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Ripple-partner MoneyGram Forms Strategic Partnership with Indian-based EbixCash

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MoneyGram which was on the limelight with Ripple’s partnership is eyeing to tap the potential Indian payment industry. Per the latest report, MoneyGram inked a partnership deal with EbixCash, a wholly-owned subsidiary of Ebix.Inc.

MoneyGram To Expand Money Transfer Services in India

According to the reports, Ebix Inc is an international supplier of on-demand software and e-commerce services to several industries – Insurance, healthcare, e-learning, finance to name a few. MoneyGram is an international money transfer firm whereas EbixCash offers domestic as well as international money remittance, foreign exchange and pre-paid, gift cards to customers spread across 80 percent region of India.

However, with the motive of offering enhanced services for customers in India, MoneyGram signed a partnership deal with EbixCash. Following the partnership deal, MoneyGram will be able to reach as many Indian users as Ebix currently serves. The joint press release from both the companies mentioned that Ebix boasts its services across 320,000 distribution outlets which spread across 768 districts, 4000 cities, and over 75,000 villages, covering large rural areas of the country.

What’s more interesting about this partnership is that the largest international payment transfer entity, MoneyGram seeks to bring ‘inward remittance volumes of $3 billion every year to India’.

Following the agreement, Alex Holmes, MoneyGram Chairman and Chief Executive Officer said that;

“MoneyGram is focusing on diversification by investing in both its digital business and in key international markets such as India. We are excited to enable EbixCash to plug into the MoneyGram platform to access our customer-centric capabilities and services,”

On the other side, EbixCash expects its revenue out of this partnership between $20 million to $30 million annually. This being said, Robin Raina, Chairman, President, and Chief Executive Officer at Ebix Inc stated;

“Being a master agent for MoneyGram, our interests will now be perfectly aligned to ensure that MoneyGram’s reach is spread across the length and breadth of India through our strong franchise network. We see this as a game-changing deal,”

In a nutshell, Grant Lines who is MoneyGram’s Chief Revenue officer expressed his excitement in expanding MoneyGram in India. He mentioned that Indian remains the world’s top recipient of remittances and continued;

We’re excited to better serve this critical market through our partnership with EbixCash, a leading brand with an approximate 80% share of locations in the country,”

Ripple Partner Breaks New Records: The MoneyGram Holiday Season

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Cross border transactions that occur seamlessly and over vast distances have been seen as the next phase of the banking industry. Cryptocurrency companies have also jumped into the thick of this action. In this regard, no other company has made itself more heard than Ripple. The partnerships undertaken by the Brad Garlinghouse led organization was done by choosing companies that work along with the same principle, MoneyGram being the perfect candidate.

Just recently, MoneyGram reported that they had created a new record when it came to online payments over the holiday season. During the time period between December 1 and December 25, all affiliated MoneyGram platforms reported transaction growth of more than 70 percent on a year on year basis. Out of this, 80 percent of the transactions occurred on mobile devices, a trend that has been surging for the past couple of years.

An official newsletter from the company stated that recent consumer behavior was driven by 3.2 billion smartphone users with increased global migration techniques. Alex Holmes, the Chief Executive Officer [CEO] of MoneyGram a major proponent of the Ripple partnership said:

As part of our digital transformation, we’re on a mission to mobilize the movement of money. The success of our mobile application throughout the year, and especially during the holiday season, demonstrates the value consumers place not only on our user experience but also on our global distribution network.”

Since the partnership with Ripple, MoneyGram has reported strong numbers. This was helped along by using Ripple’s own DLT to improve MoneyGram’s core systems. Ripple and MoneyGram have both claimed that they want to push aggressively at the moment to ensure more trade corridors are opened up. According to the MoneyGram official financial institutions have a large opportunity to leverage blockchain and digital assets in order to think differently.

