Ripple’s burgeoning partnership roster has caught the eye of multiple players in the cryptocurrency industry, and the latest addition of MoneyGram into the fold is an example of a forwarding movement.
The Brad Garlinghouse-led Ripple has made sure that all its new partners are given a platform to reveal their plans in the cryptocurrency space and keeping that in mind, Ripple recently announced that MoneyGram Chief Executive Officer W.Alexander Holmes would be speaking at the upcoming Swell by Ripple event that will be conducted between November 7-8. Ripple’s official release stated:
“At Swell 2019, MoneyGram Chairman and CEO W. Alexander Holmes will share insights from his experience driving this transformation across the company and discuss what lies ahead for the broader payments industry.”
The cryptocurrency organization said that MoneyGram’s partnership was aimed to streamline their global liquidity management and increase the company’s operational efficiency. On-Demand Liquidity [ODL] was the phrase of the hour, and the same ODL technology is what has incited the Ripple-MoneyGram partnership. Ripple continued:
“Under Holmes’s leadership, MoneyGram plays an integral role in enabling more economic opportunity, especially to emerging markets. MoneyGram has expanded its services to Mexico and the Philippines, countries where remittance transfers are high-cost and pain points of cross-border payments are felt by consumers and financial institutions alike.”
The tie-ups were initiated by keeping in mind the growing size of the remittance market, an industry that is now worth more than $600 billion. The added factor of cross border transactions has brought about a revolution when it comes to capital transfer, and the application of the OPDL will act as the required channel for cross border payments.
Holmes has been a vocal advocate of the cryptocurrency space and has placed his trust in Ripple to ‘disrupt the remittance industry.’ He had also added:
“Ripple has large distribution blockchain technology and an interesting crypto coin like XRP can cross borders in seconds. What they don’t have is pools of global liquidity in fiat currency.”
According to the MoneyGram CEO, most governments know that cryptocurrency trades converting to fiat trades are good for the market but at the same time, are fearful of that phenomenon.
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