Ripple Strikes Back with $50M Investment in MoneyGram to Boost XRP Adoption
Main page News, Fintech, Tech, Banking, Ripple, Crypto Market, XRP

One of the largest digital asset ecosystems Ripple has announced it's agreed to enter into a strategic partnership with MoneyGram, one of the world’s largest money transfer companies.

At press time, XRP sees bold surge +4,85% and is trading at $0,44.

The partnership would open Ripple cross-border payment and foreign exchange settlement under MoneyGram’s oversight. According to the official announcement, Ripple agreed to provide a capital commitment to MoneyGram, which enables the company to draw up to $50 million in exchange for equity over a two-year period.

MoneyGram Chairman and CEO, Alex Holmes, says since the payments industry evolves and matures, it’s imperative that MoneyGram continues to improve its platform and provide "the most effective solution to get funds from point A to point B."

"Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management," he added.

Brad Garlinghouse, the Head of Ripple, claims the partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency.

Earlier this year, iHodl reported that Garlinghouse during the D.C. Blockchain Summit celebrated in Washington said that the JPM Coin, JP Morgan Chase's digital asset, lacks interoperability.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error