Ripple’s XRP will be used by MoneyGram for conducting cross-border payments

by Osiris Team


Posted on June 18, 2019, 8:50 p.m.
Adoption Development
Time to read: 2 min
XRP

San Francisco-based cryptocurrency startup Ripple has recently revealed that it bought a stake in MoneyGram, one of the leaders in the remittance market.

The deal presupposes that MoneyGram will use Ripple’s XRP token for conducting daily operations.

According to a Fortune article, Ripple will acquire up 10 percent of MoneyGram’s shares for $4.10 a pop. The total amount of this game-changing investment could reach $50 mln.

Ripple, which utilized Blockchain technology for fast and cheap transactions, poses an existential threat to traditional money transfer companies. MoneyGram has been struggling as of recently with disastrous earnings reports taking a toll on the stock’s price.

Hence, this strategic partnership was necessary for the company not to lag behind its competitors. It’s the “disrupt, or be disrupted” type of situation.

"As the payments industry evolves and matures, it’s imperative that we continue to improve our platform and provide the most effective solution to get funds from point A to point B,” said MoneyGram CEO Alex Holmes.

For Ripple, this partnership is equally important since this would be a boon for Blockchain adoption (MoneyGram operates in more than 200 countries).

To top that off, MoneyGram will actually use xRapid, Ripple’s latest product that actually utilized XRP, which will inevitably serve as a great catalyst for the token’s price.

At the time of writing, XRP is up 3.36 percent, according to data provided by CoinMarketCap.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Coinbase Card rolls out DAI as first supported stablecoin

Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai, a stablecoin pegged to the United States dollar.


Development
DAI

Dec. 6, 2019, 6:36 p.m.

Microsoft teams up with Enjin to offer crypto collectible rewards

Do good work, earn a "badger" - that's the idea behind a new incentive launched by Microsoft and blockchain gaming project Enjin.


Development
General

Dec. 5, 2019, 2:36 p.m.

Cointelegraph launches Consulting division to drive enterprise blockchain adoption

Cointelegraph has announced the launch of its Cointelegraph Consulting division, which is focused on advancing enterprise blockchain adoption by helping companies understand the potential of blockchain and then matching them with enterprise vendors to implement solutions.


Adoption Development
General

Dec. 4, 2019, 2:20 p.m.

China’s Great Firewall has blocked access to Ethereum block explorer

China's Great Firewall, used by the government to regulate access to foreign internet sites, has blocked one of the most popular sources of Ethereum blockchain data.


Development Regulatory
ETH

Dec. 3, 2019, 5:51 p.m.

Stellar’s Foundation just destroyed half the supply of its Lumens cryptocurrency

The Stellar Development Foundation has burned 55 billion of its XLM tokens, over half the cryptocurrency’s supply, CEO Denelle Dixon announced from the stage of the Stellar Meridian conference Monday.


Alerts Development
XLM

Nov. 6, 2019, 10:09 a.m.

Follow us