Ripple will invest $ 30 million in MoneyGram

Crypto startup Ripple has already announced that it will invest $ 30 million in the MoneyGram cash transfer company. This is a monumental move because the agreement includes the use of XRP - the Ripple digital currency.

The first XRP sample transfers via MoneyGram will be based on the blockchain network. MoneyGram will work with the liquidity product of Ripple - xRapid to allow the commercialization of blockchain payments. This will reduce the time and cost of transaction settlements, but will also seek to maintain the level of security.

xRapid will become a major flagship for Ripple in partnering with other banks and financial companies. This gives institutions the ability to find liquidity and to make transfers faster and easier than just one account.

Ripple added that it is possible to increase their investments in MoneyGram by buying more shares or warrants for $ 20 million. The xRapid system aims to increase the speed of payments, reduce remittance fees, and at the same time enable users to see the status of their payments in real time.

From Ripple, of course, they assume that their blockchain project can become world-wide. The company first revealed that top three of the five largest money transfer companies around the world will implement Ripple and XRP technology in their payment systems.

Their partnership with MoneyGram comes at the exact moment Ripple intends to turn into the crypto payments decision not only on the Internet but also in the physical world - in the real offices and desks of banks and companies like MoneyGram.

Source: Finance Magnates

Photo: Flickr

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