MoneyGram Wants to Launch XRP-Using ODL in More Markets and Aggressively, Ripple CEO Garlinghouse

But Ripple is not going to launch new markets, not yet.

  • MoneyGram CEO Alex Holmes complaining about Ripple not moving “fast enough”
  • XRP is a not panacea for all of the liquidity issues, Ripple CEO Brad Garlinghouse
  • Transactions are growing to the tune of 10x YOY, doubling almost every quarter
  • There is opportunity in the Middle East, Navin Gupta, Managing Director at Ripple

During the 3rd annual DC Fintech Week, Ripple CEO Brad Garlinghouse joined to stage to talk about Ripple and XRP.

In an interesting tidbit, he stated how Alex Holmes, the CEO of Ripple’s latest partner MoneyGram, called him two weeks ago complaining about Ripple not moving “fast enough.”

He said,

“He is upset with us because we are not moving fast enough, that was unbelievable. 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.”

MoneyGram wants to “spread this more quickly, more aggressively,” but Ripple is not going to launch new markets, said Garlinghouse. That is until they’ve engaged regulators in those markets and have exchanges on the other end that are robust and compliant.

Role of XRP & XRP Ledger in the Current Liquidity Crisis

Currently, the world is facing what’s probably the biggest liquidity crisis ever and Ripple is focused on providing on-demand liquidity. So, what role do they play in alleviating such a crisis?

According to Garlinghouse, friction is one of the dynamics behind this crisis which can be reduced as measured by time and costs.

“I don't pretend that XRP is a panacea for all of these issues, what I do believe is, if we can successfully integrate into the existing system we're going to more rapidly bring the benefits of these technologies to a much much much broader audience.”

Ripple is already working with regulators ranging from IMF to central banks and will continue to work with these players, assures Garlinghouse.

What's the Volume Ripple is Handling?

A question everyone wants an answer to but not an easy one as Ripple CEO explains that banks don't want the company to tell their volumes as it’s a “private thing.”

But he did share that,

“last year we ended up in the many tens of thousands of transactions. We're growing those transactions to the tune of 10x year-over-year, kind of doubling almost every quarter.”

It’s not only about adding new financial institutions to the network, said Garlinghouse as there are also more nodes on the network and their banking partners “adding more and more corridors.”

Opportunity in the Middle East

In another event, Navin Gupta managing director of Ripple shared that just like with the US and China, there is an opportunity in the Middle East, the largest remittance market in the world.

“I wouldn't be surprised if over the next five years there are two or three global brands that originated out of GCC in a remittance space,”

said Gupta in an interview with CNBC.

He further pointed out there would “many more” like Finablr, Ripple partner, that would be following.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

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


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today