Recent revelations from sources indicated a lot of surprises for the cryptocurrency community. Sources have indicated that about $11 million was remitted to Moneygram by Ripple Labs Inc.
This occurred in the last two quarters of 2019. This portends several trends which we should expect in the coming half-decade.
XRP and Moneygram seem to have a perfectly working relationship. There appears to be a romance between both companies that could easily become a model that other companies will be bound to copy.
The kinds of recognition that the cryptospace is looking for is already underway. The cryptocurrency unicorn and the remittance giant seem to have many things working for them.
This will also create a paradigm that many will copy.
Currently, about 10% of transfers between the United States and Mexico are in XRP tokens. This means that the XRP token is finding its use-case scenario. It also means that Ripple Labs is achieving its aims. This is a big plus for the cryptocurrency community.
Legal and regulatory issues aside, the partnership between Ripple and Moneygram will last more than two years for the following reasons.
This Decade is the Era of Decentralization
The millennials are replacing the baby boomers. This generation of people experienced the rise of new technologies. They also were the first to adopt new technologies. The same has been true in the past decade as cryptocurrencies gained traction.
This presents the next era as the era when anything and everything decentralization will take place. Cryptocurrencies and decentralized worldwide have the highest rate of adoption than any other. This is driven by the millennials who want to be a part of the next technology revolution.
They will be followed by the generation Z who want to do things faster and better than the millennials. This is obvious in the way that they carry themselves. This generation of individuals will carry the adoption process even further.
As Moneygram and Ripple partner, it is this generation that many of the innovations that they will bring will cater to. These innovations will be used by this set of individuals. They will also create a discussion on new ways of solving problems using RippleNet.
XRP’s Ecosystem is Designed to Solve Many of MoneyGram’s Problems
Many may not realize this but Ripple Lab’s XRP ecosystem has everything needed to solve many problems that the financial remittance community faces. This is what the guys at MoneyGram have seen and they are using it to the max.
By the time most of the guys in the financial community catch on. XRP’s price would have skyrocketed and we would be looking at a potential competitor to Bitcoin. While Bitcoin currently holds legacy status as far as cryptocurrencies are concerned, someday another cryptocurrency will takeover. For now, XRP seems to be one of the top contenders for that spot.
Financial Services is Undergoing an Evolution
The truth is that finance and financial services are changing rapidly. Technology has replaced the good-old-fashioned banking and investment services that once dotted the landscape. This is made stronger with the introduction of new fintech products.
This is what has led to legislations that fight the emergence of technology in finance. The Keep-big-tech-out-of-finance act in the United States Congress is one such example.
The Ripple-Moneygram partnership is one of those partnerships that will herald a season of partnerships. New products and services will enable us to perform financial transactions faster, quicker and in more secure and smarter ways.
XRP and Moneygram will be a part of this revolution. This is why the Ripple-Moneygram partnership will last for more than two years.