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October 3, 2022
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MoneyGram CEO says his partnership with Ripple is pushing the limits

While Ripple plans to withdraw about 30% of its stake in MoneyGram, the CEO of MoneyGram revealed yesterday that the two companies are pushing the limits beyond what could be in the remittance sector.

More than a year after joining forces with Ripple, Adam Holmes, CEO of MoneyGram, told CNN in an interview that the partnership has evolved and is pushing the envelope. In June 2019 the companies announced a strategic partnership that would see Ripple disburse a $ 50 million capital commitment with MoneyGram. In turn, the money transfer company would adopt Ripple’s xRapid product, taking advantage of XRP as part of its international remittance process.

The partners share a common goal of improving cross-border transfers, reducing costs and increasing efficiency through RippleNet. Moneygram has used Ripple’s product for cash management and foreign exchange management.

Ripple and MoneyGram expanding the limits

In the interview, Holmes said the idea behind the 18-month partnership with Ripple was to “drive innovation” and see how MoneyGram could help “pioneer the global blockchain expansion and use.”

According to him, the ability to send money across borders is affected by the company’s ability to settle the shipment in real time, and its customers are looking for payments in real time, which brings Ripple into the picture.

According to him, “Ripple is doing many unique things with blockchain and crypto” to help boost the possibility of cross-border deals in real time.

“It has been a very good partnership with Ripple. We learned a lot together and we continue to push the limits of what can be and it has been a lot of fun, for sure, ”added Holmes.

Ripple plans to withdraw 30% stake

Although the CEO of MoneyGram believes that the collaboration was positive, reports have emerged last month that Ripple is planning to withdraw about 30% of its stake in MoneyGram at a significant profit.

The report revealed that Ripple owns 6.22 million shares of MoneyGram, representing 8.6% of the outstanding shares, with a warrant to purchase an additional 5.95 million shares.

The company has recorded three-digit growth in the past 11 months. In November alone, MoneyGram saw a 136% growth in customers, downloads and expansions to more markets with its online services.

Source: CryptoPotato

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