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MoneyGram Earns Almost $9M Profit With Ripple’s Help

Jamie West by Jamie West
October 31, 2020
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United States – MoneyGram continues to become one of the most reliable US money transfer companies. Last October 30, 2020, the company announced its strategic partnership with the famous Ripple.

According to the report, Ripple will allocate $50 million to MoneyGram in exchange for equity during the two years. MoneyGram will also use Ripple’s xRapid service, a system that promotes instant and inexpensive cross-border payments across the world. MoneyGram will surely reach more customers since this platform is one of the fastest money transfers in today’s market.

Currently, MoneyGram only uses its traditional and old cross-border payment system. It holds foreign currencies in multiple bank accounts, making the money transfer more costly and restricted.

On the other hand, the xRapid service uses Ripple’s cryptocurrency called XRP. When a company initiates a payment or money transfer, the system will convert any initial currency into XRP, say dollars to XRP. Afterwards, the XRP amount will immediately convert into the destination currency, for an instant, XRP to Canadian dollars. Some institutions love this idea since they can save more money and time.

Since 2019, Ripple remains as one of the most reliable enterprise blockchain companies with payment products in commercial use. Ripple is very smart to establish a digital asset that enables users to rapidly and inexpensively source liquidity without compromising its excellent scalability, unlike other digital assets.

According to Ripple’s CTO, XRP continues to make steady progress and establishes difficult-to-match networks. The xRapid system’s design is very secure and uses an anti-robustness principle that prevents the platform from progressing with money transfers unless it is 100% safe. Ripple believes that this system offers a better solution for MoneyGram’s customers, especially those with unintentional forking and double-spending problems.

According to the most recent report, MoneyGram has received 111%growth in transactions and 114% growth in profits since October 2020. Currently, MoneyGram’s earnings stand around $8.9 million, all thanks to Ripple’s market development share. Many reports claim that Ripple paid a so-called “market development fee” to MoneyGram to incentivize the company in using Ripple’s products, especially XRP.

One MoneyGram employee confirmed that the company sells Ripple’s digital asses as fast as possible. The company aims to reduce operating costs and speed up cross-border payments.

With Ripple’s help, MoneyGram can surely process faster than other traditional systems, such as SWIFT and PayPal. Indeed, Alex Holmes, MoneyGram Chairman, and CEO guarantees that Ripple’s xRapid can dramatically streamline MoneyGram’s global liquidity management.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: bank accountbusinesscross-border paymentcryptocurrencyinvestmentmoney transferpayment systemRippleRipple's XRPXRP
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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