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.
New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% - during the same period of time that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume. pic.twitter.com/IFR84PBlwR— Breanne M. Madigan (@BreMadigan) August 23, 2019
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.
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.
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.