Ripple Rumors Are Confirmed: MoneyGram Will Use XRP
XRP has been recently in the spotlight when it was predicted that the value of the digital asset would be boosted to the moon.
It’s been reported a few days ago that crypto analyst known as Paddy Stash, who said that he thinks a new altcoin season is starting to form.
His top choices for a new altcoin rally are Ethereum and Ripple‘s XRP.
Ripple confirms MoneyGram-related rumors
Ripple CEO Brad Garlinghouse confirms the speculations that MoneyGram will be directly responsible for an increase of XRP volume in Mexico.
During a new interview on the FintechBeat podcast, Garlinghouse said that MoneyGram and more Ripple clients would contribute to a 50% boost ion XRP transactions by sending dollars into Mexico via XRP which will be used as a bridge.
“It’s a public ledger. You can see where volumes are growing, contracting, and we’ve talked publicly about it – partly because of MoneyGram as well as some other customers who are using what we call On-Demand Liquidity. The product is moving [capital] so that you don’t have to pre-fund,” he said.
The volume of transactions using XRP surged
He continued and explained that the volume of transactions between XRP and the Mexican peso surged by more than 50%.
“That’s because there’s real utility, and that’s a growing amount of traffic, and we’re continuing to grow that amount of traffic. So you can see the percentage of XRP to MXN – Mexican peso transactions. As that grows, it’s a pretty safe bet that a larger and larger percentage of that is actually utility and no speculation,” Garlinghouse explained.
More than that, Galringhouse said that the use of cryptos such as Bitcoin and others remain purely speculative and he is positive that there will be a long time until cryptos will be directly used by consumers.
Head over to the Daily Hodl’s original article in order to find out more details on the matter.
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.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.