In an interview with CNN, the CEO of MoneyGram spoke about the partnership and their future plans with Ripple’s XRP. He informed that surpassed $100 million in total volume.
“Ripple is trying to take on traditional bank transfers.”
MoneyGram CEO Alex Holmes said that Ripple is trying to take on some of the older processes, traditional bank transfers, and traditional Swift transfers in terms of how people move “bulk dollars.” Ripple recently completed a $50 million investment in the financial giant and owns 9.5% of the share. Holmes said that it’s a mutual partnership and a win-win for both companies. The CEO further informed that 10% of all cross-border transactions between the dollar and the Mexican Peso are done using Ripple’s ODL.
More of the conversation with @MoneyGram CEO @walexholmes talking about the @Ripple partnership, corridor expansion, volume growth & maybe one day replacing the SWIFT payment system — "those are large aspirations." 😃 $XRP pic.twitter.com/ACoxowG8yU
— Julia Chatterley (@jchatterleyCNN) December 17, 2019
MoneyGram hopes to spread ODL to as many corridors as possible.
Currently, MoneyGram is using Ripple’s XRP in five corridors, including the Mexican peso, Philippine Peso, and the Australian dollar, the CEO said that they hope to spread this technology to as many corridors as possible in the near future. Recently, the liquidity index of Ripple reached over 1 million. And the technology was also mentioned in the report of Consumer Financial Protection Bureau (CFPB).