The furore around MoneyGram’s application stems from the fact that it is easy to use. This has also enabled the company to expand multiple payment corridors, with Mexico being of keen interest to the company. Upon launch, the application was so highly praised that it now has over 1.6 million downloads.

 

MoneyGram shuts down FUD about Ripple partnership, claims growth is ‘slow and steady’

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After the Ripple partnership, MoneyGram has been heading powerfully into the bullish territory. Now its CEO has stated that the tie-up will only be beneficial for the entire crypto industry.

Ripple and its partnerships across the globe have stirred the cryptocurrency community multiple times, and its affiliation with Money Gram has been one of the latest and most popular ones. In a recent interview, Alex Holmes, the Chief Executive Officer of MoneyGram, spoke about the implementation of a better cross border transaction method as well as what Ripple brings to the table.

Holmes’ statements were also appreciated by Cory Johnson, the former CMO at Ripple, who tweeted that MoneyGram was one of the few companies who discussed Ripple’s benefits out in the open.

Holmes further touched upon MoneyGram’s reach in South American countries as well as smaller Asian nations. He claimed that the organization, along with Ripple’s help, has been able to move the capital from one country too another seamlessly, be it from Mexican Peso to American Dollars or vice-versa. According to the CEO:

“We are doing multiple things with these currencies right now but in the current time frame, it may still seem small. What impacts today is not something that will be in the same tone 5-10 years later. That is why we are out to set a developmental run that will surpass any set expectations. Right now we are looking at how technology can enable growth and how effectively it can be carried out.”

The MoneyGram official admitted that blockchain technology and the field of cryptocurrencies were still in their nascent stages. But he assured users and holders that applications that were launched earlier had already shown tangible and substantial results. He was asked if Ripple will play a more significant role in MoneyGram’s future plans and stated that the previous track record shows dividends.

Since the partnership, MoneyGram has surpassed $100 million in terms of volume moved using Ripple’s technology. Holmes frankly stated that fin-tech companies need to build out foundations from scratch and have to move out of old processes and traditional banking methods.

MoneyGram partnered with Ripple mainly for its On-Demand Liquidity [ODL] feature. MoneyGram even revealed that the growth would pick up when the right buyers and sellers enter the market. Holmes also gave his two cents on the factors that will boost liquidity in the ODL market as well as the future of the space. He said:

“The size of the industry is volumetric really; more the sellers then the volume will increase accordingly. We are super excited that participation has increased drastically while at the same time the industry is being facilitated by understanding liquidity and needs.”

Alex Holmes was also asked about the rumors that Ripple had a vested interest in contributing $50 million as capital to MoneyGram. The CEO laughingly brushed it off by claiming that the partnership worked in such a way that both parties benefitted properly.

He pointed out that Ripple was providing its technology, which provided MoneyGram to increase volume, something that will also profit Ripple. Holmes signed off by reiterating that the value of the partnership will be tremendous in the long term and that the mission to perfect the flow of capital will continue till it is achieved.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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FlashFX continues to push cross border transactions to the Philippines as Ripple’s tech comes to the forefront

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Ripple has been a prime candidate in facilitating other organizations with their cross border payment demands, and the company has gone far and beyond to expand its services to multiple regions. The effects of their developments are now being felt in those countries as FlashFX recently launched a mainstream advertisement for the service.

The company’s advertisement talks about sending money to the Philippines using Ripple and its proprietary technology, xRapid. FlashFX had first begun utilizing the cryptocurrency company’s services back in 2016 when they announced that the tie-up would improve the foreign exchange climate in Australia. FlashFX promised to deliver transparency, real-time settlement, transactional control to the user while at the same time cutting basic transfer costs.

Nicolas Steiger, CEO of FlashFX, had said:

“We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.”

This time around, Steiger had noted that there was no doubt Ripple’s solution was the key to the future of cross border payments as it provides on-demand liquidity using a digital asset.

