MoneyGram Wants to Launch XRP-Using ODL in More Markets and Aggressively, Ripple CEO Garlinghouse
- 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 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.
.@Ripple has publicly shared that we have more than 200 customers and are signing 2-3 production contracts per week, and we're very pleased with that traction – more to officially come on this soon! (2/2)
— Brad Garlinghouse (@bgarlinghouse) October 23, 2019
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.