The financial market has been going through significant changes in the last couple of years due to blockchain becoming more involved in the industry. So many financial firms have turned to cryptocurrency for the sake of providing a better service to their customers. The lending market has been stuck in a whirlpool of challenges for years. The slow transaction times and the downsides of traditional banking and financing have brought significant burdens to customers, […]
The Digital Currency may be tied to currencies like $USD
"The Digital Currency value could be tied to other Digital Currencies"https://t.co/AQmW43oRQ6
— XRPcryptowolf (@XRPcryptowolf) August 2, 2019
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Ripple keeps scoring good points both in the media and in the fan-base with XRP, a leading cryptocurrency in the fintech payments industry. Ripple and other numerous XRP lovers have maintained that XRP is truly a decentralized new generation cryptocurrency. Notwithstanding, Ripple has always made huge efforts to prop the usage of the crypto. The most recent development involves MoneyGram, an international payments facilitator that has been in business for decades. Just recently, MoneyGram announced that it was testing some of Ripple’s payment solutions like xCurrent and xRapid with the possibility of adopting them. Now, the company has decided to go all-in, adopting Ripple’s xRapid payment solution that uses XRP as the base currency for funds transfer. XRapid has been touted as efficient in terms of transaction costs and speed. For one, MoneyGram was facing direct competition from Ripple, given that both companies are in the international funds’ transfer business. That’s what makes the partnership a win-win for both. In a new earning’s call, MoneyGram CEO Alex Holmes revealed the company launched xRapid this week, confirming the technology can settle payments in a matter of seconds. “I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved. We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool.'” Holmes says the company’s partnership with Ripple will help it improve the company’s ability to move money around the world. “One of the core strengths of MoneyGram is our global liquidity and settlement engine that enables millions of customers to move billions of dollars across 200 countries and territories using over 120 currencies."