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The past few weeks have been eventful for major cryptocurrency XRP, as it inked new partnership deals. Recently, it signed a partnership deal with Bitso, One of the largest exchanges in Mexico, thereby causing an increased usage in Mexico as above $2 million XRP tokens have been reportedly traded.
Recently, Xago, a South-African crypto startup signed XRP on its platform. In an exclusive interview, the CEO of Xago stated that it is a solution to their problems as XRP is best suited for retail payments.
Not surprising as analysts think it’s the time for Altcoins to shine, aptly capturing this timing as the “Altseason” as XRP seems to be taking the lead.
MoneyGram Partners XRP
More is in the offing for the number three most valuable cryptocurrency as a giant payment platform: MoneyGram is currently setting the stage to increase its XRP usage in more countries as well as to upgrade its XRP-based cross border transaction services to a faster one.
At a major fin-tech event, the CEO of Ripple, Brad Garlinghouse revealed the notion of the payment giant saying new plans are on to increase the speed of transactions as well as to increase the usage of XRP for cross border transactions. It also intends to cover new grounds with XRP usage in more countries.
The CEO had earlier stated in an interview that XRP is solving a $20 trillion problem as most banks are tired of using Swift because of the challenges associated with cross border transactions in which XRP is solving at present.
MoneyGram had recorded huge success in its usage of Ripple’s On-demand Liquidity in Mexico; thereby it was propelled to expand its deal with Ripple to increase the coverage area of XRP based MoneyGram services. As reported by the CEO, MoneyGram wants a faster and wider coverage of the On-demand Liquidity.
On-Demand Liquidity, previously known as Xrapid is a feature that enables liquidity while doing cross border transactions and payments as well. It also increases the ease at which such transactions are done.
MoneyGram’s call for expansion is a step in the right direction but it may present a regulatory hurdle for XRP to jump.
Garlinghouse also spoke on the edge XRP presents for financial institutions. It removes the worry of issues associated with a fiat exchange. The ease of the fiat conversion process also makes XRP desirable. He also enunciated on the possibility of storage of funds in inter-country accounts thereby saving the time to fund the accounts when there is a need for cross border transactions.