Ripple partner MoneyGram does not hold any XRP tokens.
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Answer Ripple partner MoneyGram does not hold any XRP tokens.
Alex Holmes, CEO of MoneyGram, revealed that his company immediately sells all the XRP it receives due to regulatory issues.
In a recent interview with CNN, Mr. Alex Holmes, CEO of MoneyGram, explained that Ripple, one of the giants of the blockchain industry, is the best fit for his troubled company.
During his interview with “CNN’s Julia Chatterley”, “Holmes” also revealed that neither he nor his company owns any XRP.
The first part of the interview with Tweet embed Executive Director Tweet embedTalking about digitization, global growth and partnering with @visa directly on @The first step. pic.twitter.com/a7iTShIXEf
– Julia Chatterley (@jchatterleyCNN) December 17, 2019
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Why Ripple?
Ripple makes it easier and less expensive to transfer funds across the world through its On Demand Liquidity (ODL) feature.
In June, Ripple decided to invest up to $50 million in old-fashioned money transfer company MoneyGram in a bid to drive adoption of XRP tokens.
Ripple completes $50 million investment in MoneyGram
The deal was completed in late November.
MoneyGram has a lot of liquidity and capital operating around the world, and Ripple can transform this ability and take advantage of what MoneyGram has.
Holmes said:
It is very complicated to move money across borders.
Holmes adds:
Ripple’s ability to transfer money with data is magical.
It allows transfer of funds instantly without any liquidity trapped.
They also have a vision that summarizes what we are trying to do as well.
[…] I think Ripple and XRP are absolutely innovative.
Ripple allows MoneyGram to reduce costs for its customers and increase profitability for the company’s shareholders.
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Ripple partner MoneyGram does not hold any XRP coins:
When asked, “Holmes” if he holds any XRP coins.
He said that he personally does not own any of them, and the same is true of the “MoneyGram” company, where the company sells its tokens as soon as it receives them, and stated what it means:
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Any XRP we receive we offer to sell in as real time as possible.
Holmes explains that MoneyGram cannot hold any cryptocurrencies due to regulatory barriers.
XRP’s price performance has been very challenging in 2019, and some analysts including Jacob Canfield More pain to come.
Read also:
MoneyGram reveals the results of its partnership with Ripple and its use of the XRP cryptocurrency
Western Union reconsiders Ripple technology after MoneyGram and Ripple deal
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