After the Ripple partnership, MoneyGram has been heading powerfully into the bullish territory. Now its CEO has stated that the tie-up will only be beneficial for the entire crypto industry.
Ripple and its partnerships across the globe have stirred the cryptocurrency community multiple times, and its affiliation with Money Gram has been one of the latest and most popular ones. In a recent interview, Alex Holmes, the Chief Executive Officer of MoneyGram, spoke about the implementation of a better cross border transaction method as well as what Ripple brings to the table.
Holmes’ statements were also appreciated by Cory Johnson, the former CMO at Ripple, who tweeted that MoneyGram was one of the few companies who discussed Ripple’s benefits out in the open.
Holmes further touched upon MoneyGram’s reach in South American countries as well as smaller Asian nations. He claimed that the organization, along with Ripple’s help, has been able to move the capital from one country too another seamlessly, be it from Mexican Peso to American Dollars or vice-versa. According to the CEO:
“We are doing multiple things with these currencies right now but in the current time frame, it may still seem small. What impacts today is not something that will be in the same tone 5-10 years later. That is why we are out to set a developmental run that will surpass any set expectations. Right now we are looking at how technology can enable growth and how effectively it can be carried out.”
The MoneyGram official admitted that blockchain technology and the field of cryptocurrencies were still in their nascent stages. But he assured users and holders that applications that were launched earlier had already shown tangible and substantial results. He was asked if Ripple will play a more significant role in MoneyGram’s future plans and stated that the previous track record shows dividends.
Since the partnership, MoneyGram has surpassed $100 million in terms of volume moved using Ripple’s technology. Holmes frankly stated that fin-tech companies need to build out foundations from scratch and have to move out of old processes and traditional banking methods.
MoneyGram partnered with Ripple mainly for its On-Demand Liquidity [ODL] feature. MoneyGram even revealed that the growth would pick up when the right buyers and sellers enter the market. Holmes also gave his two cents on the factors that will boost liquidity in the ODL market as well as the future of the space. He said:
“The size of the industry is volumetric really; more the sellers then the volume will increase accordingly. We are super excited that participation has increased drastically while at the same time the industry is being facilitated by understanding liquidity and needs.”
Alex Holmes was also asked about the rumors that Ripple had a vested interest in contributing $50 million as capital to MoneyGram. The CEO laughingly brushed it off by claiming that the partnership worked in such a way that both parties benefitted properly.
He pointed out that Ripple was providing its technology, which provided MoneyGram to increase volume, something that will also profit Ripple. Holmes signed off by reiterating that the value of the partnership will be tremendous in the long term and that the mission to perfect the flow of capital will continue till it is achieved.
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