The latest cryptocurrency news show a new partnership on the horizon – between Ripple and MoneyGram – which seems to be a strategic collaboration that makes the most of blockchain based payments.
The two firms have agreed to become partners in the cross-border payments and foreign exchange settlements with digital assets. As the official announcement shows, MoneyGram will be able to get up to $50 million dollars from Ripple in exchange for equity in the firm.
Both Ripple and MoneyGram have agreed to use each other’s products. The press release shared by many best cryptocurrency news sites shows that MoneyGram will use Ripple’s xRapid liquidity product which allows money to be sent in one currency and instantly settled in the destination currency. Using the XRP token for such transfers, xRapid is a technology that can settle such transactions faster and better than with standard fiat currencies or other cryptocurrencies.
As the CEO of MoneyGram Alex Holmes noted when announcing the Ripple and MoneyGram partnership:
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”
As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company’s business lies in the remittances market, which value is estimated at around $600 billion.
The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.”
Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple’s growing and global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably as well as cost-effectively.
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“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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