MoneyGram is gradually becoming the mouthpiece of Ripple Labs, Inc. and its digital currency, XRP. During an interview on CNN’s First Move hosted by Julia Chatterley on Tuesday, MoneyGram CEO Alex Holmes stated that the remittance company has perfected nothing less than $100 million cross-border transactions using Ripple’s XRP via the much-sought-after On-Demand Liquidity (ODL).
While conversing with Julia, Alex explained how fruitful the relationship between Ripple and MoneyGram has been.
The CEO of the second-largest remittance firm said, MoneyGram does not hold the XRP token it receives. However, he said through Ripple’s ODL, which leverages XRP, over $100 million has been moved in a span of 6 months that it partnered with Ripple.
This surprising progress made Alex assert that Ripple is on the verge of replacing SWIFT, and has the potential to do so. The CEO of MoneyGram concluded that Ripple is working to replace older remittance means, the archaic banking system, and SWIFT.
Although Alex said the issue of Ripple replacing SWIFT completely is a matter to ponder on, however, Ripple getting a larger percentage of transactions made by the company is not impossible. This he said is “always a thought to ponder but securing larger and larger pieces of that pie is definitely not off the table for sure”.
Dismissing negative allegations around MoneyGram-Ripple partnership, Alex said the collaboration is “a win-win for both companies”.
As enormous as the funds moved by MoneyGram through Ripple’s XRP is, 10% of all cross-border transactions between US Dollar and Mexican Peso are done using the on-demand liquidity idea put in place by Ripple.
Nothing less than 5 corridors are using the ODL. These include the Australian dollar, Philippine Peso, and the Mexican peso, but with time MoneyGram will be spreading ODL to other corridors.
To Cory Johnson, Ripple’s former Chief Market Strategist, MoneyGram is not the only firm working to spread the goodwill of Ripple, other firms are becoming Ripple’s mouthpieces due to the firm’s awesome potential in the remittance industry. Several other firms are also talking openly about Ripple’s XRP.
“I think MoneyGram is not alone in getting what Ripple, powered by XRP, can do – they’ve just got the guts to talk about it more openly,” Cory said in a tweet.
