MoneyGram, a US money transfer company, has announced that it has agreed a
strategic partnership with
Ripple. In exchange for equity during this two-year period, Ripple will make $50 million available to MoneyGram to be drawn down.
MoneyGram will primarily use Ripple’s xRapid service. This system enables inexpensive, instant cross-border payments across the world, reducing the need to hold foreign currency.
Currently, MoneyGram uses traditional means of making cross-border payments. They must hold foreign currencies in multiple bank accounts at all times, which is costly and restricts capital flows.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
