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MoneyGram began using xRapid product from Ripple

MoneyGram started tight cooperation with the Ripple company. In particular, they began using the xRapid startup’s product. This system is applied to making transboundary payments. This information was introduced by A. Holmes, who is MoneyGram’s CEO.

Due to using this product, the payment service will be able to process payments between countries with a higher speed. But the main advantage is that the user can send money in any cryptocurrency. The receiver will get the money in any form he needs it. For example, XPR is sent, and the final receiver can get either dollar or the other currency.

MoneyGram’s employees claim that using this technology will allow increasing the speed of transactions’ processing. Besides, the company will get extra profit because of lowering the costs for making transactions. The first transaction was made last week. But now, nobody clarifies today’s volumes of the transactions made.

Let us remind you that earlier Ripple obtained MoneyGram’s shares for the price of $4.1. But at that moment the cost of one asset was only $1.45. They spent $30 million of shares. Meanwhile, according to the conditions of the agreement, Ripple will buy shares worth $20 million if it’s necessary.

Even then, the experts pointed out that this agreement is beneficial only for MoneyGram because the company had multimillion debts and its future was a big question. It can cease to exist at any time. It is one of the aspects that affected the XPR rate.

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