Ripple's partnership with MoneyGram will have a "big impact" on xRapid

18 Jun, 2019
by Richard Allen
Ripple's partnership with MoneyGram will have a big impact on xRapid

Brad Garlinghouse, Ripple chief executive, has stated that the recent partnership with MoneyGram should have a “big impact” on their xRapid product.

Announced on June 17, Ripple and MoneyGram partnered up to see MoneyGram make use f Ripple’s xRapd technology to settle cross-border remittances more efficiently, using XRP tokens rather than the pre-purchase of specific fiat currencies.

During an interview with Bloomberg TV, Garlinghouse said:

“The deal is a big step for Ripple, but I think it's even a bigger step for the overall industry. There's been a lot of excitement around what blockchain and crypto can mean for the industry and I think it’s the reason why players like Facebook are diving in also. But we haven’t yet seen much beyond experimentation.”

He goes on to say that he believes Ripple to be a market leader because of their aggressive maturity and commitment to solving real problems, and their MoneyGram partnership is the manifestation of that. Because MoneyGram is the second largest global remittance company, Garlinghouse states they’re able to have a real impact with one customer.

Garlinghouse also stated that in exchange for their $50 million investment, the company would be getting up to a 10% stake in MoneyGram. Then, talking about what’s next for Ripple, the chief executive says the focus is on expanding the “number of corridors where we’re live today.” Garlinghouse states they’ve just expanded xRapd to include the Mexican and Philippine peso.

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