International transfers made through the Ripple currency

According to an article published on Ripple Labs blog, fintech company in San Francisco has set up a partner with MoneyGram, one of the most prominent money transfer companies in the world.

Under this agreement, MoneyGram will use Ripple to make international transfers.

An investment of $ 50 million

Under the two-year agreement that can be extended later, Ripple has invested $ 50 million in MoneyGram. The company will use the xRapid system of Ripple, which allows money to be sent in one currency and instant settlement in the destination currency.

Using the XRP token, xRapid can make these transactions faster than the fiat currencies or other major digital assets.

MoneyGram Chairman and CEO Alex Holmes said:

“Through Ripple xRapid, we will be able to instantly transfer US dollar funds into 24-hour destination currencies. This speed has the potential to revolutionize our operations and significantly improve the overall management of our cash.”

An important partnership for Ripple

According to its website, MoneyGram is the second payment company in the world and operates in over 200 countries. The company manages payments worth $ 600 billion. According to Google Finance, the MoneyGram rating is $ 80 million.

Partnery is an important asset for Ripple, who has made efforts to enter the international transfer market.

For example, in March, the Federal Bank of India (IFB), a private commercial bank, entered into a partnership with Ripple to use xRapid for international transfers. The partnership was part of an initiative to apply new technologies to the remittance network of IFB.

The news has raised the value of Cryptomonda XRP by 115% to $ 0.46.

Riple XRP is ranked No. 3 in the top marketcap, with a total valuation of nearly $ 19 billion.