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Blockchain Revolution Series: Ripple/MoneyGram Joint-Venture for Overseas Payments and Settlements
Ripple has recently announced a strategic partnership with money transfer giant MoneyGram.
Thereby, Ripple is reportedly in the pact to infuse up to $50 million in the form of capital to MoneyGram in exchange for equity over a two-year period. While MoneyGram is also expected to leverage the xRapid product, that is likely to enable the company to tap into on-demand XRP liquidity for cross-border payments, as per the announcement.
A renowned money transfer firm, ‘MoneyGram’ has entered into a strategic 2-year partnership with blockchain-based payments firm Ripple.
Thereby, the joint-venture is exclusively focused for the overseas payments and foreign exchange settlements using crypto-assets.
This strategic alliance will focus on the xRapid product, which leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies. xRapid is the rationale protraction of the current service. xRapid also works more similarly to xCurrent. Even so, it requires the XRP as a currency. Where XRP provides the liquidity requirements in overseas transactions. Most importantly, eliminates the need for expensive Nostro accounts.
With Ripple (XRP) has surpassed Bitcoin Cash and Litecoin in the market cap race to feature 3rdplace in the crypto-space (Mkt.cap of Ripple – $17.48 bln, Bitcoin cash - $7.5 bln), as the buying sentiments are mounting higher but the understanding of the variances between the Ripple as an organization and the XRP as a token still appears to be deficient. So, it is wise to empathize the driving forces of XRP, their strategic alliances and the fundamentals of the same.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -178 levels (which is highly bearish), while hourly USD spot index was at -113 (highly bearish) while articulating (at 13:26 GMT).
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