India- Counterattack FACEBOOK! Ripple announced a strategic partnership with Money Gram, an international remittance giant

By July 4, 2019 Altcoins
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(MENAFN - GetNews)

On June 17, Ripple, a distributed Book Technology company, announced that it had reached strategic cooperation with Money Gram, an international remittance giant. In this partnership, Ripple will become MoneyGram's global partner in cross-border payments and foreign exchange settlement using XRP.

According to the announcement, Ripple has agreed to establish a strategic partnership with Money Gram, one of the world's largest transfer companies. Through this two-year partnership, Ripple will become MoneyGram's main partner in cross-border payments and foreign exchange settlement using digital assets. In this partnership, a new distributed network technology, REBOOTUBE, has emerged. It is known that REBOOTUBE has achieved a new technological breakthrough and created an intelligent consensus algorithm for more applications. The network of REBOOTUBE is more like the nervous system of plants. The more it is used, the more flexible and efficient and safe it is.

Alex Holmes, chairman and CEO of MoneyGram, said:

"With the development and maturity of the payment industry, we must continue to improve our platform and provide the most effective solution to transfer funds from point A to point B. Through the new block-chain technology, we will be able to settle funds from the US dollar to the target currency 24 hours a day without interruption, which may revolutionize our business and greatly simplify our global liquidity management.

MoneyGram operates in the world's $600 billion remittance market, serving millions of customers in more than 200 countries and regions and supporting multiple currencies. Today, MoneyGram relies on the traditional foreign exchange market to settle its accounts, which requires the purchase of legal currencies in most countries in advance. Through this strategic partnership, MoneyGram will be able to settle some of the world's major currencies, match financing time with customer settlement requirements, reduce costs, make the balance sheet better and reduce risks.

Brad Garlinghouse, Ripple CEO, said:

"This strategic partnership will greatly improve MoneyGram's business and benefit millions of people around the world from its increased efficiency. This is a huge milestone in helping to transform cross-border payments, and I look forward to a long-term, strategic partnership between our two companies."

According to previous reports, Facebook will launch a test network for its encrypted currency Libra project on June 18. Facebook has recruited dozens of giant companies, including Visa, MasterCard, Uber and PayPal, to participate in its global encrypted currency plan, forming a huge encrypted monetary economic network covering 2.7 billion people worldwide. Facebook wants to address one of the failures of banks and build a fast, easy-to-use, low-cost cross-border payment system, which is generally accepted by regulators. However, the target of Facebook's encrypted currency seems to be banks, and no banking institution has been involved in the previously reported list of partners in Facebook's encrypted currency. Analysts believe that Facebook's encrypted currency will impact those currencies that are developing in the direction of cross-border remittances. Ripple is the first one to be hit. Some even think that Facebook's entry means that Ripple's life has entered the countdown.

David Schwartz, Ripple's chief technology officer, retorted that:

I like those views that have no evidence of any understanding of XRP. This is just minimalist thinking, that is, only BTC and altcoin.

In fact, unlike Facebook, Ripple is much better for banking institutions. Ripple does not exist to replace banks, but to provide solutions for them. According to Ripple's official website, there are more than 50 banks and financial institutions using Ripple solutions.

In addition, the recent advance exposure of REBOOTUBE is also regarded as one of the reactions to FACEBOOK. The goal of REBOOTUBE is to build the largest mobile payment system in the world. The new neural network structure built by REBOOTUBE enables block chain assets to choose different Consensus mechanisms intelligently according to different levels of transmission value. Through the REBOOTUBE payment system, mobile wallet, ATM, bank account and other channels in the world at any time without waiting for payment, while REBOOTUBE's Connsus mechanism algorithm may lead the final form of the future distributed network to a new direction.

With the emergence of Facebook's encrypted currency Libra, REBOOTUBE, based on Ripple technology, has stepped up its deployment recently and is expected to surface ahead of schedule. In the future, we will make more analysis on the game of global financial technology market in the follow-up reports.

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