Cryptocurrency company Ripple today announced an investment of up to $50 million into money transfer company MoneyGram. Along with the investment, MoneyGram will agree to utilize XRP in its core money transfer business.
Ripple has long sought to drive adoption of the XRP cryptocurrency, of which the company is the creator and largest owner, via tokens held in escrow and released quarterly. To date, the company has succeeded in attracting large financial institutions to trial its xCurrent product which doesn’t involve the XRP currency in the money flow.
Today’s deal with MoneyGram ensures that Ripple’s xRapid, which utilizes XRP in the money flow, will be used in global money transfers at scale for the first time.
Ripple agrees to invest up to $50 million in MoneyGram to accelerate XRP adoption written by Mike Dudas @ https://www.theblockcrypto.com/tiny/ripple-agrees-to-invest-up-to-50-million-in-moneygram-to-accelerate-xrp-adoption/?utm_source=rss&utm_medium=rss&utm_campaign=default June 17, 2019 Mike Dudas