Ripple News Today – A few days ago, XRP enjoyed a bullish run shortly after the news broke that Ripple, the company behind XRP, bought a 10% stake in MoneyGram, one of the leading global remittance firms in the world. While the deal, worth $50 billion, was meant to push the integration of XRP into MoneyGram’s system, the bull run was only brief. Some members of the XRP army were worried that such a deal didn’t lead to a more significant and sustainable bull run per our previous XRP news. Also, the details of the deal were not clear. Now, the CEO of Ripple, Brad Garlinghouse, has spoken up about the deal with MoneyGram and what it means for Ripple.
Ripple News Today – XRP News Today – Brad Garlinghouse Clarifies MoneyGram Ripple Deal
According to Brad Garlinghouse, the MoneyGram – Ripple deal isn’t just beneficial to XRP but to the entire cryptocurrency space. This is because MoneyGram controls more than 5% of the global remittance market. During an interview with Bloomberg TV, Garlinghouse said that the goal of the collaboration is to give Ripple the power to disrupt the cross-border remittance sector. In his words;
“The deal is a big step for Ripple, but I think it’s even a bigger step for the overall industry. There’s been a lot of excitement around what blockchain and digital assets and crypto can mean for the industry and I think it’s the reason why players Facebook are diving in also. But we haven’t yet seen much beyond experimentation. And at Ripple, I think we are the market leader because we have matured aggressively and we’re really solving real problems for real customers. MoneyGram is just the manifestation of that. And as the second largest global remittance company, we’re able to have a big impact with one customer and one partner in this.”
XRP (XRP) Price Today – XRP / USD
While the total sum to be invested is $50 million, Ripple has paid $30 million for $4.10 per share. In the next two years, MoneyGram can demand for another $20 million. He also talked about how much progress his company has made on xRapid so far and the emergence of competitors like Facebook cryptocurrency. In his words;
“With this new product around liquidity, we’re now enabling liquidity into the Mexican peso and the Philippine peso. We certainly expect to be much broader than that, but we’ve only been live with this product for about six or seven months. So we feel like we’ve made tremendous progress in a short amount of time. We’re going to continue to invest with the customers we have today as well as expand the number of corridors we have globally. I think it’s an incredibly positive signal for the overall blockchain and crypto market to have a player like Facebook leaning in. I think there’s been obviously a lot of skepticism in the origins of crypto, coming from an anti-government and anti-bank point of view. [But] to see major industry players lean in and participate I think is really positive for the overall market.
Right now, it’s still too early to know how Ripple, XRP and the entire cryptocurrency market will be affected by the Facebook cryptocurrency. All we can do is wait and see. It’s still not clear what the MoneyGram deal means for XRP.
What do you think about the XRP news today? Share your thoughts in the comment section.