Ripple Partner MoneyGram Turns to Amazon and Google to Power Faster Payments

Ripple Partner MoneyGram Turns to Amazon and Google to Power Faster Payments


hello folks you have reached the cryptocurrency portal and this caught my eye today it says Ripple partner MoneyGram turns to Amazon and Google to power faster payments now we’ve had a few videos that have discussed ripple and their partner MoneyGram from from the the money that ripple has invested in in MoneyGram strategically and then all the corridors that MoneyGram is opening being powered by ripple so this was a new and interesting headline that we I wanted to go over with with you today so it says MoneyGram one of ripples highest-profile Partners is working with two web Giants to help streamline the effectiveness of its cross-border payments services so both Amazon Web Services and cloud a Google cloud are assisting the peer-to-peer payments company with its multi cloud strategy which is designed to increase flexibility and lower both risks and cost so MoneyGram continues to have a lot of forward momentum and it looks like they’re not partnering with but using Amazon Web Services in Google cloud now check out their quote here it says MoneyGram is integrating with the leader in cloud-based applications AWS Amazon Web Services to bring scale to the company’s transaction processing engine and additionally monogram is using Google Cloud as its data and analytics engine to better understand customer behavior and deliver a more personalized experience so imagine that people start using crossbar border remittances they they start understanding you know the timing of when people get paid how much they tend to give to their relatives overseas and they just understand their customer more and more that could be very powerful as they market to them so continues it says this year last year ripple completed the acquisition of its 50 million dollar stake and MoneyGram now again we’ve done videos about that and what I’ll do is I’ll link in the description below the video that we did about this 50 million dollar stake in MoneyGram MoneyGram is now the largest user of ripples XRP remittance product on-demand liquidity ODL which used to be called extrapolated it’s now called on-demand liquidity Odile ripple also partnered with the Mexico based crypto exchange bit so to facilitate XRP settlements into the country and the exchange is now processing 10% of monograms flows into Mexico using XRP and the quote here is over the last few years we’ve invested in the latest cutting-edge technologies to build an agile organization ready to scale no part of the business has been left untouched by our digital transformation as we’ve worked tirelessly to build a modern mobile and API driven platform and expand our direct consumer digital capabilities to over 67 countries now MoneyGram CEO Alex home says the company launched additional corridors utilizing XRP late last year however the company is yet to officially reveal the locations and volumes of the new corridors so moving ahead it says ripple pushing to take over remittance corridor between United States and Mexico says it’s so executive so we just kind of touched on just now well let’s go through this a little deeper dive here it says Mexican crypto exchange bit so now processes 2.5 percent of remittance transactions from the United States to Mexico the third largest remittance market in the world bit so head of finance Barbara Gonzales Briceno attributes this to the company’s partnership with ripple in a video posted on ripples YouTube channel Bruce NGO explains how bits though is changing the way people send and receive money using ripples liquidity solution for cross-border payments now her quote is it’s this solution that we’re offering to all of our customers partnering with ripple and trying to take over the remittance corridor from the United States to Mexico ripples on demand liquidity odl solution for remittances utilizes the cryptocurrency XRP a cross-border payment powered by bit so works by converting dollars from the US into digital currency xrp and then converting the XRP to mexican peso for the recipient in Mexico and this quote is instead of going through a wire transfer and going to the bank and calling someone to help me fix all of the different details and waiting for five days I can use odl where the dollars turn into X RP and the x RP are sent into bits though and then immediately exchanged for Mexican pesos now that that whole process there that was just explaining that quote is something that Brad garland housed the CEO of ripple has always been stating in his words but it’s great to see one of the companies that’s using the products say in their words and the final part of the quote is in the span of less than a minute I have my money in the Treasury and in the rate that was more beneficial for me and in a cost-effective transaction as we all know Brad Garland household quotes or probably still use it on the sales calls is always that in the old system it’s easier just get a bag full of money and fly it across the world to get it to your destination we’ll get there quicker than going through the current system through Swift and everything Cobra senior says ODL changes cross-border payments in Mexico where large portions of the population remain unbanked and remittances are traditionally slow and costly and the quote here is we usually tend to see that a transaction as we’re seeing through Odile used to cost more than five time when it’s actually costing them right now so I think that this is an amazing event of the product here here another one is settlement which is almost a medium what you don’t see by any means in the traditional financial system and how it has operated for many many years Briceno says bit so and ripples partnership offers an opportunity to change how international payments are done ripple plays an enormous part on that customer front with the partners that are