Ripple has cooperated with Moneygram to xRapid / XRP to push
Home News Ripple cooperates with Moneygram to xRapid / XRP to push
Marcus Misiak –
According to a blog post by Ripple Labs, the San Francisco-based Fintech is received-company Ripple of a partnership with MoneyGram, one of the world’s most well-known money transfer companies. As a result, the XRP price has risen in the last 24 hours by 7%.
This partnership, which is initially set to last for two years (renewable), is to make Ripple the main Partner of MoneyGram for cross-border payments and foreign Exchange transactions over digital assets. In other words: MoneyGram Ripples cross-border use border payment product xRapid to cross-border payments with the crypto currency XRP, as the press release.
According to a report in the Wall Street Journal, this partnership Ripple was triggered, investing 50 million dollars in MoneyGram. The company Ripple has bought 10% lower refectory parts of MoneyGram for $ 30 million and gives MoneyGram the right to request at any time in the next two years, $ 20 million of his financing. Due to this news, the shares of Moneygram rose by 114% to 3.10 USD.
The partnership will focus heavily on xRapid, Ripples solution for liquidity, XRP as a “bridge currency” between the Transmitting and receiving monetary uses. Alex Holmes, the Chief Executive of MoneyGram, said that the partnership his company will allow around-the-clock funds from US dollars to target currencies immediately to settle, “what is the potential of our business to revolutionize and our global liquidity management to drastically streamline“.
Ripple CEO Brad Garlinghouse has said that the new partnership of the company with the money transfer giant MoneyGram is a big step forward for the emerging Blockchain and crypto industry. Garlinghouse told Bloomberg TV that the partnership Ripple will help to revolutionise the cross-border payment industry:
The Deal is a big step for Ripple, but I think it is an even bigger step for the industry as a whole. There was a lot of excitement about what can mean the Blockchain and digital Assets and crypto for the industry, and I think it is the reason why players put on Facebook, also immersion. But we don’t have much about the experiment is also seen. And in the case of Ripple, I think that we are the market leader because we are aggressive, matured and real problems for real customers to solve. MoneyGram is only the Manifestation of is. And as the second-largest global money transfer company, we can make with a customer and a Partner made a great contribution.
MoneyGram has about 5% of the global remittance market, according to a report in the Financial Times by 2017.
According to Garlinghouse, the company focuses on the growth of xRapid and the expansion of the number of the on the platform of the available payment methods. Since opening in October of last year, Ripple, an xRapid has opened-connection between Mexico and the Philippines.
What concerns the entry of Facebook in the crypto market, said garling house that he believes that the Social Media giant will focus on the Consumer market and an open door for Ripples the activities of the company will leave.
I think it is an incredibly positive Signal for the whole of the Blockchain and crypto-market that a player such as Facebook is on. I think that there has obviously been a lot of scepticism in relation to the origins of Kryptos, the comes point of view, from a kind of Anti-government and Anti-Bank. But to see how large industrial companies lean on and participate, I think, is really positive for the overall market.
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