FlashFX considers Australia as a hotspot for cross border transactions because the Australian Transaction Reports and Analysis Centre had claimed that the country processes $50 billion a year in cross border payments. Native companies have also taken significant strides in making cross border transactions a hit and Coins.ph; a Philippine start-up has had taken a big one in April.

Coins.ph had partnered with banking giant Western Union to enhance its cross-border payments platform. The partnership would integrate Coins.ph’se-mobile wallet into its cross-border payments platform. This would enable Coins.ph customers in the Philippines to receive Western Union transactions.

Users in the community stated that new technologies would be the ones that will bring about revolutionary changes in the financial ecosystem rather than traditional methods. FlashFX is the second major company after MoneyGram that Ripple has partnered with to provide ODL. The strategic integration also resulted in Ripple’s ODL being included in MoneyGram’s current payment solutions.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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MoneyGram CEO believes Ripple partnership is a transformative one

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Ripple’s partnership with MoneyGram has been one of the key highlights this quarter in the cross border transactions industry. Several luminaries and proponents of the field have claimed that Brad Garlinghouse had bagged an excellent opportunity to spread the use of cryptocurrencies in the remittance market.

During the recently concluded Ripple Swell Conference, Alex Holmes, the Chief Executive Officer [CEO] of MoneyGram, spoke to the Ripple CEO about the pressures the industry faces and what’s next for space.

Holmes admitted that the deal between Ripple and MoneyGram was a transformative one as many players in the most enormous scale industry do not attempt to use digital assets to further their cause. The MoneyGram CEO opined that the remittance market had changed a lot in the last several years, and using blockchain technology and cryptocurrencies were definitely the way to move forward.

Garlinghouse further inquired Holmes about the challenges, hurdles, and milestones faced by MoneyGram after entering the decentralized industry. Alex Holmes stated:

“What has amazed me the most is the amount of pressure that legacy players face. The fundamental challenge of moving money around the world is that there isn’t a lot of coordination between financial institutions and there should be more solutions to connect all of these pieces. More and more companies are looking to make the economy move like it should.”

As the discussion proceeded, Holmes also said that at the present moment, there was a balance to be achieved by financial bodies between cash and digital. According to him, the updates and developments do not stop at one milestone but instead have to be prolonged for a long time. Companies now have to be omnipresent in a sense, said Holmes.

MoneyGram has revealed that they are migrating to a legacy system on the cloud with an aim to use blockchain DLT to improve the company’s core systems. The organization’s belief that ODL is the forefront of technology is something that propelled its partnership with Ripple into fruition. Holmes also said:

“Financial institutions have a large opportunity to leverage blockchain and digital assets in order to think differently and push forward more innovation.”

The two partners have stated that they want to push aggressively at the moment to ensure that more trade corridors are opened up that will utilize disruptive technology. Alex Holmes was frank in stating that a couple of years back when the industry was nascent, he did not think it would be anything more than a way to make money. But now he insists it is a new foundation upon which the world can be built.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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MoneyGram CEO to speak at upcoming Ripple Swell about much-talked ODL developments

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Ripple’s burgeoning partnership roster has caught the eye of multiple players in the cryptocurrency industry, and the latest addition of MoneyGram into the fold is an example of a forwarding movement.

The Brad Garlinghouse-led Ripple has made sure that all its new partners are given a platform to reveal their plans in the cryptocurrency space and keeping that in mind, Ripple recently announced that MoneyGram Chief Executive Officer W.Alexander Holmes would be speaking at the upcoming Swell by Ripple event that will be conducted between November 7-8. Ripple’s official release stated:

“At Swell 2019, MoneyGram Chairman and CEO W. Alexander Holmes will share insights from his experience driving this transformation across the company and discuss what lies ahead for the broader payments industry.”

