Ripple confirms $50 million partnership with MoneyGram

17 Jun, 2019
by David Robb
News
Ripple confirms $50 million partnership with MoneyGram

After rumours started to circulate a few weeks ago, Ripple has now confirmed a partnership with international payments service MoneyGram. The deal is worth up to $50 million for MoneyGram.

Ripple and MoneyGram will be partnering for at least two years, under the terms of the deal. MoneyGram will make use of Ripple's xRapid technology in order to settle cross-border remittances more effectively, leveraging XRP tokens instead of relying on pre-purchase of the specific fiat currencies involved in a transaction. It will also have access to capital from Ripple in exchange for equity.

According to Alex Holmes, MoneyGram Chairman and CEO, "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. 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."

To commemorate this major new partnership, Garlinghouse announced that Ripple would be launching another XRP airdrop. 2 million tokens will be given away to holders.

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