MoneyGram CEO Reveals Expansion Strategy With Ripple And XRP
Ripple and the digital asset XRP have been making headlines a lot lately due to various achievements and increased adoption of the coin.
The company has been making increased efforts to boost the complete XRP ecosystem for a really long time now.
For instance, it’s been reported that the banking giant SBI Holdings said that they are planning to use XRP in order to power remittances from Japan to Southeast Asia, according to the latest reports coming from the online publication the Daily Hodl.
In a new report on the company’s performance and strategies, SBI said that SBI Remit, which is the remittance platform will be using Ripple’s XRP-powered former xRapid, which is now known as On-Demand Liquidity (ODL).
MoneyGram is expanding its partnership with Ripple
There have been a lot of rumors surrounding MoneyGram and their connection to Ripple and XRP.
Now, MoneyGram seems to be planning to expand its partnership with Ripple, using the fintech’s XRP-based cross-border payments solution to enter new corridors by the end of 2019.
Asheesh Birla, senior vice president of product at Ripple, stated the following:
“In today’s MoneyGram earnings call, CEO Alex Holmes announced plans to expand the use of Ripple’s on-demand liquidity to new corridors before EOY.”
ICYMI – in today’s @MoneyGram earnings call, CEO @walexholmes announced plans to expand use of Ripple’s on-demand liquidity to new corridors before EOY. “Our partnership with Ripple will be a competitive differentiator in the months and years ahead”
— Asheesh Birla (@ashgoblue) November 1, 2019
MoneyGram’s partnership with Ripple is improving
According to the Q3 2019 earning call report coming from MoneyGram, this partnership with Ripple is reportedly progressing.
MoneyGram CEO Alex Holmes also had a few words to say:
“Our third-quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth, and industry-leading innovation through our strategic partnership with Ripple.”
He continued and highlighted the fact that while the US market, which is reportedly still their primary challenge, has been improving on a sequential basis, “we are very pleased that our non-US business achieved year-over-year growth for the quarter.”
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.