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Permanent Remote Work for Staff

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From the research of the Economic Intelligence Unit, it was found out that most Dropbox employees feel more productive working from home as they feel more engaged than when they are in office settings.

Dropbox Inc (NASDAQ: DBX) has announced a permanent remote work measure for its employees in what appears as the necessary new normal. As gleaned from Dropbox (DBX) official announcement, the recommendation to employees to take permanent remote work measures became imperative seeing how the coronavirus pandemic has shaped today’s workspace.

According to the Dropbox (DBX), the decision to implement a permanent remote work strategy came out of a holistic consultation both with its backed Economic Intelligence Unit (EIU) and internal surveys seeking employee’s opinions about the best means to work following the pandemic. 

From the research of the Economic Intelligence Unit, it was learned that most workers feel more productive working from home as they feel more engaged than when in office settings. About 90% of Dropbox’s employees also reinstated their desire to continue working from home. These primarily informed the DBX approach to making remote work for employees permanent. Dropbox further noted that it will be setting up Dropbox studios that will serve as a meetup for its staff when it is safe to do so, and should the need for in-person gathering arise. These studios will be located in San Francisco, Seattle, Austin, and Dublin to start where the majority of Dropbox’s staff are located.

For a firm that debuted on the Nasdaq back in 2018, the company’s shares following the company’s recent work from home strategy rose by 1.55% on Tuesday to close trading at $20.34 per share. The upward trajectory of the stock is also currently sustained in the pre-market in what appears as a complement to the shares that have gained increased relevance during the lockdowns. 

The company acknowledged the fact that while its products have aided companies in their transition to embrace digital capabilities, it has also informed its need to trust its workers to have the right set of resources to stay productive following its confirmed permanent remote work.

Dropbox Permanent Remote Work, One of the Many To Come

The move by DBX to adopt a permanent remote work policy is just one of the many that Wall Street firms have recorded. Twitter Inc (NYSE: TWTR) pronounced back in May that its employees can begin working from home forever as it noted that remote work has proven to be productive.

In the same vein, Walmart Inc (NYSE: WMT) earlier revealed through Suresh Kumar, its global Chief Technological Officer that thousands of its staff will continue to work from home in the reality ushered in by the coronavirus pandemic.

Besides remote work helping to maintain a healthy work environment and slowing down the rate of spread of the virus, CNBC reported that it is also helping firms to cut down on real estate costs particularly for companies like Dropbox that are located in the expensive San Francisco area.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Bank of Spain to Weigh Digital Currency Design Proposals, ‘Implications’ Through 2021

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



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Strong ODL and XRP Growth, 2020 ‘Was a Success’

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Ripple launched On-Demand Liquidity using XRP in 2018. Since then, the firm now has over 24 clients including Azimo and MoneyGram.

Ripple CEO Brad Garlinghouse insisted that the company is committed to the XRP token as the “key behind RippleNet”. He was speaking in the opening keynote at the 2020 Swell conference. Brad confirmed that in the 3 years that RippleNet has been live, more than two million transactions have been completed with a nominal value of at least $7 billion. Ripple ODL and XRP were utilized in almost 20% of all these transactions.

They represented a nominal value of almost $2 billion. According to Garlinghouse, the two are essential to Ripple’s global expansion and longevity. He commented:

“It’s also clear to me that XRP is the key behind RippleNet. Its speed, its scalability, and its low cost per transaction make it perfect for instant settlement and exchange of value. It was built for payments. It has real utility; that’s why it works.”

Ripple launched On-Demand Liquidity using XRP in 2018. Since then, the firm now has over 24 clients including Azimo, Flash FX, SendFriend, and MoneyGram. These are the high profile clients that are using On-Demand Liquidity in production. Interestingly, Ripple has great pulling power in Asia.

Target Regions for Ripple ODL

As Garlinghouse said, the majority of the RippleNet volume comes from the Asia Pacific region, both receiving and sending. He also highlighted that Ripple’s clients are increasingly attracted to the emerging markets including Africa, Latin America, and the Asia-Pacific region.

Generally, these regions have been ‘largely abandoned’ by the traditional banking systems in the past ten years. Azimo is a highlight in the terms of on-demand liquidity that Garlinghouse focused on. He commented on the ODL partner and reviewed how 2020 has been.

The Ripple CEO said that Azimo has been saving 30% to 50% when arranging various currency transfers between clients in Europe and the UK and those in the Philippines using On-Demand Liquidity. Thus, 2020 has been a fruitful year for Ripple ODL and there is rapid growth witnessed in the second half of the year so far.

Line of Credit Introduced

The interest from clients has not dwindled and Ripple is excited that even during these quarantine times customers still see value from that. Garlinghouse commented on the Line of Credit (LOC) product unveiled several days ago. He said that companies will benefit greatly from it helping them adapt Ripple On-Demand Liquidity (ODL) which will enable their business to thrive.

