According to a recent report, MoneyGram which recently forged a partnership with Ripple is already making plans to use xRapid, (Ripple’s XRP based cross-border payment solution).
XRP is Perfect for MoneyGram
The CEO of MoneyGram, Alexander Holmes revealed during an interview that XRP is the “absolute right” asset to use for international remittances, and that after a short while, the firm intends to start utilising the technology on its backend in order to enhance the speed and efficiency of its platform.
“The partnership really gives us a chance to speed things up and really gives Ripple a chance to put real-time meaningful value into the network and online and get that liquidity through the system. And I think it’s going to show that, from a platform perspective, xRapid and XRP as an asset is the absolute right one to use for settlement purposes.”
“And it should, I would think if done well, enable others to want to jump on board and participate as well because I think it’s a little bit of the chicken and egg. I think we have the liquidity, we don’t have the speed in the back end processes. They have the speed but not the liquidity. I think it’s a perfect marriage and I think it’s going to be a great opportunity to show the world what we can do together”
He continued that:
“Longer-term, we think this is a really interesting way to begin to think about how we facilitate cross-border payments through crypto and maybe get the consumers more directly involved in the front end of it. But really right now, it’s really about that settlement platform. It’s about what they call their xRapid platform, which is really about how do we do more dynamic foreign currency and settlement management on a real-time basis, enabling us to really pair up those consumer transactions with the back end need for liquidity in markets.”
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