Ripple and XRP: MoneyGram CEO Praises The Two Entities; The Company Does Not Own Any XRP
Ripple and XRP are ending this year on a pretty successful note with lots of achievements marked so far regarding partnerships, enhanced adoption for Ripple’s products and XRP, and more.
MoneyGram doesn’t hold any XRP
It’s been revealed that MoneyGram’s CEO, Alexander Holmes said that the company doesn’t hold any XRP.
You may recall that Ripple bought a $50-million stake in MoneyGram this year, and the payments giant said that it’s using Ripple’s ODL to move 10% of its transaction volume between the US and Mexico.
ODL is On-Demand Liquidity, Ripple’s product, which was formerly known as xRapid. The name changed following a rebranding process that took place not too long ago.
ODL uses XRP to move money across borders, and the main question that the Daily Hodl brought up was of MoneyGram itself buys XRP, and this remained without an answer for a really long time.
MoneyGram doesn’t own XRP
In a new interview with CNN, Holmes confirms the solution allows MoneyGram to utilize XRP without having to own any.
“There’s a lot of changing regulation and accounting rules around cryptocurrency and the assets associated with it. So no, we do not hold, for any period of time, any crypto assets on our books,” he said.
Ripple and XRP can transform global payments
MoneyGram is really fond of Ripple, and it was recently reported that MoneyGram’s CEO said he believes Ripple, XRP, and blockchain technology, in general, have the potential to transform the payments industry.
He once said that “What’s interesting about what Ripple is trying to do is they really are trying to take on some of the older processes, traditional bank transfers and traditional Swift transfers in terms of how companies move dollars through banks or however that may be. So what’s happening right now is these markets have to be built…”
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.