- On the 25th of Nov declared its final $20 million investment of the $50 million, as promised to MoneyGram in early June.
- The Ripple’s product which leverages the digital asset to be sent worldwide, securely, within a fraction of a second.
- Being cheap and faster than other cryptocurrencies like Bitcoin and Ethereum.
In the world of cryptocurrency, the relationships between two giants, Ripple and MoneyGram, has shown up as the hotly debated topic of all time now.
Ripple, the provider of leading enterprise blockchain solutions for global payments, on the 25th of Nov declared its final $20 million investment of the $50 million, as promised to MoneyGram in early June. Thus, by buying the equities at $4.10 per share, Ripple now is the rightful owner of 9.95% of the stocks of MoneyGram.
Alex Holmes, MoneyGram Chairman, and CEO said,
“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry. As he further specifies that they’re settling currencies in seconds and this success encouraged them to accelerate expanding the use of On-Demand Liquidity.”
With an idea of easing the cross-border payments and foreign exchange settlements by means of Digital assets, both these companies collaborated for a 2-year-partnership.
As a result of this, now MoneyGram would have access to the On-Demand Liquidity, the Ripple’s product which leverages the digital asset to be sent worldwide, securely, within a fraction of a second. The XRP, Ripple’s digital asset, which is known as the fastest amongst all the other cryptocurrencies, is being used for online transactions across borders.
Holmes later added, “Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences. He assured that the growth will be further open to new areas and explore new service and products.”
The CEO of Ripple, Brad Garlinghouse mentioned that in their previous announcement Moneygram began utilizing On-Demand Liquidity in the Philippines, and now they’re excited to support MoneyGram’s expansion in Europe and Australia.
The above lines could be seen into effect recently, as MoneyGram moves 10% of its Mexican Peso foreign exchange trading volume through On-Demand Liquidity and in advancement to this it has already started transacting in others as well, such as Australia, Europe, and the Philippines.
Being cheap and faster than other cryptocurrencies like Bitcoin and Ethereum. Also keeping all this aside, XRP, being the currency of Ripple, has also seen a rise with this program initiative.
The XRP now has a record of more than 4 million transactions that have outnumbered the major currencies. Thus overall, it would not be wrong to say that this move has been a major history in the world of transactions.