Ripple Announces Game-Changing Partnership With MoneyGram

Published:

17/06/2019 18:35

EST. Journalist:


By CCN Markets: Ripple announced a partnership with money transfer giant MoneyGram today.

Ripple CEO Brad Garlinghouse tweeted the development. | Source: Twitter

Two Year Exclusive Agreement, Ripple and MoneyGram

According to Ripple Labs, a two-year partnership has been struck with MoneyGram which makes Ripple its exclusive digital assets partner. The purview of Ripple’s use case here might be more limited than expected. It depends on how many of the transactions are sent and received using Ripple’s technology and how much they’re worth.

Whatever the case, the partnership doesn’t, for example, mean that you’ll be able to buy and sell XRP at any MoneyGram location. Something along those lines would be the ultimate goal for a crypto-integration. If MoneyGram added a cryptocurrency ATM to every site it has around the world, it could create a global liquidity network for cryptocurrency. People could send and receive crypto, and MoneyGram could still play an essential part in helping people realize the funds sent and received.

In more disadvantaged areas, for example, where people didn’t even own devices to receive crypto with, they could utilize a service provided by MoneyGram, where they log into a wallet.

Whatever incumbent MoneyGram would lose in direct revenue, it could make back in ATM fees. ATM fees can range from $5 to $20, depending on the size of the transaction, or even higher. In effect, MoneyGram could end up making more money by simply adding support for crypto to most or all of its locations and helping people use it.

XRP is headed higher on the development. | Source: Twitter

Seconds, Not Minutes, Says Ripple

Ripple brags that its xRapid product will enable MoneyGram to have settlements in a matter of seconds rather than several minutes, writing:

“The partnership with Ripple will focus on the xRapid product, a solution for on-demand liquidity, which reduces reliance on pre-funding by…

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