MoneyGram – an international money remittance company – recently collaborated with Ripple’s XRP-based product – xRapid – to revolutionize the cross-border payment space. This partnership attracted a lot of attention in the crypto space and many digital asset investors and analysts were talking about it. It also had a slight impact on the price of XRP (XRP). The firm announced the partnership over a month ago. However, according to the recent announcement of MoneyGram, its integration with the XRP-based payment platform of Ripple is now live.
MoneyGram CEO Confirms xRapid Settles Transactions in Seconds – Cryptocurrency News Today – Cryptocurrency Market Update
According to Alex Holmes – the Chief Executive Officer of MoneyGram – the integration of MoneyGram and xRapid went live this week. The CEO also confirmed that the technology processes transactions in a matter of seconds. In a statement, Holmes said:
“I am very happy to announce today that MoneyGram is now live and transacting on the xRapid platform of Ripple. We started processing transactions earlier this week and all signs point to this being a very good beneficial relationship for all parties involved. We are literally processing transactions and settling payments in a matter of seconds and this is really good, according to my friend Larry.”
The international remittance firm has not yet disclosed whether it has started using the XRP-powered product of Ripple to process transactions on behalf of its customers. The firm has established its presence in more than 200 countries across the globe. However, it has also not confirmed in which of these countries it plans to use the technology.
MoneyGram’s Partnership with Ripple Will Enhance Its Services Globally – Cryptocurrency Market Update – Cryptocurrency News Today – XRP Price Prediction 2019
Collaboration is one vital factor that has been keeping the crypto space going. The CEO of MoneyGram also admitted that MoneyGram’s collaboration with Ripple will help will enhance the services and ability of the firm to move fund across the globe. He also said that the firm is currently exploring how distributed ledger technology and digital currency can help it gain a competitive edge in the international remittance space. The CEO added that:
“One of the major strongholds of MoneyGram is out global liquidity and settlement engine that allows millions of customers to send billions of dollars to about 200 different countries and territories with 120 currencies. We believe our settlement engine is a very important asset with more use cases and applications that could lead to new revenue streams down the road.”
Holmes further added that the firm’s collaboration with Ripple would boost its core strength. The internal innovation lab of MoneyGram has not stopped exploring new and exciting use cases for distributed ledger technology, digital currency, and blockchain as they have a goal of building the model of the future.
XRP (XRP) Price Today – XRP / USD
XRP is among the coins that have remained stagnant over the past day. At the press time, Bitcoin (BTC) is the only digital currency amassing significant gains among the top ten cryptos in the market. XRP USD live price is $0.3167 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $13.58 billion. XRP USD price is currently supported at the 31 cents level. Meanwhile, the 33 cents mark is preventing the coin from amassing more gain at the moment.