Ripple News Today – Since the beginning of the year, Ripple, XRP’s parent company, has sealed several partnerships with top players in the financial markets. In July, the company announced that it has successfully sealed a deal with MoneyGram that allowed the global payment giant use xRapid to processes cross border payments. Shortly after the Ripple News about MoneyGram was announced, the price of MoneyGram’s shares surged significantly while XRP recorded minimal gains. In our XRP news yesterday, we talked about some of the key reasons why the price of XRP is struggling. In our Ripple XRP News today, we are going to talk about the comments by executives who believe that this partnership with MoneyGram will be a game-changer for XRP.
Ripple News Today – XRP News Today – Executives Believe That The Ripple – MoneyGram Partnership Is Going To Change The Game For XRP
XRP’s price has been struggling since the beginning of the year despite all the positive announcements by Ripple. According to Breanne M. Madigan, the leader of Ripple’s global institutional markets team, the trading volume of XRP against the Mexican Peso has gone up significantly since the MoneyGram deal was sealed. He said that even if XRP’s global volume is down by 65%, the volume against Peso is up by 25%. In his words;
“New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% – during the same period that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume.”
The rise in the volume of XRP against Peso is directly linked to the partnership with MoneyGram. The CEO of MoneyGram, Alex Holmes said that he is happy with the partnership because Ripple’s system makes payments faster and more efficient. In his words;
“I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved. We are settling currencies in seconds, and to quote my friend Larry, ‘This is cool.”
The deal between Ripple and MoneyGram is going to pave the way for similar companies to consider using Ripple’s xRapid. Ripple bought a stake worth $30 million in MoneyGram and has the option to purchase another $20 million within the next two years.
For more XRP News, check here.