Following Internal Test With Ripple And XRP, MoneyGram Executive Says Cryptocurrency Has Vast Potential

Ripple News Today – In our previous XRP news, we talked about how the rumor of Ripple purchasing MoneyGram led to a surge in the price of the token. After awhile the real reason why Ripple met with MoneyGram was revealed. MoneyGram did a proof-of-concept with Ripple and the result was encouraging. Now, the company believes that cryptocurrencies have vast potential according to an executive. According to the company, the most efficient use of cryptocurrencies will be their application in the cross-border remittance sector. MoneyGram’s relationship with Ripple might be a game changer for Ripple and for the XRP token. How will the collaboration between MoneyGram and Ripple affect the XRP prediction 2019?

Ripple News Today – XRP News Today – Cryptocurrency News Today – MoneyGram Executive Talks About The Potential Of Cryptocurrencies

The global head of project and innovation at MoneyGram, Youri Bebic, said that there is a high chance that cryptocurrencies will play a fundamental role in the future of cross-border remittance. During the test with Ripple, MoneyGram was interested in knowing how efficient Ripple was in cutting cost and speeding up transactions. According to him, money doesn’t really move across borders when people make transactions so there is no excuse for the delay. In his words;

“We did a proof of concept with one cryptocurrency. We made a press release so I can answer that. That was with Ripple, where we are trying to see if we can use cryptocurrency for liquidity in the markets. Because the big secret with money transfers is the money doesn’t move. The money’s already there. We pre-fund pretty much in bank accounts all over the world and then we do value transfer. But if I were to send money from here to Mexico and literally, physically move the money at that time, it would take a lot of time.”

According to him, cryptocurrencies will solve this problem by enabling instant money transfer across borders without the need to access pre-funded bank accounts. While he acknowledged this efficiency, he also mentioned that the challenge these cryptocurrencies will face is a lack of liquidity. In his words;

“So cryptocurrency, if they all add scale, and if the markets are there with liquidity, could actually allow us to eliminate pre-funding of fiat, what we call regular currency in a particular country, and then use the exchanges to sell cryptocurrency against local currency and deposit into the bank account or give it in cash for our user. So, we are obviously looking into that. We are running some pilots and trials. And I do believe it is highly probable that this is the way money will move in the future. There is still a lack, again, of liquidity, and some markets are more advanced than others. We deal with a lot of exotic currencies… in Africa, for example, where I don’t see cryptocurrency really being traded in the near future. But in many places, like in Europe, like in Asia, it could actually be possible, and if it takes off we want to be a part of it.”

XRP News Today – Cryptocurrency News Today – What This Mean For XRP

XRP is the primary digital asset for ensuring smooth international transactions. This is the main reason why it was created. However, reaching mass adoption hasn’t been an easy task for Ripple and XRP. With major players in the financial institutions using it, it’s only a matter of time until it reaches mass adoption.

What do you think about the XRP prediction 2019 in our XRP news today? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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