There is no doubt that Blockchain technology is having a tremendous impact on our traditional financial system. This can be confirmed in a recent statement made by W. Alexander Holmes, the Chairman and Chief Executive Officer of MoneyGram International during the First Quarter 2020 Earnings Release Conference Call held on May 1st, 2020.
During a conference call, Ramsey El-Assal, Senior Equity Research Analyst at Barclays Investment Bank asked Holmes to make some commentary on the Ripple Inc. and MoneyGram relationship.
“I was wondering, if you could give us some commentary, some color on the Ripple relationship,” Ramsey asked.
Pestering further, the analyst asked if the Ripple partnership was orchestrated by the greater revenues in US, Mexico quarter or “is Ripple being used to process greater percentage of total revenues.”
Alexander Holmes’ Response on Ripple-MoneyGram Partnership
Responding, Holmes said MoneyGram was happy with the Ripple partnership. He laid emphasis on the future prospects of the collaboration and some other things that will come out of the relationship before the year ends.
He said MoneyGram pushed a lot of new things into the market in their bid to expand the remittance firm’s reach.
“We also have a variety of new services in the pipeline and things that we’ll be rolling out, and expanding with later this year,” Holmes said on the Ripple partnership. From a capability and service perspectives, Holmes said the partnership has been a very successful one.
The Director affirmed MoneyGram’s readiness to continue co-existing with Ripple while the enterprise blockchain firm keeps on expanding the services it renders to MoneyGram.
“We [MoneyGram] continue to flex with them as they continue to expand the service and move some things around, and really figure out what they want, the product to look and feel like, and how they want to take that to various market.”
“It’s been a good partnership, and definitely pleased with what we’ve been doing,” Holmes restates.
The relationship between Ripple and MoneyGram continues to fuel prosperity for the two firm. From Ripple’s $50 Million investment in MoneyGram which is being seen as one of the major factors fueling the adoption of XRP, to the increasing number of corridors, Ripple and MoneyGram seem to be gaining ground, especially now that the remittance cryptocurrency has wide usage than both Ethereum and Bitcoin.
Ripple’s partnership with MoneyGram is a confirmation of a needed integration between the cryptocurrency space and the traditional financial system that is becoming archaic and fading out like thin air.
During the partnership and afterward, MoneyGram’s CEO did not stop eulogizing the impactful integration with Ripple’s state of the art technology which makes use of XRP token. It’s being adopted by financial institutions across the globe to better their remittance service they offer to users who crave for a faster and cheaper cross border tool.
“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry — for the first time ever, we’re settling currencies in seconds,” Holmes said.
“This initial success encourages us to expedite expanding our use of On-Demand Liquidity.”