Ripple Expansion: MoneyGram Prepares Launch For Ripple’s Cross-Border Payments Platform Worldwide
Ripple and XRP are in the news again, and this time it’s about the expansion of the company and its services.
MoneyGram is making some pretty impressive moves to boost the XRP ecosystem. Ripple’s CEP Brad Garlinghouse said that MoneyGram is pushing to expand its use of XRP for cross-border payments worldwide.
Expanding On-Demand Liquidity
During a new interview at Fintech Week 2019, he said that MoneyGram’s CEO W. Alexander Holmes wants to know just how quickly Ripple can expand the XRP-powered payment solution called On-Demand Liquidity aka xRapid to new corridors.
“I got a call from the CEO of MoneyGram two weeks ago. And he’s upset with us because we’re not moving fast enough. That was an unbelievable [call],” he said.
He continued and wrote: “He wants us to launch On-Demand Liquidity, formerly known as xRapid, in more markets more quickly because they’re having such a good experience with Mexico.”
He said that the company would also make sure that regulators are entirely on board.
“We’re not going to launch new markets until we’ve engaged regulators in those markets, we know that the exchanges on the other end are robust and compliant, and all the things that go with that.”
XRP, a security?
In other news, recently, it’s been debated the nature of XRP once again.
During a Q&A session that took place at Fintech Week 2019, a member from the audience asked member Jay Clayton, Chairman of the US SEC, whether and when the SEC will rule on Ripple’s digital asset XRP.
Clayton offered a look at what the SEC would consider in an examination fo XRP.
“We don’t comment on specific enforcement matters or whether matters are under review. It would be inappropriate to do so. What I will say is on enforcement matters generally, there are several factors that go into the assessment of any remedial action,” he said.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.