Canada Markets closed

MoneyGram talks up Ripple partnership, goes live with XRP and xRapid, in Q2 earnings

Mike Dudas

MoneyGram CEO Alex Holmes touted the benefits of the company’s commercial agreement with Ripple in the company’s Q2 2019 earnings call, the first since the strategic partnership was announced. MoneyGram stressed the financial aspects of the agreement, noting that Ripple paid $4.10 for $MGI shares, a significant premium to the $1.45 price at which shares were trading at the time.

MoneyGram, the 2nd largest global money transfer firm, shared that the company initiated transactions on Ripple’s xRapid blockchain platform as of last week. In the company’s earnings presentation, Holmes stated “Ripple will become our key partner for cross-border settlement using digital assets, and we’ve already started executing trades.” However, no statistics were given about the number of transactions or overall payment volume utilizing xRapid.

Join Genesis now and continue reading, MoneyGram talks up Ripple partnership, goes live with XRP and xRapid, in Q2 earnings!