Ripple has entered into a strategic partnership with MoneyGram, one of the world’s leading money transfer companies. This partnership, which will have an initial term of two years, will make Ripple MoneyGram’s key partner for cross-border payments and foreign exchange settlement with digital assets.
In addition, the partnership allows MoneyGram to draw up to $50 million from Ripple in exchange for equity over a two-year period. The partnership will be focused on using xRapid liquidity product, which allows money to be sent from one currency and instantly settled in the destination currency. It leverages XRP, Ripple’s native cryptocurrency, as a real-time bridge between sending and receiving currencies.
This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.Brad Garlinghouse, CEO of Ripple in the press release
Earlier this year, India’s Federal Bank had partnered with Ripple for cross-border remittances.
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