MoneyGram processes 10% of US-Mexico transactions via Ripple solution that uses XRP

Ripple • November 8, 2019, 7:40AM EST
UPDATED: November 8, 2019, 5:42PM EST
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Money transfer giant MoneyGram processes 10% of its transactions between the U.S. and Mexican corridor via Ripple’s payments solution On-Demand Liquidity (ODL) that leverages XRP cryptocurrency.

MoneyGram chairman and CEO Alex Holmes announced the news on Friday at Ripple’s Swell 2019 conference in Singapore. Holmes added that the company plans to expand the use of ODL solution to four more corridors by the end of this year.

“We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL,” said Holmes.

In June, Ripple committed to investing up to $50 million in MoneyGram and the latter agreed to utilize XRP in its money transfer business. Two months later, MoneyGram went live with Ripple's payment solution.

Just yesterday, Ripple announced that “more than two dozen” customers use its ODL solution to settle cross border payments. It added that the overall count of its customers has crossed the 300-mark.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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