Ripple’s partnership with MoneyGram has been one of the key highlights this quarter in the cross border transactions industry. Several luminaries and proponents of the field have claimed that Brad Garlinghouse had bagged an excellent opportunity to spread the use of cryptocurrencies in the remittance market.
During the recently concluded Ripple Swell Conference, Alex Holmes, the Chief Executive Officer [CEO] of MoneyGram, spoke to the Ripple CEO about the pressures the industry faces and what’s next for space.
Holmes admitted that the deal between Ripple and MoneyGram was a transformative one as many players in the most enormous scale industry do not attempt to use digital assets to further their cause. The MoneyGram CEO opined that the remittance market had changed a lot in the last several years, and using blockchain technology and cryptocurrencies were definitely the way to move forward.
Garlinghouse further inquired Holmes about the challenges, hurdles, and milestones faced by MoneyGram after entering the decentralized industry. Alex Holmes stated:
“What has amazed me the most is the amount of pressure that legacy players face. The fundamental challenge of moving money around the world is that there isn’t a lot of coordination between financial institutions and there should be more solutions to connect all of these pieces. More and more companies are looking to make the economy move like it should.”
As the discussion proceeded, Holmes also said that at the present moment, there was a balance to be achieved by financial bodies between cash and digital. According to him, the updates and developments do not stop at one milestone but instead have to be prolonged for a long time. Companies now have to be omnipresent in a sense, said Holmes.
MoneyGram has revealed that they are migrating to a legacy system on the cloud with an aim to use blockchain DLT to improve the company’s core systems. The organization’s belief that ODL is the forefront of technology is something that propelled its partnership with Ripple into fruition. Holmes also said:
“Financial institutions have a large opportunity to leverage blockchain and digital assets in order to think differently and push forward more innovation.”
The two partners have stated that they want to push aggressively at the moment to ensure that more trade corridors are opened up that will utilize disruptive technology. Alex Holmes was frank in stating that a couple of years back when the industry was nascent, he did not think it would be anything more than a way to make money. But now he insists it is a new foundation upon which the world can be built.
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