Ripple and MoneyGram Announce Ground-breaking New Partnership
By Tyler Smith – Crypto Investor
According to a press release on June 17, renowned money transmission network, MoneyGram and blockchain-based payment organization Ripple, have secured a monumental two-year partnership.
As detailed through the agreement, both companies are set to become partners in foreign exchange settlements and cross border payments using digital assets. Also per the agreement, MoneyGram will earn about $50 million from Ripple in exchange for equity.
MoneyGram will by using Ripple's liquidity product xRapid where money can be sent in one currency and settled in the destination currency there and then. With this service there is no need to buy XRP as the system will facilitate all the transactions associated almost instantly. With this in mind, xRapid will be able to settle transactions quicker than fiat currencies or other digital assets. This will provide MoneyGram users with an innovative way of utilising the benefits of digital assets without buying Bitcoin or another cryptocurrency.
Alex Holmes, MoneyGram’s CEO and Chairman had this to say:
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis.”
Many international money transfer services will take days for the payment to reach the receiving party, yet this will be fairly instant. This system has been said to potentially revolutionise MoneyGrams operations with access to global liquidity management.
XRP has always had the goal to revolutionise global money transfers, be that users buy XRP for this the transfer or not through many services addressed at global remittance.
An Indian commercial Private Bank, India's Federal Bank (IFB), had partnered with Ripple back in March 2019, to use its network for cross-border remittances. This collaboration was part of an initiative to test new technologies on IFB's remittances network. Two platforms were also launched in the United Arab Emirates for making payments to India using XRP and its ledger for the transfer. Again, these services would buy XRP but the entity making the transfer is not exposed to the price volatility.
Don’t forget to head over to our platform if you’re looking to buy XRP for your global remittance just to sell Bitcoin UK and cash out crypto!