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.
“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.”
Trying to send money to pay back a friend. Paypal tells me "recipient is unable to receive money" and SquareCash tells me my bank declined the payment. This is in the U.S. where these services work best. Imagine rest of the world. pic.twitter.com/iBPzPtlAy6
— Brian Armstrong (@brian_armstrong) February 12, 2020
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!”
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!https://t.co/GphSI45JYa
— MoneyGram (@MoneyGram) February 12, 2020
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.”
I wanted to send money to family in South Afirca using @MoneyGram but they wanted to offer an exchange rate of ZAR14 for €1, where @WorldRemit offers me ZAR16 for €1. Will most definitely not use Moneygram at those crappy fx rates.
— Jan van den Berg (@janc_vandenberg) February 13, 2020