The cryptocurrency organization said that MoneyGram’s partnership was aimed to streamline their global liquidity management and increase the company’s operational efficiency. On-Demand Liquidity [ODL] was the phrase of the hour, and the same ODL technology is what has incited the Ripple-MoneyGram partnership. Ripple continued:

“Under Holmes’s leadership, MoneyGram plays an integral role in enabling more economic opportunity, especially to emerging markets. MoneyGram has expanded its services to Mexico and the Philippines, countries where remittance transfers are high-cost and pain points of cross-border payments are felt by consumers and financial institutions alike.”

The tie-ups were initiated by keeping in mind the growing size of the remittance market, an industry that is now worth more than $600 billion. The added factor of cross border transactions has brought about a revolution when it comes to capital transfer, and the application of the OPDL will act as the required channel for cross border payments.

Holmes has been a vocal advocate of the cryptocurrency space and has placed his trust in Ripple to ‘disrupt the remittance industry.’ He had also added:

“Ripple has large distribution blockchain technology and an interesting crypto coin like XRP can cross borders in seconds. What they don’t have is pools of global liquidity in fiat currency.”

According to the MoneyGram CEO, most governments know that cryptocurrency trades converting to fiat trades are good for the market but at the same time, are fearful of that phenomenon.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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A Ripple Investor Proves MoneyGram not Using XRP Yet

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On 13th October, the second most significant money transfer service provider in the world, MoneyGram, revealed it had started using Ripple’s xRapid cross-border payment platform which is powered by Ripple’s default cryptocurrency, XRP. The revelations were made public by MoneyGram weeks after the money transfer company announced its decision to use the fintech platform after receiving an initial 30 million US dollar investment from Ripple.

However, findings are emerging that MoneyGram is yet to start using Ripple’s products, XRP and xRapid, in its operation contrary to earlier reports. XRP investor, Crypto Stevo took to his Twitter page to share his communication with MoneyGram customer care representatives who confirmed MoneyGram is not in any way affiliated with Ripple’s xRapid product.

“Kindly be advised that as MoneyGram we are yet to start using Ripple’s xRapid product,” the customer care representative responded to Crypto Stevo, alias Twitter name @CryptoStevoUK, queries concerning the matter.

The response further read,

“However, be advised that if you have a prepaid card that either has a Visa or a Mastercard logo you can use it to fund online transactions for Express payments and same-day transactions. Keep in mind our agents accept fiat currencies as payment methods. If you wish to contact them you can find them on our website, www.moneygram.com, select your location by clicking on the Find Location button. Once you do that, the site should show you available agents who are closest to you. Click on your preferred agent, and you will be able to view the services they provide. We advise calling your agent before attending.” 

However, despite the expose from the XRP investor, @CryptoStevoUK, other crypto investors are reading from a different script refusing to rely on information communicated by a customer care representative. Other Ripple investors such as Alex Cobb are choosing to rely on the statement the CEO of MoneyGram issued rather than that of a customer care representative.

In response to @CryptoStevoUK Twitter post that sought to expose MoneyGrams operations, Alex Cobb, who also is known through his Twitter name @AlexCobb, stated that he was more comfortable trusting the CEO’s statement in comparison to the customer care representative.

According to @AlexCobb, MoneyGram CEO, Alex Holmes, already communicated their usage of Ripple’s XRP and xRapid product to improve its cross-border payment service earlier this month. The company statement read,

“Our partnership with Ripple XRP is a fruitful partnership that will enable us to improve and boost our daily transactions which will assist us in streamlining our worldwide liquidity management.”

In his official communication, MoneyGram CEO, Alex Holmes said,

“We have already started using Ripple products, and I can confirm we received am initial 30 million investment from Ripple using their protocol. Following the agreement with Ripple, MoneyGram is set to start making some serious cost saving in the last quarter of 2019. We are currently using Ripple products now as we speak.”

Ripple (XRP) followers currently don’t know which side they should believe. However, following the reaction of crypto followers from the revelations, it is safe to say a majority of them disagree with the findings blaming the customer care representative of sharing incorrect information.

