{"id":410613,"date":"2023-06-21T15:44:48","date_gmt":"2023-06-21T15:44:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=410613"},"modified":"2023-06-21T16:00:54","modified_gmt":"2023-06-21T16:00:54","slug":"moneygram-ceo-discusses-ripple-in-cross-border-payment","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/moneygram-ceo-discusses-ripple-in-cross-border-payment","title":{"rendered":"MoneyGram CEO Discusses Ripple In Cross-Border Payment\u00a0"},"content":{"rendered":"

In a recent discussion, MoneyGram CEO Alex Holmes delved deep into the dynamic landscape of Ripple cross-border payments.\u00a0<\/span><\/p>\n

In the interview, Holmes focused on the fascinating intersection of MoneyGram and Ripple, two influential players reshaping the financial world.\u00a0<\/span><\/p>\n

This development comes amidst the <\/span>legal battle<\/span><\/a> between Ripple (XRP) and the US Securities and Exchange Commission, alleging Ripple conducted a $1.3 billion unregistered securities offering.<\/span><\/p>\n

Alex Holmes Sheds Light On the Pros and Cons Of Ripple in Cross-Border Payment<\/h2>\n

In the <\/span>interview session<\/span><\/a> held by Fortune magazine, the CEO of MoneyGram, Alex Holmes, discussed the potential of Ripple and XRP in cross-border payments.<\/span><\/p>\n

Holmes also talked about the opportunities and challenges associated with these technologies. He mentioned that the traditional banking system presents a significant hurdle for companies like theirs.\u00a0<\/span><\/p>\n

He added that they\u2019re designed primarily to facilitate domestic payments and corporate transfers, which poses a central obstacle for remittance companies such as MoneyGram.<\/span><\/p>\n

According to the interview report, MoneyGram saw crypto<\/a> as the best possible solution after scouting various methods to decrease remittance costs.<\/span><\/p>\n

Despite this, Holmes emphasized that the majority of users still exhibit a strong preference for fiat currency over cryptocurrencies. As a result, they are reluctant to hold digital assets.\u00a0<\/span><\/p>\n

According to the CEO, users often look for a seamless transition back into traditional currencies once they receive payments in cryptocurrency, highlighting the continued dominance of fiat currencies.<\/span><\/p>\n

MoneyGram Faced Challenges While Integrating Ripple Solution<\/h2>\n

The Remittance Company had once tried to venture into Ripple\u2019s solution but experienced some difficulties when converting XRP into local currencies. <\/span>According to MoneyGram, integrating Ripple’s solution is not in line with their aim to reduce international remittance costs.<\/span><\/p>\n

MoneyGram highlighted that forming alliances with exchanges and market makers incurred additional expenses for international remittances. <\/span>This challenge shows the difficulty of moving from cryptocurrencies<\/a> to regular money in cross-border payments.\u00a0<\/span><\/p>\n

However, in 2021, the partnership between Ripple and MoneyGram ended shortly after the U.S. SEC (a regulatory organization) took legal action against Ripple.<\/span><\/p>\n

MoneyGram Continued Its Pursuit of Innovative Solutions, Despite These Challenges<\/h2>\n

Even though MoneyGram has faced obstacles, they have not given up on finding new and creative ways to improve their services.\u00a0<\/span><\/p>\n

Currently, they are <\/span>working together with Stellar blockchain<\/span><\/a> (using XLM) to make it easier for people to buy, store, and withdraw a stablecoin called USDC.\u00a0<\/span><\/p>\n

This collaboration aims to enhance the convenience and accessibility of digital currency transactions for MoneyGram users. <\/span>Also, through this collaboration, MoneyGram targets to address individual needs in countries affected by inflation.<\/span><\/p>\n

Individuals living in such regions can transfer their USDC backed by Stellar to their local currency when needed. <\/span>Holmes’ interview underscores the continuous endeavors of remittance companies, including MoneyGram, in navigating the world of cryptocurrencies.\u00a0<\/span><\/p>\n

Read more:\u00a0<\/strong><\/p>\n