Ripple CEO Highlights Real World XRP Uses Cases (MoneyGram), Asks Users to Look Beyond Skepticism
Brad Garlinghouse, the CEO of San Francisco-headquartered Ripple has responded to the growing criticism of XRP given the third-largest altcoin has failed to see a significant price rally in 2019 even when the market recorded double-digit growth. Many analysts can't put their head around on how XRP has managed to remain as the third-largest cryptocurrency despite that.
Ripple and XRP have always made headlines for the wrong reasons, amid growing criticism on the control of Ripple on XRP's circulation volume and growing demands for it to be categorized under security law, one thing that has got the Fintech firm moving forward is its strong social media fandom.
XRP proponents have never backed down from claiming that the altcoin is the best use case of the evolving tech and despite its diminishing price, its real-world use case for cross border remittance makes a better form of digital currency. Garlinghouse share similar thoughts as he pointed toward MoneyGram, the world's leading cross-border payment and remittance service provider. MoneyGram started using RippleNet to make real-time cross-border settlement under 60 seconds. He wrote on Twitter,
“Many have doubted the benefits of #XRP, but you don’t have to take my word for it. The proof is in the pudding: @MoneyGram is experiencing real-time settlement (~60 seconds) in USD to Mexican pesos.”
Many have doubted the benefits of #XRP, but you don’t have to take my word for it. The proof is in the pudding: @MoneyGram is experiencing real-time settlement (~60 seconds) in USD to Mexican pesos. Pre-funded accounts will become a thing of the past. https://t.co/Fczhp0DhiI pic.twitter.com/x0owlFvfiX
— Brad Garlinghouse (@bgarlinghouse) November 1, 2019
Ripple realized the potential of the cross-border remittance service which can be achieved using XRP early and has created their whole brand around it by creating RippleNet technology which can be easily integrated with existing banks. Currently Ripple over hundreds of partner banks and several other RippleNet associates creating a financial network based on XRP and RippleNet.
This has allowed the Fintech firm to provide instance cross-border transactions with minimal cost. Ripple has invested $30 million for a 10% stake in MoneyGram earlier this year. As per the deal, MoneyGram can request for another $20 million from Ripple Labs
The deal would allow MoneyGram to use RippleNet's xRapid which is an essential tool for cross-border liquidity using XRP. Alex Holmes, the chief executive of MoneyGram, said,
”instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”