On 13th October, the second most significant money transfer service provider in the world, MoneyGram, revealed it had started using Ripple’s xRapid cross-border payment platform which is powered by Ripple’s default cryptocurrency, XRP. The revelations were made public by MoneyGram weeks after the money transfer company announced its decision to use the fintech platform after receiving an initial 30 million US dollar investment from Ripple.
However, findings are emerging that MoneyGram is yet to start using Ripple’s products, XRP and xRapid, in its operation contrary to earlier reports. XRP investor, Crypto Stevo took to his Twitter page to share his communication with MoneyGram customer care representatives who confirmed MoneyGram is not in any way affiliated with Ripple’s xRapid product.
“Kindly be advised that as MoneyGram we are yet to start using Ripple’s xRapid product,” the customer care representative responded to Crypto Stevo, alias Twitter name @CryptoStevoUK, queries concerning the matter.
The response further read,
“However, be advised that if you have a prepaid card that either has a Visa or a Mastercard logo you can use it to fund online transactions for Express payments and same-day transactions. Keep in mind our agents accept fiat currencies as payment methods. If you wish to contact them you can find them on our website, www.moneygram.com, select your location by clicking on the Find Location button. Once you do that, the site should show you available agents who are closest to you. Click on your preferred agent, and you will be able to view the services they provide. We advise calling your agent before attending.”
However, despite the expose from the XRP investor, @CryptoStevoUK, other crypto investors are reading from a different script refusing to rely on information communicated by a customer care representative. Other Ripple investors such as Alex Cobb are choosing to rely on the statement the CEO of MoneyGram issued rather than that of a customer care representative.
In response to @CryptoStevoUK Twitter post that sought to expose MoneyGrams operations, Alex Cobb, who also is known through his Twitter name @AlexCobb, stated that he was more comfortable trusting the CEO’s statement in comparison to the customer care representative.
According to @AlexCobb, MoneyGram CEO, Alex Holmes, already communicated their usage of Ripple’s XRP and xRapid product to improve its cross-border payment service earlier this month. The company statement read,
“Our partnership with Ripple XRP is a fruitful partnership that will enable us to improve and boost our daily transactions which will assist us in streamlining our worldwide liquidity management.”
In his official communication, MoneyGram CEO, Alex Holmes said,
“We have already started using Ripple products, and I can confirm we received am initial 30 million investment from Ripple using their protocol. Following the agreement with Ripple, MoneyGram is set to start making some serious cost saving in the last quarter of 2019. We are currently using Ripple products now as we speak.”
Ripple (XRP) followers currently don’t know which side they should believe. However, following the reaction of crypto followers from the revelations, it is safe to say a majority of them disagree with the findings blaming the customer care representative of sharing incorrect information.
For instance, DigitalNomadInvestor, @DigitalNomadInv, a crypto investor and expert, disagreed vehemently with the findings arguing the response was an automated response that had not been updated. DigitalNomadInvestor responded to the tweet from Crypto Stevo saying,
“@CryptoStevoUK what you received was a copy-paste automated response that has not been updated. I would not read to much into it as it means nothing as far as Ripple XRP and @MoneyGram are concerned. Sorry.”
Since the news of the partnership between MoneyGram and Ripple surfaced, MoneyGram’s stock prices have skyrocketed by over 150 percent despite the prices of XRP remaining stagnant.
We can hope MoneyGram’s customer care department looks into this and gives a more credible response that reflects the position of the company concerning Ripple and its products. We have reached out to the fintech firm too and should update the story if any official response gets out by MoneyGram.
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