Ripple providing a business MasterClass as MGI stocks in the green

Back in June, Ripple agreed to invest up to $50 million into money transfer giant MoneyGram (NASDAQ: MGI) as part of a two-year partnership to utilise the XRP digital currency for cross-border payments and foreign exchange settlements. MoneyGram was listed at $1.45 on the NASDAQ stock exchange at the time of the deal with Ripple paying a seemingly hefty premium of $4.10 per share. The deal saw Ripple invest an initial $30 million with the option to purchase another $20 million at a future date at the same $4.10 per share.

Just a couple of months down the road though and the share price for MGI has already tripled with the price now standing at $4.29 at the time of writing this and with plenty of room left for further growth. Further evidence therefore that the company are putting on an absolute clinic in every area of their business – hardly surprising when you see the who’s who of absolute top world class talent within the company – but still very pleasing for everyone involved in cryptocurrencies to see “One of our own” take the fight to Wall Street and show them crypto can beat them at their own game too!

Ripple providing a business MasterClass as MGI stocks in the green

Ripple announces strategic partnership with MoneyGram

Jun 17, 2019 – Ripple

Ripple has agreed to enter into a strategic partnership with MoneyGram (NASDAQ: MGI), one of the world’s largest money transfer companies. Through this partnership, which will have an initial term of two years, Ripple would become MoneyGram’s key partner for cross-border payment and foreign exchange settlement using digital assets. In conjunction with the partnership, Ripple has agreed to provide a capital commitment to MoneyGram, which enables the company to draw up to $50 million in exchange for equity over a two-year period.

The partnership with Ripple will focus on the xRapid product, a solution for on-demand liquidity, which reduces reliance on pre-funding by enabling money to be sent from one currency and instantly settled in the destination currency. It leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies. XRP remains the most efficient digital asset for settlement with transaction fees at just fractions of a penny, compared to other digital asset fees of about $30 per transaction. Similarly, the average transaction time for XRP is two to three seconds with other top digital assets ranging from 15 minutes to an hour.

“As the payments industry evolves and matures, it’s imperative that we continue to improve our platform and provide the most effective solution to get funds from point A to point B,” said Alex Holmes, MoneyGram Chairman and CEO. “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”

MoneyGram operates globally in the $600 billion global remittance market, serving millions of customers in more than 200 countries and territories, supporting multiple currencies. Today, MoneyGram relies on traditional foreign exchange markets to meet its settlement obligations, which require advance purchases of most currencies. Through this strategic partnership, MoneyGram will be able to settle key currencies and match the timing of funding with its settlement requirements reducing costs, improving its balance sheet efficiency and reducing risk.

“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies,” said Brad Garlinghouse, CEO of Ripple.

###

Related News:

Moneygram and Ripple are slashing fees

Top Crypto Casinos

Superior Casino
Bitstarz Casino
Exclusive Casino
Irish Luck Casino
Gossip Slots

Disclaimer

The views and opinions expressed on Wise Cryptos are solely those of the author(s) and are not intended to be taken as investment advice.

Trading of any form (be that stocks and shares, forex or cryptocurrencies) involves high risk so please do your due diligence before making any trading decision.

Hardware Crypto Wallet

ledger nano s

Crypto T-Shirts

crypto t-shirts