Ripple makes a huge investment in MoneyGram
Ripple has made an initial investment in MoneyGram as part of a two year partnership, resulting the stock prices of MoneyGram to rise over 150% after stabilizing again to a point, still far above the closing price on Monday before the announcement.
MoneyGram was already piloting Ripple its product xRapid since last year and will now officially implement this payment network, thus use the cryptocurrency XRP. This will be done in effort to speed up and cut the costs of cross-border transactions.
CEO of MoneyGram – Alex Holmes, commented: “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.”
CEO of Ripple – Brad Garlinghouse, also commented: “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.”
Ripple’s CEO talks about the partnership in the video below.
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Source: Ripple buys stake in MoneyGram - https://bit.ly/2X33Jn3 ... Ripple Could Invest Up to $50 Million in MoneyGram in XRP Boosting Deal - https://bit.ly/2RnyAUZ ... MoneyGram Doubles After Blockchain Startup Ripple Buys Stake - https://bloom.bg/2XX1az7 ... Ripple buys stake in MoneyGram in bid to push for the use of XRP - https://bit.ly/2L5XIyH ... Blockchain startup Ripple buys $30 million stake in MoneyGram - https://reut.rs/2x8Vgiw
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