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Ripple invests $30mn in MoneyGram for leveraging blockchain-based tech

Alex Holmes,    MoneyGram Chairman and CEO

Money-transfer company MoneyGram International, Inc. announced that they have entered into a strategic partnership with Silicon Valley-based Ripple, provider of enterprise blockchain solutions for global payments.

Part of the collaboration enables MoneyGram to utilise Ripple’s xRapid product, leveraging XRP in foreign exchange settlement as part of MoneyGram’s cross-border payment process. The partnership supports the companies’ shared goal of improving the settlement of cross-border payments by increasing efficiency and reducing cost through RippleNet.

Along with the aforementioned partnership, Ripple has also made an investment of $20 million in MoneyGram equity.

Alex Holmes, MoneyGram Chairman and CEO said, “As the payments industry evolves, we are focused on continuing to improve our platform and utilizing the best technology as part of our overall settlement process. Through our partnership with Ripple, we will also have the opportunity to further enhance our operations and streamline our global liquidity management. Since our initial partnership announced in January 2018, we have gotten to know Ripple and are looking forward to further leveraging the strengths of both of our businesses.”

The strategic collaboration opens new avenues in the money transfer world helping MoneyGram negate its reliance on the traditional foreign exchange markets to meet its settlement obligations, which require advance purchases of most currencies. It will allow MoneyGram to settle key currencies and match the timing of funding with its settlement requirements, reducing operating costs, working capital needs and improving earnings and free cash flow.

“This is a huge milestone in helping to transform cross-border payments. MoneyGram is one of the largest money transfer companies in the world and the partnership will continue to further the reach of Ripple’s network. I look forward to a long-term, very strategic partnership between our companies,” said Brad Garlinghouse, CEO of Ripple.

Recently, Ripple announced its expansion into the Latin American market by setting up operations in Brazil.

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