Ripple and MoneyGram will tap 4 more payment corridors

  • The CEO of MoneyGram, Alexander Holmes, announced at the Swell conference that 10% of all transactions from Mexico to the USA are based on Ripple.
  • Furthermore, 4 new payment corridors are to be developed within the next few months.

The Swell Conference is over and delivered lots of important results and some surprises. XRP’s price has not risen before, during and after the conference (at least until now), but continues to show a sideways trend. MoneyGram CEO Alexander Holmes announced great news about the Ripple ecosystem.

10% of all transactions from Mexico to USA are handled by Ripple

In June of this year, Ripple entered into a cooperation with MoneyGram, a global payment service provider with operations in more than 194 countries. According to Holmes, the newly opened payment corridor between Mexico and the USA shows an excellent performance.

Ripple launched the On-Demand-Liqudity solution (ODL) for commercial use last year and finds more and more companies that are piloting this technology and are very satisfied with the results. Holmes described at the Swell conference:

We’re pushing today about 10% of our volume that we normally do to Mexico through the ODL platform. It’s working extremely well.

Since MoneyGram is very satisfied with the results, Holmes further describes that four new payment corridors are to follow in the coming months. In addition, MoneyGram wants to push the use of ODL even more aggressively:

We’ve now opened into four new corridors that we’re beginning to scale. And I think that those will continue to ramp in the coming weeks and months…

MoneyGram has established an innovation laboratory that specializes in improving legacy systems and thoroughly testing how Blockchain Distributed Ledger technology can improve or even replace core systems. Holmes is excited about ODL for its cost savings and speed:

What I love about ODL is that we’re completely at the forefront of this technology … We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL.

Ripple paid MoneyGram $30 million this summer for an 8 percent stake in the company. MoneyGram’s latest quarterly report describes that the company achieved sales of $324.6 million in the third quarter.

Ripple on the road to success, XRP price does not move

Despite much positive news about Ripple, the price of XRP is showing a sideways trend and stands at 0.2799 USD at the time of writing.

Some members of the Ripple Community are currently disappointed with the price development, but it should not be forgotten that technology and adaptation continue to progress worldwide and the development of the price is rather unimportant for Brad Garlinghouse and his staff. In an interview with Bloomberg, Garlinghouse states that he is long-term oriented and doesn’t look at the price chart on a daily basis:

We pay attention to the long term. I tell the employees that I don’t think about it for three days, three weeks or three months. To take advantage of the benefits digital assets can offer to make transactions more efficient, I think it’s a journey we’ll be on for a decade or two.

It remains to be seen in which direction the price will develop in the long term.

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About Author

Please follow me on Twitter for deep analysis. Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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