MoneyGram to Open New Corridors for Ripple’s XRP-using ODL Before the Year Ends

MoneyGram, prominent Ripple blockchain partner, shares its Q3 earnings and talks about using On-Demand Liquidity (previously xRapid) and implementing it before end of the year.

  • 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.

He added:

“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.

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,”

he added.

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.

Ripple (XRP) Live Price

1 XRP/USD =$0.2951 change ~ 0.96%

Coin Market Cap

$12.78 Billion

24 Hour Volume

$308.1 Million

24 Hour VWAP

$0

24 Hour Change

$0.0028

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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