MoneyGram and Ripple alliance pays off

In its annual report recently filed with the American Commission for Stock Exchange Operations, MoneyGram reports $ 11.3 million in revenue resulting from its partnership with Ripple. Ripple Labs pays debt remission company to induce it to use RippleNet in its operations.

Ripple's revenues rise particularly quickly

For now, so much Ripple that MoneyGram benefit from this alliance. Although MoneyGram's total revenues continue to decline, the partnership with Ripple has clearly been positive for the company. She started using the liquidity on demand (ODL) of RippleNet in the second quarter of 2019, which is a great success. The report states:

” The company is remunerated by Ripple in XRP for developing and providing liquidity to the foreign exchange markets, using the ODL platform, and for providing a reliable level of trading activity on the foreign exchange markets. “

Of the $ 11.3 million received from Ripple, 8.9 million arrived in the fourth quarter. Given the overall growth of the Ripple platform, this figure will probably increase during 2020. This activity is then proof that Ripple Labs seeks to use all the means necessary to bring the financial institutions to use his service. Ripple also appears to be paying other partner institutions. In the case of MoneyGram, the RippeNet user agreement expires in 2023.

Money transfer companies will have to adapt

The adoption of Ripple XRP by MoneyGram indicates that the company recognizes the paradigm shift underway in the global finance industry. The supply chain assets are playing an increasingly important role in transferring money around the world and threatening to obsolete traditional providers of money transfers. In fact, eliminating the need for companies like MoneyGram is the main feature behind the design of Bitcoin.

Tutorial: Buy Ripple XRP

By actively seeking to work with financial institutions based on fiats, Ripple Labs was one of the first companies to stand out in the cryptocurrency field. Nevertheless, the CEO Brad Garlinghouse has repeatedly said that cryptocurrency will be better used to complement the traditional economy, at least for the time being. In other words, Garlinghouse does not see the central banks and the money they hit disappear anytime soon.