As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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