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Ripple announces partnership with MoneyGram – XRP in use

The California-based FinTech company, Ripple, has announced a strategic partnership with the payment service provider MoneyGram. Accordingly, in MoneyGram-Bank

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Ripple announces partnership with MoneyGram – XRP in use

The California-based FinTech company, Ripple, has announced a strategic partnership with the payment service provider MoneyGram. Accordingly, in MoneyGram-Bank Transfers in the future, the xRapid-technology of Ripple and, consequently, the in-house crypto-currency, XRP. According to media reports, Ripple will invest in the course of the partnership, up to 50 million US dollars in MoneyGram.

By Christopher clover
18. June 2019BTC$and 9,158,00 -1.47%part Facebook Twitter LinkedIn xing mail

About the lack of partnerships can't complain Ripple, the US-American FinTech company behind the same-named payment network, truly. So Ripple rumored for some time that over 200 banks and financial service providers showed interest in Ripple-products. The XRP holders of the long-awaited mass adaptation of the Ripple currency by the banks, however, remained so far. This is partly due to the fact that in a majority of partnerships to Ripple-products such as xCurrent, or xVia, without XRP.

MoneyGram relies on XRP

Now Ripple with MoneyGram was able to win a heavy-weight among the payment service providers as a Partner. According to a report by the U.S. business magazine Fortune Ripple 30 million of US will spend a Dollar to buy MoneyGram shares. The unit price of $ 4.10 corresponds to almost three times the current share price. Ripple holds a participation of eight to ten percent of MoneyGram. In the next two years, MoneyGram have also the possibility to sell additional shares to the value of 20 million US dollars for the same price of Ripple.

according to a press release from the 17. June shows, plans to MoneyGram the use of xRapid.

Who goes with the time, must move with the times, commenting on MoneyGram's CEO Alexander Holmes, the partnership:

Since the payment industry develops and Matures, it is imperative that we [...] offer the most effective solution to transfer funds from point A to point B. By xRapid of Ripple, we will be able to transfer US dollars into the target currency. [This has] the potential to revolutionize our Business and rationalize our global liquidity management dramatically.

XRapid will enable the participating parties, banks and cross-border transactions much quicker and cheaper than via a classic Bank Transfer to settle. XRP serves as a bridge currency, which is changed when necessary on crypto-exchanges in the target currency, which, in turn, should guarantee greater liquidity.

An ideal product for payment service providers such as MoneyGram, says Ripple CEO, Brad garlinghouse.

This strategic partnership will enable MoneyGram to improve its processes significantly. This is a major milestone in the Transformation of cross-border payments [...].

The XRP exchange rate is a slight daily increase of 1.8 percent recorded at the editorial deadline.

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