Ripple (XRP)is growing its reach with multiple investment deals followed by the latest investment of $30m in a money transfer company MoneyGram (MGI). Brad Garlinghouse, CEO of the payment remittance network firm mentioned in a new update to Yahoo! Finance on Aug 9.
Ripple is a US-based technology company, a real-time gross settlement, currency exchange, and a remittance platform which was created by Ripple Labs Inc. in 2012. The company has consistently maintained a large-scale record in the cryptocurrency, commodity, and fiat currency transaction systems which are built on a distributed open-source protocol.
With this investment, the shares of MoneyGram soaring height of 168% from 80% that was last seen in the past 12 months.
Apart from this latest move, Ripple’s Q2 report also shows that the establishment is running in good profits due to institutional sales. Its native token XRP has leaped to almost 48 percent i.e., $251 million worth XRP tokens sold.
Brad Garlinghouse, an active angel investor mentioned that the deal with MoneyGram closed in June 2019, with a 10% stake in the world’s 2ndlargest payment transfer company. As per the displayed information, MoneyGram incorporated Ripple’s technology with the US dollar to Mexican peso and US dollar to Philippine peso pairings, and the service would be “ramped up” from 2020.
Ripple’s xRapid Adopted By MoneyGram
Ripple has now invested $30 million with an option of increasing its investment by $20 million in the coming 2 years. In exchange of this huge amount, Ripple has become the primary partner of MoneyGram for cross-border payment settlement using digital assets from Aug 3, reportedly told by Alex Holmes, CEO of MoneyGram. Meaning, MoneyGram has begun employing Ripple’s xRapid transaction product to maintain liquidity when making international transfers while using XRP tokens.
Brad says that “potential investments and acquisitions process is going on, however, it is very hard to predict the deals when it comes your way.” The details of the deals are still underway, however, as of now, there is no disclosure of the upcoming possessions from his side.
Reportedly, he also remarked that Ripple is in a strong position, and the business is also growing strongly with a strong balance sheet, and “I intend to press our advantage.”
According to Garlinghouse Ripple is expecting a roundabout of 100 forthcoming contracts to be engaged in this year, apart from the other global clients. The deals apparently would include 20% involvement of xRapid and XRP with the financial institutions.
MoneyGram & XRP Big Deal: Wider Scope Than Facebook’s Libra
The information claims that Garlinghouse and Alex Holmes are very excited about the current partnership between Ripple and MoneyGram. The deal has been seen as one of the 1stuse cases in the production of cryptocurrency in such a massive scale by Garlinghouse…
“A year from now the MoneyGram deal would have a more consequential impact on the crypto markets than the Facebook’s Libra white paper. This is a big deal.”
Image by Miloslav Hamřík from Pixabay
Tags: Cryptocurrency news, XRP, xRapid, Ripple, Facebook, Libra, MoneyGram, Garlinghouse, Alex Holmes
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