- Ripple’s Partner MoneyGram Partners With Amazon and Google
- Ripple still suffering PR Scandal Following Incentives to Clients
- Ripple XRP Attempts To Reach New Highs Despite Bear Pressure
Ripple News Today – Ever since the partnership between MoneyGram and Ripple was sealed last year, MoneyGram has been one of Ripple’s largest partners in the financial services space. So, deals that affect the progress of MoneyGram, in some cases, influence the price of the XRP token. Yesterday, MoneyGram announced that it has joined forces with major tech companies Amazon and Google. The goal of this partnership is to set the pace for digital transformation with a cloud-based strategy.
Ripple’s Partner MoneyGram Works With Google And Amazon
By implementing this multi-cloud storage strategy, MoneyGram will save the cost for transactions significantly. If they don’t need to spend so much money sending money, they don’t need to charge so high either and this would attract more business for MoneyGram. Apart from the reduction in cost, using Amazon web services will also make MoneyGram’s payment transfer process faster. Google’s cloud will make the entire user experience more exciting and efficient. The goal is to improve the overall quality of MoneyGram’s services.
Speaking about the partnership, the COO of MoneyGram, Kamila Chytil, said that they are targeting new generation technologies as they have been doing for years. According to Chytil, all the branches of their business is benefitting from this digital transformation. In Chytil’s words;
“Our digital transformation has enabled the company to streamline its operations and significantly reduce expenses.”
Chytil’s words are in line with all the partnerships that MoneyGram has been securing over the last few years. From the partnership with Visa Direct to the partnership with Ripple, the company has and is still embracing digital transformation in many different ways. The partnership with Visa Direct allows the company to make almost instant financial transactions for its customers.
By working with Ripple, MoneyGram is taking the path to decentralization. The company confirmed that using Ripple’s technology helped boost stakeholder profitability. When the partnership was announced last year, Ripple XRP spiked the same time with MoneyGram’s shares. However, Ripple had to suffer some PR stain after MoneyGram revealed that Ripple paid the company benefits of $11.3 million to use its blockchain. This raised questions about the long term success of the blockchain. If there is no organic adoption of Ripple and its XRP token, then the long term success can’t be guaranteed.
Since the beginning of this year, the price of XRP has been struggling like it has for the past two years. However, the price chart shows that the cryptocurrency may reach a new high if it successfully reaches the golden cross that it is currently aiming for. The last time this happened, the price of the token increased by over 42%. So, traders are positive that the extended bear market is going to come to an end soon despite the growing uncertainty.