Ripple's Executive Showcases the Real Impact of MoneyGram Partnership

Libra Coin News
Fri, 08/23/2019 - 15:44
Alex Dovbnya
xRapid, which has been struggling with adoption since its launch in September 2018, can finally boast a major use case
Cover image via 123rf.com
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Breanne M. Madigan, who is responsible for leading the Global Institutional Markets team at Ripple, took to Twitter to show that the company’s xRapid product has a real use case.

According to Madigan’s data, XRP saw an exploding volume on the Mexican exchange Bitso, which was linked to the recent partnership with money transfer giant MoneyGram.

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Coming to the rescue

The Mexican peso (MXN) has been tanking for several years due to economic uncertainty in the country. Hence, cryptocurrencies are also becoming a source of hedging against the volatile fiat currency.

However, for a lot of Mexicans who do not have access to financial services, cryptocurrencies are turning into an integral part of everyday life, not just an investment vehicle.

XRP/MXN volumes rose more than 25 percent after MoneyGram started using xRapid in Mexico (despite the overall drop in XRP volumes). Hence, it shows that xRapid, which facilitates a frictionless exchange of fiat assets with the help of XRP, is finally gaining traction with real-world adoption.

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MoneyGram and xRapid      

As reported by U.Today, MoneyGram confirmed that it went live with xRapid in its Q2 report, which one of the first use cases.

That came after Ripple made a major power move by acquiring a $30 mln stake in the old school money transfer company, which saw its shares going through the roof as a result of the partnership.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.