Ripple has now taken a bold step into the financial services world with LOC striving to help in the adoption of XRP. LOC helps the hyper-scale firms since they do not need to engage in separate credit agreements in various countries in different parts of the world. However, they can concentrate on investing in their business and enable repayment at a later date.

The unveiling of Line of Credit represents a major milestone in the evolution of RippleNet. Ripple is therefore doubling down on XRP and providing financial services powered by the network. It means that cross-border payments remain the core of their business.

Ripple Is Growing

Currently, Ripple has more than 500 employees. Adding that onto a recent restructuring, the company appears to be better equipped than ever to face the future as it comes. Garlinghous is confident that the company has the best team to take it forward. Also with the new streamline business units that include RippleX andRippleNet, the company is gradually evolving but its core DNA remains the same.

Ripple promises to be the builder and not the disruptor. Its success is notable in the growing number of employees especially during the quarantine period where they added 50 people to their payroll.

LOC and the Bank of America Rumor

This year’s Ripple Swell conference was held in private, but some interesting news and comments have leaked. Also, Ripple shared Brad Garlinghouse’s opening remarks at the conference. According to the CEO, the financial sector has not experienced innovations at such high levels in decades. PSPs (Payment Service Providers) and digital banks are putting a lot of pressure on the current system.

Also, digital wallets are seeing a ‘meteoric surge’ and Ripple is at the center of it all with its Internet of Values vision. The company’s Line of Credit product is managed by Barry Joseph. It substitutes a pre-financing process that took 2-3 months previously. Line of Credit streamlines that process to get completed within 48 hours and RippleNet members buy XRP at pre-determined prices.

In attendance at the Swell conference was an On-Demand Liquidity (ODL) panel with 3 partners. These partners include a “new face” with Sigue Group CEO Guillermo de la Vina, Bitso from Mexico, and Flash FX from Australia.

Concurrently, an unconfirmed rumor emerged which confirms previous leaks that there is a possible partnership between Ripple and Bank of America. The XRP community is divided on that issue. But, footage and screenshots have emerged on Twitter showing an ODL demonstration video of the Bank of America. Nevertheless, that presentation is not confirmed with other sources writing ‘Fast Remit’.

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Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.



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Morgan Stanley Reports Profitable Q3, Revenue Hits $11.7 Billion

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Morgan Stanley has made a big jump following its previous quarter reports that were marred by the influence of the coronavirus pandemic.

Investment banking giant Morgan Stanley (NYSE: MS) has posted a better than expected earnings for its Q3 on Thursday. According to Reuters, the Q3 earning Morgan Stanley reported came as a result of the firm’s blossoming trading business.

Per the financials, Morgan Stanley reported an $11.7 billion net revenue surpassing last year’s figures that were pegged at $10 billion. Net income reported came at $2.7 billion or $1.66 per diluted share, a big improvement from the net income of $2.2 billion, or $1.27 per diluted.

Morgan Stanley’s Chief Executive Officer and Chairman James P. Gorman attributed the company’s performance to key business decisions involving targeted acquisitions made within the quarter. He said:

“We delivered strong quarterly earnings as markets remained active through the summer months, and our balanced business model continued to deliver consistent, high returns. The completion of the E*TRADE acquisition, the subsequent ratings upgrade from Moody’s, and the recently announced acquisition of Eaton Vance significantly strengthen our Firm and position us well for future growth.”

Other performance tickers including the record of a pre-tax income of $3,487 as against $2,710 reported in Q3 2019. The reported net revenue does not just express the sound position of the company to investors, it showed that the company’s business has strengthened across all front despite the ravaging effects of the coronavirus pandemic.

Also, Morgan Stanley reported growth in its investment banking sector with revenues shooting up 11% from a year ago while the company’s Trading and Sales net revenue climbed by 20% from a year ago. With good growths seen in most indices showing an impressive performance in the quarter ended September 30th, Morgan Stanley now stands as one of Wall Street’s big names with a positive Q3 outlook.

Morgan Stanley Q3 Results: How Firm Fared Compared to Previous Quarters

Morgan Stanley has made a big jump following its previous quarter reports that were marred by the influence of the coronavirus pandemic. Despite the acquisition of E*TRADE, a leading online broker that has produced stellar results for the greater part of a decade and that has about $360 billion in assets, Morgan Stanley’s Q1 performance turned out low in the first quarter of 2020.

In Q1, the total net revenue reported came at $9.49 resulting in a plunge of about 7.8% compared to the same period last year. The Q2 performance however complimented the Q1 plunge suggesting that the company’s investments in the previous quarter had started picking up the positive momentum. Morgan Stanley’s Q2 revenue surged to $13.4, an increase over 2019 Q2’s $10.2 billion.

The positive momentum the company has gained as shown in both its Q2 and Q3 will make analysts revise their expectations for Morgan Stanley in the current Q4.

Business News, Market News, News, Stocks, Wall Street

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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