Ripple bought $ 20 million worth of MoneyGram stock: plans for cooperationDavid Kemp
Financial and technology company Ripple has additionally invested $ 20 million in the MoneyGram system. As a result, the deal was closed for more than $ 50 million.
During the last stage of the investment, Ripple bought MoneyGram shares at a price of $ 4.1. He now owns 9.95% of the securities.
Alex Holmes, head of MoneyGram, said: "The partnership with Ripple will help to make improvements in the field of classic money transfers and cryptocurrencies. We live in an amazing time: it takes only a few seconds to make payments in different currencies. The success achieved in the beginning has pushed us to apply Demand Liquidity (ODL) solutions even more actively." The article "TransferGo money transfers" describes the practical use of this technology.
The first agreement between Ripple and MoneyGram was reached in early 2018. In the summer of 2019, MoneyGram began to actively use the xrapid product, which is based on the XRP token.
Before that, Mr. Holmes noted that 10% of remittances between the United States and Mexico are processed through ODL technology, which uses the XRP coin. The company plans to use it in four more money corridors until the beginning of 2020.
MoneyGram benefits from partnership with Ripple
MoneyGram is experiencing an acute lack of liquidity, the company intends to solve this problem through cooperation with Ripple. At the same time, users of the service will be able to send money online, receiving all the benefits of a reliable and transparent process.
Alex Holmes noted: "Ripple is at the forefront of blockchain technology. We look forward to the pilot launch of xRapid. We are confident that this will improve the efficiency and quality of customer service."
The partnership had a positive impact on Ripple. After the news, the XRP token rose by more than 20%, its price broke the $ 2 mark.
Ripple infrastructure initiative
Blockchain company Ripple has launched an infrastructure development initiative. It is designed to help financial institutions implement advanced solutions in their processes.
In a statement Ripple said: "We are announcing the next stage in the development of the Internet of values – infrastructure development. It will help to offer financial and other organizations in the market advanced products and vast experience in the field of payments and blockchain technologies in order to use innovations during the digital journey."
Among the possible innovations are the formation of regional networks, the creation of networks for new participants, intelligent automation, reducing system costs and risk management.
The program is headed by Dilip RAO, who has more than 30 years of experience in the field of payment systems and banking technologies. The top Manager noted: "My main responsibilities lie in creating interoperability between payment systems, developing xCurrent applications and blockchain technologies for settlement and clearing operations."
Banks in South Korea and Japan are testing payments based on blockchain technology Ripple
South Korean and Japanese banks will begin testing Ripple's distributed ledger technology for cross-border payments. For one day specifically for them, the commission will be reduced by 30%. The Korean side in the project will be represented by blockchain organization DAYLI Intelligence and two of the largest banks in the country. The representative of Japan will be SBI Ripple Asia.
Thanks to the use of Ripple technology, banks will be able to abandon centralized clearing operations and make payments online at significantly lower fees. The XRP token allows banks to significantly reduce transaction fees. Often the cost difference is 60% or more compared to classic tools.
Ripple network will be used for instant cash transactions between India, UAE and Singapore
Multinational company Standard Chartered, UAE Bank RAKBANK and India's Axis Bank have announced plans to use the platform for cross-border online payments based on blockchain Ripple. It is expected that the system Straight2Bank will be used for this purpose, which will increase the speed of payments and make them more efficient.
Representatives of Standard Chartered told: "The successful launch of a commercial online payment service is an important era for the financial industry and the development of enterprise solutions based on distributed ledger technology."
The Manager of Axis Bank spoke about the advantages of blockchain technology in comparison with classical payment solutions: "Although we were able to introduce significant innovations in the field of domestic payments, cross-border payments have not developed enough. Thanks to blockchain technologies and API, we intend to change the mechanisms of conducting international payments."
Ripple told about investment plans after MoneyGram
Brad Garlinghouse said that Ripple intends to sign a number of investment agreements and deals to buy companies when MoneyGram financing is completed. The head of the payment system noted: "We now occupy a confident position, our business is developing rapidly, the company has a good balance sheet. I want to make the most of these advantages."
Mr. Garlinghouse noted that Ripple's management is currently discussing multiple possible investments and acquisitions. At the same time, he did not specify in which objects the company plans to invest money in the first place. Ripple emphasized: "Forecasting transactions is always a very, very difficult task. Thanks to the new investments, we will be able to meet the needs of our customers even better."
Statements of the head of Ripple along with confident actions and development of the company inspire confidence in its successful future. Therefore, the XRP coin looks very profitable for investment. Do not miss the opportunity to buy cryptocurrency while the market is in the dump. This will open up excellent opportunities to generate income.
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