Ripple is a firm that was established and launched officially in Brazil in June 2019. It is, as of present, serving over 200 customers with this figure being quoted from the beginning of the year 2019. The network has made several moves to expand and increase its global footprint, with the latest being a partnership between Ripple and Currency Bird. Ripple’s network, since its inception and launch, has been used by major remittance players like MoneyGram, American Express and Standard Chartered Bank.
The RippleNet technology for remittance is primarily driven by the inter ledger protocol Solutions. The major cross-border payment processor has since its launch been able to offer reliable and at the same time, low-cost services to clients spread all over and across the globe. Ripple supports institutions such as Banco Santander, Banco it, MoneyGram, the American Express, and more. It also facilitates on-demand liquidity, which increases the speed and expediency of transfer.
The cryptocurrency exchange platform can be said to be enjoying the successful year in 2019. Apparently ecosystem as well. Ripple’s chief executive officer Brad Garlinghouse has said and announced his intentions to make more investments.
He says that he wants to use ripples “strong balance sheet” in a bid to make further investments in the capital and the blockchain space. His comments were made during an interview with Yahoo Finance UK’s Oscar Williams-grut, which was published yesterday August 9. These were reported by Cryptoglobe.
Ripple CEO opines that the firm has been working on a more potential and prospective deal following the US dollar 30 million investment in MoneyGram that the Ripple Team recently made. The international giant of remittance, MoneyGram has also said that the integration of the firm with crypto futures exchange Ripple’s cross-border payment platform Xrapid is as of present life.
In a new earning’s call, MoneyGram, the giant remittance firm’s chief executive officer Alex Holmes announced a revelation that the company launched its Xrapid this week. This serves to confirm that the technology, which follows the integration of Ripple and MoneyGram can as of now settle payments in a matter of seconds.
In the crypto, industry expediency is what makes everything worth the while. Some crypto and futures exchanges, in a bid to achieve and maintain this speed of efficiency and at the same time increase the liquidity of their platform use a single order book.
Holmes’, statement in part read “I am so excited to announce today that MoneyGram is now live and transacting on the Ripple XRP platform. We started executing trades earlier this week, and all signs point to this being a tremendously beneficial relationship for all parties involved. We were literally settling currencies in seconds and took with my friend Larry this is really cool.”
MoneyGram’s motivations for updated tech.
When the press release was made about the announcement, a beautiful description of MoneyGram’s motivation and desire for wanting to advance and upgrade the technology for its cross-border payment process was also made.
“Today MoneyGram relies on traditional foreign-exchange markets to meet its settlement obligations which require advanced purchases of most currencies” the press release is quoted in part to read.
“Through this strategic partnership, MoneyGram will be able to settle key currencies and match the timing of funding with its settlement requirements of reducing the cost of operating, working capital needs and improving earnings and free cash flow,” part of the official notes say.
Moneygram now joins the league of major players to get onboard Ripple’s cross border payment processor bandwagon. It joins Currency Bird that made a similar move in the past recent months. This partnership can be deduced to be falling in line with Ripple’s global expansion stratagem.