Ripple, the US-based Blockchain Tech recently announced its partnership with another payment giant based in the United States, MoneyGram. The collaboration is meant to solve challenges with cross-border payments, using the speed and the efficiency of XRP. Despite this great deal, Peter McCormack, believes Facebook’s Libra utilities will outperform MoneyGram.
Ripple has taken a great measure to boost the exposure of XRP by committing $50 Million in exchange for equity with MoneyGram over a two-year period.
It first came as rumour few days ago, and it indeed raised the expectation of Ripple XRP investors, since it’s a great means to fabulously impact the price of the digital currency.
The Ripple and MoneyGram partnership is also seen as means to challenge Facebook’s cryptocurrency, Libra, which is proposed to be launched by the end of June 2019.
Libra promises to come with utilities that could outpace any digital currency, especially Bitcoin (BTC), Ripple XRP and a host of others. Facebook has over 2 Million monthly active users, and this capacity would have freewill access to the stablecoin.
It was then envisaged that this could unseat the functionalities of XRP, especially in cross-border remittances, due to the great interests from world’s capital institutions in the yet to unveil coin, Libra.
The proposed launch is already shaking the ground in the crypto sphere, as no coin want to lag behind in the tense competition it’s introducing into the market.
After the announcement of the timely partnership, XRP’s price spiked significantly to above $0.45. At the time of filing this report, XRP is trading at $0.44, with 2 percent price surge in the last 24 hours. The partnership is expected to keep aiding the digital currency’s mainstream adoption.
Peter McCormack Proves Why Facebook’s Libra Will Outperform Ripple XRP’s Partner, MoneyGram
Peter McCormack made a sentimental tweet in the middle of the euphoria of Ripple’s partnership with the payment giant, MoneyGram.
According to McCormack, Facebook is releasing its Coin’s whitepaper today, 18th June 2019. He compared the utilities embedded in the forthcoming cryptocurrency to the services rendered by MoneyGram.
He stated that Libra is coming with “No fees – Money arrives instantly – No need for agents”, unlike MoneyGram that renders low fees with attached exchange rate. Money also takes minutes to arrive, and having approximately 350,000 agent locations worldwide.
Conclusively, McCormack claimed that Facebook’s Coin will vastly outperform MoneyGram services, considering the aforementioned differences.
However, Facebook’s Libra is still a work in progress, while Ripple XRP is already part of the business. The best is to see Libra Coin as a complement in fast-tracking the global adoption of all digital currencies, and shouldn’t be tagged as threat.