For instance, DigitalNomadInvestor, @DigitalNomadInv, a crypto investor and expert, disagreed vehemently with the findings arguing the response was an automated response that had not been updated. DigitalNomadInvestor responded to the tweet from Crypto Stevo saying,

“@CryptoStevoUK what you received was a copy-paste automated response that has not been updated. I would not read to much into it as it means nothing as far as Ripple XRP and @MoneyGram are concerned. Sorry.”

Since the news of the partnership between MoneyGram and Ripple surfaced, MoneyGram’s stock prices have skyrocketed by over 150 percent despite the prices of XRP remaining stagnant.

We can hope MoneyGram’s customer care department looks into this and gives a more credible response that reflects the position of the company concerning Ripple and its products. We have reached out to the fintech firm too and should update the story if any official response gets out by MoneyGram.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Can Ripple help as Western Union cuts staff due to low earnings?

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Western Union is one of the best-known and most successful financial services around the world, and many believed that this would never change. However, Western Union has started experiencing quite a bit issues recently, which might indicate that it is time for the company to change its mindset. And apparently, get on board with blockchain solutions such as Ripple, as MoneyGram did.

Western Union sees lower earnings in Q2 2019

Many among you may or may not know that Western Union trialed Ripple in the past, too. But they decided to move along without carrying any substantial tests.

So now, one of the biggest and most impacting changes is the drop in its stock price after a reported miss on earnings. Its new earnings per share (EPS) came in at $0.45 per each share. Previously, analysts had predicted that the earnings would be somewhat higher, at $0.48 per share. While nowhere near the predicted EPS, it is even lower than the earnings from last year, when the EPS stood at $0.46 per share.

On the other hand, Western Union’s net income in the Q2 2019 was at $614.8 million, which translates to $1.42 per share. Last year, however, the figures were significantly lower, sitting at $217.6 million, or only $0.47 per share.

However, there were significant drops in revenue reported in the Q2 of this year, with revenue coming in at only $1,34 billion. While this is a considerable sum, it is below the last year’s revenue during the same period, which was at $1.41 billion.

That is not all; Western Union’s C2C (Consumer-to-Consumer) revenues made 83% of the total revenue in the second quarter, which is still 1% below the reported basis. This comes despite the fact that transactions actually grew by 1%.

The strongest growth for the US-based financial services company (Western Union) that keeps ignoring to adapt the change (Ripple blockchain) with era came in Latin America, which helped offset the declines recorded in the US domestic market and the Asia Pacific region.

Meanwhile, Western Union’s C2C revenues increased, even going as high as 18% above the reported basis. This translates to 20% constant currency, while transactions went up by 15%. It should also be pointed out that Western Union represents 13% of the total C2C revenue, and that it is currently serving 70 nations around the world.

It is not so bad for all the WU branches, however, and Western Union Business Solutions revenue actually went up by 3% above the reported basis. This is also a 7% improvement on a constant currency basis. This is something that was driven the strongest in Australia and Europe.

Hikmet Ersek, the CEO and President of Western Union commented on the results, stating that they were stable for the second quarter, and saw strong growth, at least as far as the digital sector goes. Further, he pointed out that the results in international digital transactions were particularly impressive. Western Union also managed to attract more of the leading global brands with their unique capabilities, and they still remain on track when it comes to delivering on their 2019 outlook.

Western Union brings changes — but are they enough?

So, why did Western Union saw such a significant drop in their earnings? Many believe that it might simply be due to the change of the methods used for sending payments. The people are getting used to having faster transaction speeds and lower fees; thanks to new systems, delivered by the cryptocurrency sector, Ripple in major.

https://twitter.com/stuart_xrp/status/1158030528840392705

One interesting situation is that of Moneygram, which did exactly that — it partnered up with Ripple, and has already started using the blockchain firm’s products to speed up transactions and cut back on the fees.

