MoneyGram to Open New Corridors for Ripple’s XRP-using ODL Before the Year Ends
- New corridors coming – MoneyGram reveals in its Q3 2019 earnings call
- Ripple partnership makes MoneyGram the first company to utilize blockchain capabilities at scale
- Ripple Partnership will be a competitive differentiator in the months and years ahead
Ripple’s latest partner MoneyGram in its Q3 2019 financial results revealed its expansion plan regarding Ripple.
As the report stated, it was the first company to utilize blockchain capabilities at scale through its strategic partnership with Ripple.
“Our third-quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth and industry-leading innovation through our strategic partnership with Ripple,”
said Alex Holmes Chairman and CEO.
The company reported a loss of $0.03 per share in Q3 of 2019 and its revenues fell 6% to $325 million, less than the expected $334 million. The company earned $285 million in revenue in money transfer while total digital transactions represented 20% of money transfer transactions.
Not just in its the US but non-US businesses of the company also recorded growth, shared Holmes.
“While the US market, which continues to be our primary challenge, showed signs of improvement on a sequential basis, we are very pleased that our non-US business achieved year-over-year growth for the quarter.”
Ripple Partnership will be a “Competitive Differentiator in the Months and Years Ahead”
Now, the company is planning to expand its partnership with Ripple, for which it utilizes its product On-Demand Liquidity (ODL), formerly known as xRapid that leverages digital assets XRP for transactions.
Asheesh Birla, SVP of Product Ripple shard this news on Twitter and what adds to this good news is these new corridors will be coming before 2019 ends which is in less than two months.
ICYMI – in today’s @MoneyGram earnings call, CEO @walexholmes announced plans to expand use of Ripple’s on-demand liquidity to new corridors before EOY. “Our partnership with Ripple will be a competitive differentiator in the months and years ahead”
— Asheesh Birla (@ashgoblue) November 1, 2019
However, it came as no surprise, as last week during the 3rd annual DC Fintech Week, as we reported, Ripple CEO Brad Garlinghouse shared that MoneyGram CEO Holmes is actually upset with Ripple because they are “not moving fast enough.”
“He wants us to launch ODL, formerly knowns as Xrapid on more markets, more quickly because they’re having such a good experience with Mexico,”
Today MoneyGram drives about 10% of volume to Mexico via RippleNet! They expect more corridors until end of year to be open!
— Michael iPinky7⚡️ (@ipinky77) November 1, 2019
As we have seen in Q4, XRP/MXN volume has been making new records, driven by MoneyGram which has been expecting to see the result and “influence in Q4.”
XRP meanwhile is trading at $0.289 with 24 hours loss of 1.24%, a per Coincodex.