actually sending the cross-border payments and remittances but we have seen adoption and we’ve seen adoption not only from players that are already in this space we’re also seeking adoption from players like MoneyGram who were very traditional players we’re doing things very different way and now are now on to one of the most important partners for us we want to do it the same way a very similar way though I think we all dream about changing how payments are done in the region and in the world and how we interact with each other so I was just kind of an interesting quote I just wanted to go over that because back to back there ripples MoneyGram partner and ripples bit so partner there I want to go over this too because coinbase is CEO Brad Armstrong says bitcoin may lose to cryptocurrency and race to all coins and here’s why this was kind of an interesting thought process that he went over here it says Brian Armstrong the CEO of digital currency exchange coinbase says bitcoin may be surpassed by other digital coins as the crypto industry evolved into maturity in a series of tweets Armstrong highlights the parallels between the early internet and cryptocurrency he says challenges that early internet developers faced are comparable to those that hound today’s young crypto industry and the quote is at Netscape they were working with early Internet protocols things weren’t very scalable dial-up modems remember all that ding-ding-ding you had to be somewhat technical to figure out how to get online and early websites were pretty basic static science look like toys etc sound familiar there’s a crypto it on it sure is they figured they’d try making a shopping cart see if you could build a first party app there is no way to save state or create a session for instance to make a shopping cart so they created the concept of cookies then the next problem was that nobody wanted to put a credit card into the internet yeah exactly now everyone does it because everything plain text over HTTP so they went and invented SSL secure socket layer x’ and HTTP Armstrong says that just as early internet users came up with the better web tools the 11 year old crypto industry is now also gearing up towards new solutions slow internet speeds dial-up modems models reflect early challenges in scaling blockchains SSL and HTTP are similar to some of the privacy coin efforts now based on the parallels of the two industries Armstrong cites the features that digital coins need for the crypto industry to reach mass adoption and his quote is for me the biggest areas of development I see that I think we need to get right as an industry our number one scalability we need block chains that can can get to at least a thousands of TPS transactions per second to get Main Street adoption of crypto similar to broadband internet being a big unlock on the web number two privacy perhaps a contrarian view but I think we’ll need privacy coins just like we needed HTTPS is the default on the web for many use cases in crypto long term everyone deserves access to financial services and financial privacy transactions scalability and privacy are two features that Bitcoin currently lacks because of these deficiencies Armstrong says there’s ultimately an opportunity for an all coin to become the dominant crypto asset in the future now you can see his tweets here you just sent them out if you want to follow Bryan Armstrong you can and as tweet Twitter handle is at Brian underscore Armstrong so that kind of wraps that up one of the final things I want to go over is just this it says Bitcoin kiosks top 7,000 worldwide its traditional ATM operators I the BTC market and other crypto currencies and that’s why I added here and it says with a growing interest in cryptocurrency there are now seven thousand and fifty seven crypto ATMs worldwide allowing people to use cash and debit cards to purchase Bitcoin and other digital assets or convert them into fiat of the top five markets there are currently five thousand eighty nine ATMs the United States 754 and canva 303 and United Kingdom 126 and Austria 84 in Spain according to the data compiled by coin ATM radar Andrew Barnard co-founder of CEO in a bid stop a Bitcoin operator with over 100 locations in the United States including the Miami International Airport and shopping malls says the industry is still very young with Bitcoin ATMs and is only six to seven years old I just want to kind go over that because you can just see more reach for Bitcoin and other cryptocurrencies so you know when people are going through the airport and they see they can get Bitcoin and other cryptocurrencies and all coins and when the bull run happens and the FOMO sets in the fear of missing out they’re gonna see I can get some Bitcoin or another crypto over there so that’s the latest from the cryptocurrency portal folks that deeply appreciate you tuning in if you like this video please smash that thumbs up button really helps me out helps out the channel helps out with those Google and YouTube algorithm so I’d really appreciate it and I tend to upload a new video every day to 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17 comments

  1. As mentioned in this video, here is the video that I did about Ripple boosting their MoneyGram investment: https://www.youtube.com/watch?v=SYnv5Mz9Y2s&feature=youtu.be

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  9. Come on guys….Don't be so ridiculously naive…They are just using cloud service …this isn't affecting XRP in any shape or form…Imagine if they decide to build all infrastructure on their own and bought dell or hp servers or Cisco network equipments…Are you gonna say….. Ripple is partnering with Dell..or Hp or Cisco….that's just lame. I am an XRP investor but I dont like stupidity around this hype

  10. This is AWS and Google Cloud, but it could be overall good news for faster payments. It's all good in a macro sense.

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