perceive their experiences,” he says. “We’re looking to use social engagement as a way to narrow that gap as much as possible.”

That’s also why he’s enlisting volunteers to participate in the work, both on the ground in the refugee camps and at BizGee’s headquarters in London. Deo mentioned an American volunteer who came to help with promotional material, website stuff, and office operations. “Her understanding of the refugee experience on day one was very different than it was on week seven,” he says. That in itself he considers a small success.

Goal: A Thousand Refugee Businesses Thriving

As for larger successes and longer term goals, Deo hopes to support 1,000 refugee businesses in the next three years, serving populations indefinitely in Latin America and Asia as well as Africa.

Blockchain technology can work for humanity. Models like Deo’s, which supports at least seven of the UN Sustainable Development Goals, identify something the blockchain can do that world badly needs. This is what we need to see more of from blockchain developers.

The refugee crisis is escalating, but hope can grow within the camps as long as people can live like people. As long as bakers can keep baking, and families can rent their wedding dresses.

Oxford Faculty are Building the World’s First Blockchain-Based University 2 119

The academic hive is abuzz with blockchain activity. Students looking to formally study blockchain technology can now do so at a number of prestigious universities, including Stanford, UC Berkeley, Duke, Georgetown and MIT. The blockchain bug has even made its way into the ivy league at Cornell and Princeton Universities.

“The courses are often jam-packed, and most have waiting lists,” CNBC says of blockchain classes at Berkeley, which also has a student club devoted to the block. The club is so popular it turns away 96 percent of applicants, according to CNBC. Most students, they say, are more motivated to improve the world than they are to make tons of money.

Across the pond, faculty from Oxford are going beyond just offering classes and developing what they hope will be the world’s first decentralized, borderless, blockchain-based university, called Woolf University.

The Borderless Blockchain University

Woolf University’s vision is a school where students can ‘show up’ to a class by checking in on the app. The app executes smart contracts that track the student’s academic history and financial aid, automatically pay the professor, and bypass innumerable bureaucratic hurdles usually relegated to lengthy paperwork processes.

For about half the cost of regular tuition, a student in Brooklyn could take a class in Yoruba from a professor in Nigeria and earn an EU degree.

‘The World’s First University ICO’

Woolf University’s founder Joshua Broggi, who also serves on Oxford’s Faculty of Philosophy, has just announced what he’s calling “the world’s first ‘university ICO’.”

“Woolf will use a blockchain to enforce regulatory compliance, eliminate bureaucratic processes, and manage the custodianship of sensitive financial and personal data,” the announcement says.

“Our ultimate aim is for this to be a driver of job opportunities and security for academics, as well as a low-cost alternative for students,” Broggi told Forbes.

Private sale of tokens is open now, and crowd sale will be August 30th through October 10th. Token sales are not available to citizens of China, the United States, or Iran.

Stanford is Taking Blockchain in a Different Direction

Oxford isn’t the only place expanding their blockchain vision beyond 202 classes.

Last month, Stanford announced their Center for Blockchain Research (CBR), which endeavors to develop new blockchain based technologies at one of the world’s top research institutions.

Led by professors Dan Boneh and David Mazières, the center’s first five years of research are backed through partnerships with some of crypto’s big names: the Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung, and PolyChain Capital.

The focus of the CBR will be blockchain as it relates to computer engineering, and its potential impacts on global business. “This is a fascinating area of research with deep scientific questions,” said Boneh. “Once you get into the details you quickly realize that this area will generate many PhD theses across all of computer science and beyond.”

A Global Watershed

Last fall the Lucerne University of Applied Sciences and Arts announced that they now accept tuition payments in Bitcoin. In April, the world’s first masters degree in cryptofinance was launched in Brazil. Universities in Moscow, Copenhagen, Cambridge and Cumbria are also researching blockchain’s now and future uses.

These developments, when taken together, could indicate a global watershed moment in the marriage of academia and blockchain tech.

Blockchain and Academia are Transforming Each Other

With the global academic world switching on to blockchain’s potential, and with projects like the CBR and Woolf University taking shape, the world of academia could be at a transformative threshold. Woolf students could conceivably find themselves learning about the blockchain through a blockchain supported infrastructure, while Stanford grads could be taking what they learn in blockchain courses and applying it to doctoral research in the CDR.

We can expect this to transform academia. It’ll transform the blockchain, too.

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