The announcement that shock the crypto world! Moneygram and Ripple announced a major partnership that will use the currency XRP as part of its day to day operations. Under the terms of the deal, Ripple will end up paying $4.10 cents a share to acquire an 8% to 10% stake in MoneyGram. This will end up translating into $30 million investment.
This is a major step in blockchain as we are seeing a real use case with a digital asset. This deal has been years in the making and it is now finally coming to life and we know that it will use XRP.
Here is the official tweet from MoneyGram.
MoneyGram Announces Strategic Partnership with Ripple https://t.co/4vhBUFQRnW
— MoneyGram (@MoneyGram) June 17, 2019
Ripple CEO Brad Garlinghouse added in these comments yesterday:
This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations
MoneyGram services over 200 countries and territories around the world with roughly $600 billion proceed in the global remittance market. Both Ripple and MoneyGram anticipate settlement fees dropping from $30 per transaction to “fractions of a penny” while the settlement times are expected to drop from 15-60 minutes to just a few seconds.
Here is the Official tweet from Brad Garlinghouse:
— Brad Garlinghouse (@bgarlinghouse) June 17, 2019