Ripple’s $30M Investment in Moneygram to have Greater Impact than Libra White Paper-Ripple’s CEO
The world’s largest crypto company- Ripple is harvesting “strong balance sheet” and is all set to take off from this base to higher advantages. The CEO of the company- Bradley Kent “Brad” Garlinghouse is shifting gears in investments and acquisitions based on the 30 Million U.S. Dollars investment in MGI (Moneygram.)
In an interview he said-
We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage. […] We are probably the largest investor in blockchain and crypto on the planet. We have publicly announced we have made about $500m [of investments] in the space over the last 18 months.
The main intention of the company is to increase the growth-pace of the company. By far, the company has attracted big investors such as Google, Santander, Standard Chartered, Andreessen Horowitz, and has raised 94 million U.S. Dollars. In the last four months, the crypto company has sold XRP, which was worth- 13.7 Billion U.S. Dollars.
The deal with Moneygram-
As per the CEO’s point of view, Monegram has ‘tremendous assets’ all over the world. In the recent past, the company has faced pressurizing low times, but nevertheless, with a little help from Ripple, Moneygram can get stronger and in return, has the potential to help Ripple as a result. In June, Ripple invested in Moneygram and purchased 10 percent of stake for 30 million U.S. Dollars. The deal further has an option a further 20 million U.S. Dollars investment at the same rate in the coming two years.
As per the deal, Moneygram will use xRapid for its global payments which use XRP. This will allow global transactions to save on time, effort, and transfer costs. Moneygram, as per the deal, has started to use xRapid in its payment system, seven days ago. The CEO of Ripple added that the company would accelerate in Q4. He and his team are expecting ‘consequential volumes in Q1.’
Garlinghouse thinks that the deal is one of a kind scaled “use cases of a digital asset in production.” He highlighted that it is a big thing and further predicted that in the coming time, the deal with Moneygram would earn more weight and have a greater impact on the crypto market. He went ahead and said that the impact would be greater than FB’s crypto project- Libra white paper.
He further added-
Banks that two years ago told me: Hey, we love your technology, we are thrilled to be working with you, but we are not going to use crypto. I said, OK, great. Some of those same banks are now coming back and saying, hey, let’s talk about that because they see the value.
Ripple is not planning to stop anytime soon. The company is aiming to sign 100 contracts this year, out of which around 20 percent are going to involve xRapis and XRP.