New reports are indicating that institutional XRP payments between Bitstamp and Bitso reached record highs on the first day of Q4, 2019. All these payments were made through the xRapid corridor and the hope is that this first day momentum will carry on for the rest of the quarter. There has been enough consistency as well over the last few months to suggest that this trend will continue. The news comes at a very interesting time for XRP institutional payments.
MoneyGram had promised earlier that it will be scaling up its XRP payments at the beginning of Q4 this year. True to its word, MoneyGram has already started to do so. We are not sure if the surge in payments reported on the first day of Q4 is in any way related to MoneyGram and its XRP scale-up operation. But one thing is clear. This can only be a good thing for Ripple.
MoneyGram is definitely a heavyweight strategic partner. The company has also shown outstanding willingness to work with Ripple. According to CEO Alex Holmes, the plan is to “move forward with xRapid in a very huge way” over the coming few months.