Amex goes onchain! - Scratching the Surface with Soosh
What is Scratching the Surface with Soosh? Its a new mini project of mine to provide some context to the world of crypto, finance etc in bite sized written format. As the name suggests, everything here is at surface level (i.e. no deep dives or extremely details/heavy datasets), just enough to get your curiosity to tingle~ so you can learn!
Today's topic: American Express gets into Blockchain Payments!
Crypto solves an existing problem with moving money over the Swift Network or the ACH network: its slow and very expensive.
- Normally, sending money cross border relies on 3rd party like Western Union, Moneygram or similar that often take up to 10% in fees and fx conversion fees. With blockchain settlement, like the one on Ripple Network, the fees would be at most a few cents and (near) instant settlement, vs the 1-3 days of settlement via the fiat route.
So why would AMEX be interested?
Simply put, they are exploring a more efficient way to settle cross border payments. Starting with their business customers for now, and eventually could be embedded into the daily settlement that AMEX network does globally.
Ryan Browne
Joining Apple, Amex becomes the second, large public traded company to start operating payments on Blockchain, specifically on Ripple.
Sushen Talwar
Read more about AMEX news:
Until next time on the next scratching the surface with soosh!
*this article is for curiosity only and nothing stated within should be taken as tax and financial advice. DYOR!