News Crypto and cryptocurrencies

Agreement between Ripple and MoneyGram

ripple - Agreement between Ripple and MoneyGram

Ripple represents a sort of anomaly in the field of cryptocurrency. If, in fact, virtual currencies are seen as a way of bypassing the traditional financial system, XRP instead, it is proposed to support it in order to make it more efficient. This is a characteristic that helps relations with banks and other monetary institutions and, consequently, the penetration in the sector to which it has aimed since the beginning. They are in fact already more than 200 banks from all over the world who have entered into a partnership with the company, aimed precisely at exploiting the peculiarities of the token. A number that is constantly increasing.

The agreement between XRP and MoneyGram

MoneyGram International Inc. is a money transfer company based in Dallas, in the heart of Texas. Precisely the need to move money and transfer it quickly and safely to any part of the world is among its primary objectives. A goal that prompted her to establish one collaboration with Ripple, evidently recognizing that it is a tool that can facilitate its achievement.
In particular MoneyGram identified significant potential in ODL (On Demand Liquidity) of Ripple, or in the sector that XRP dedicates to customers who need liquidity on demand. A potential, moreover, expressed by the fact that just recently on the crypto exchange Mexican Bitso, the XRP liquidity index reached an all-time high, reaching 3 million.

Five corridors as the basis of the agreement

Drawing on the consequences of this interest, MoneyGram therefore decided to use Ripple's ODL in five different payment corridors worldwide. This was stated by Ripple's senior director of product, Ginger Baker, which also stated that XRP-based ODL currently supports the US dollar, the Mexican peso, the Australian dollar, the euro and the Philippine peso.
Also Asheesh Birla, Ripple's Senior VP for Product Management, also wanted to comment on the company's progress. He did so during a Ripple webinar, noting that Bitso has moved up to $ 18 million in remittances via XRP over the last weeks of 2019, with a progressive increase in the amount of 15-20% each. week. As a result of what happened, about 10% of MoneyGram's US-Mexico corridor, which is the largest MoneyGram corridor currently operating, is moving to ODL and Ripple.

Kamila Chytil's statements

Kamila Chytil, MoneyGram's Chief Operating Officer, in turn said that MoneyGram is using Ripple's On Demand Liquidity product for the specific purpose of trading FX on a corporate level using XRP. Then specifying that this is a back-end treasury function not aimed at the consumer.
According to her, the current technological advancement is contributing decisively to solving the most expensive and time-consuming aspect of the process, reducing the amount of money that the company is forced to park around the world in operations. Among the benefits brought there is also a significant reduction in the working capital needed.
He then closed by stating that MoneyGram is examining multiple use cases to maximize the use of Ripple tools, while integrating with the latest version of its suite of services in order to offer a withdrawal service to all members of the network .

Buying Cryptocurrencies? Exchange Binance Binance

Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

Similar posts

Leave a comment

Your email address will not be published.

Back to top button