The focus of this partnership with MoneyGram will be the xRapid product. Ripple’s xRapid product requires direct use of XRP. With MoneyGram, XRP will be an important field of use and demand.
G As the payments industry continues to evolve and mature, we need to continue improving our platform and provide the most effective solution for transferring money from point A to point B, Alex said Alex Holmes, CEO of MoneyGram. With Ripple’s xRapid product, we will be able to trade 24/7 from the US dollar to other currencies, which has the potential to revolutionize our operations. ÔÇŁ
MoneyGram operates globally in the $ 600 billion wire transfer market, and the company serves millions of people in more than 200 countries and regions in many currencies.
On the other hand, Brad Garlinghouse, Ripple’s CEO, said, ÔÇťThis strategic collaboration will greatly improve MoneyGram’s operations, enabling millions of people around the world to benefit from improved productivity. This is a huge turning point in helping transform the cross-border payments and I look forward to establishing a long-term, very strategic partnership between our companies.
Following the announcement of the partnership, the price of the XRP rose by 5.5 percent to $ 0.45. The XRP gained 13 percent in the last week.
Ripple’s first investment will be $ 30 million at a price of $ 4.10 per share versus a 10 percent stake in MoneyGram. The company also offers an additional investment of up to $ 20 million over the next two years.
Following the announcement of the news, MoneyGram’s shares rose sharply. Shares traded at $ 1.43 climbed up to $ 3.5 with the Ripple news.
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