Ripple-Backed MoneyGram Proposes a Solution to Coinbase’s Founder

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Ripple-Backed MoneyGram Proposes a Solution to Coinbase’s Founder

MoneyGram, the money transfer service provider that received $50 million from Ripple, is offering Brian Armstrong, the CEO of Coinbase, a promo code to try their service.

Brian, who heads the multi-billion, for profit cryptocurrency exchange which happens to be one of the oldest and popular in the United States, has not replied.

And he is unlikely to  respond because it may be misconstrued to be endorsement.

Brian Armstrong Complains

As a leader, it might mean he is endorsing Ripple’s technology and specifically on-demand liquidity, a service that enables super-fast, cheap, and near-instantaneous settlement rivaling SWIFT, a network developed by banks.

Nonetheless, it appears as if Armstrong faces different challenges with the legacy system that is still widely used by the masses despite obvious mishaps and inefficiencies.

He complains:

“Trying to send money to pay back a friend. Paypal tells me “recipient is unable to receive money” and Square Cash tells me my bank declined the payment. This is in the U.S. where these services work best. Imagine rest of the world.”

Of which MoneyGram generously tried offering a solution:

“Hi Brian, we would love to send you a promo code to try our services. Please send us a private message, and we’ll send it your way!”

Coinbase’s Reputation

Coinbase maintains a healthy relationship with several banks who enable the free flow of funds to and from the ramp.

Coinbase also has a security reputation. It is one of the few crypto exchanges that has never been hacked. Hacking is rampant in the industry.

By the first half of 2019, over $4 billion worth of cryptocurrencies including Bitcoin and Ethereum (ETH) were stolen from leading crypto exchanges including Binance.

MoneyGram Complements Ripple Partner Exchanges Like Bitso

MoneyGram has a presence in over 210 countries and is obviously a market leader in remittance.

By integrating XRP and ODL, there seems to have been a revival since its share price has also risen in tandem.

The increasing liquidity levels where it works in tandem with partnering cryptocurrency exchanges including Bitso and Coins. Ph points to increasing utility, and the masses shifting to efficiency.

Even so, there are some who complain of what they term as MoneyGram “scrappy rates”:

“I wanted to send money to family in South Africa using MoneyGram but they wanted to offer an exchange rate of ZAR14 for €1, where World Remit offers me ZAR16 for €1. Will most definitely not use MoneyGram at those crappy FX rates.”

Summary
Ripple-backed MoneyGram Proposes a Solution to Coinbase's Founder
Article Name
Ripple-backed MoneyGram Proposes a Solution to Coinbase's Founder
Description
MoneyGram, the money transfer service provider that received $50 million from Ripple, is offering Brian Armstrong, the CEO of Coinbase, a promo code so as to try their service.
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CoinGape
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Author: Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich

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Dalmas Ngetich 229 Articles

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich

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