Yesterday, June 17, Ripple announced a strategic partnership with one of the leaders in the field of money transfers MoneyGram International, Inc. Within the framework of cooperation, MoneyGram will use Ripple technology for international payments.
Ripple will buy back a 10% stake in MoneyGram for $ 30 million, and over the next two years, the company will be able to buy another stake for $ 20 million.
“The partnership with Ripple will focus on the xRapid product, an on-demand liquidity solution that reduces dependence on pre-financing, allowing you to send money in one currency and instantly pay in another,” the Ripple blog notes.
The xRapid technology uses its own XRP digital asset, which in real time acts as a bridge between the currency of departure and the destination currency.
“As the payment industry develops and develops, it is extremely important that we continue to improve our platform and offer the most effective solution for transferring funds from point A to point B. Thanks to Ripple xRapid, we will be able to instantly transfer funds from US dollars to destination currencies 24 hours a day, 7 days a week, which can revolutionize our operations and significantly simplify global liquidity management, ”said Alex Holmes, Chairman and CEO of MoneyGram.
Since the beginning of the year, XRP has risen in price by 27% of which 15% – over the last week.