MoneyGram, one of the leading money transfer companies, has officially started utilizing Ripple’s xRapid for conducting payments, its Q2 report shows. Thus, the company now conducts cross-border payments directly with XRP.
The commercial agreement allows MoneyGram to utilize Ripple’s xRapid blockchain product, as well as XRP, Ripple’s cryptocurrency, to facilitate cross-border settlement.”
A perfect match
Back in July, the San Francisco-based crypto behemoth bought a $30 mln stake in MoneyGram. That was an unexpected move for the money transfer vet that directly competes with Ripple’s newfangled technology, but it appeared to be a ‘disrupt or be disrupted’ kind of situation.
During the earning’s call, MoneyGram CEO Alex Holmes confirmed that they had started executing trades with xRapid, touting ‘tremendously beneficial relationships’ with Ripple, and the company doesn’t seem to stop there.
Our internal innovation lab continues to explore new and exciting use cases for crypto, DLT and blockchain as we look to build the model of the future.”
No impact on the XRP price
U.Today reminds its readers that the shares of MoneyGram International (NASDAQ: MGI) almost doubled after the acquisition announcement. As of Aug. 3, the stock price of MoneyGram is up 6 percent, currently trading at $2.78 per share.
Meanwhile, according to CoinMarketCap data, XRP is struggling to pick up some steam even with Bitcoin adding another 3 percent over the last 24 hours.