As a result, more people started employing its services, and many of the newcomers are likely former Western Union customers. This indicates that Western Union might have to change its ways soon if the leading financial services firm wants to remain ahead of everyone in the race. The world of finances is changing, rapidly, and WU must find a way to adapt or continue seeing losses in quarters and years to come.

The company is already experiencing quite negative consequences, as its biggest news of the quarter was the announcement of the workforce reduction. The company will have to let go around 10% of its workers.

Western Union announced job cuts, claiming that they are a part of its new global strategy that is supposed to improve efficiency, bring long-term revenue growth, and increase profitability. As for its plans for the future, the company seems to be encouraged by its cross-border money movement results, and so it plans to focus especially on its solutions and products in this area. But yes, it hasn’t confirmed any shift towards Ripple yet.

Ersek added that the firm is very excited about changing strategy, and they plan to start implementing changes as soon as possible. He stressed that the changes are being made from a position of strength and that they represent only the first step of a larger plan.

And, while the changes in the structure are supposed to bring a decrease in cost structure, it appears that the company has lowered its earnings expectations for the year. Previously, it expected to see prices of $2.66 to $2.76 per share, which was now reduced to $2.47 to $2.57. Meanwhile, the earnings per share were adjusted as well, moving to $1.70 to $1.80.

Consequently, change is what every business in the world needs to stay right on the top. It’s evident that if Western Union wishes to remain the number money transfer company, it will need to embrace the change. What change? We hear you ask — that’s Ripple.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Top Crypto News of the Week – 29th June to 4th August 2019

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This week has been lively with several things happening around the crypto space. XRP was amongst one of the top trending cryptos with different developments occurring around Ripple. Tron was also in the news with some shaky moments. Moreover, some general announcements were made. Let’s have a glance at them.

Cash App Powered by Square, Inc. Doubles Bitcoin Revenue

Cash App powered by the payment company Square, Inc. announced that their revenue for the Q2 2019 was doubled with an amount of $125 million in BTC’s. Before, the company’s revenue for Q1 was around $65.5 million in Bitcoin.

Square is a company which is highly bullish on Bitcoin and the project manager at Square Crypto; Steve Lee mentioned that the payment company is very, very pro-Bitcoin.

Walmart Patenting a Stablecoin

The interest of retail giant Walmart seems to increase in the cryptocurrency market. Walmart insists that they should have crypto just like Facebook’s Libra that would be a much secure platform to store government bonds and fiat currency.

Walmart has presented an application for a digital currency patent that should be similar to Libra. The filing proposes that the coin would provide financial services for those with limited ingress to the banking services.

Grayscale to Use Coinbase Custody

Grayscale was looking to make one of the most significant single-day crypto transfers. Coinbase already holds $1 billion in assets of the company, claimed CEO Coinbase. The crypto exchange has been acting as the custodian for Grayscale’s digital asset holdings and is set to hold further assets worth almost $3 billion soon.

Grayscale holds several cryptocurrencies including Bitcoin, Ethereum, Stellar, XRP, several other altcoins. According to the company, it holds crypto assets worth $2.7 billion, which is double of those holdings of Q1 that were around $1.2 billion.

South Korea Begins Regulation Free Zone

The government of South Korea announced Busan as a “regulation-free zone” for the development of blockchain. This was being discussed for a long time, and finally, it has been formalized.

Busan is set to organize a copious blockchain libation that will include finance, tourism, and public safety. Though the government hasn’t allowed ICOs and they are still a bit conscious regarding cryptocurrencies. Still, it is a good incentive that will open gates for blockchain technology and hopefully cryptocurrencies as well.

It is expected that by the end of 2021, investors would have made an investment of around 25 million dollars across different blockchain projects.

Kraken Acquires Interchange

One of the biggest crypto exchanges, Kraken attained Interchange as per an announcement made on 31st July. This is one of the latest efforts made by Kraken to gain the institutional advantage in the industry.

Interchange is basically a reporting and accounting service for companies, and it also has functions in the crypto market. So, acquiring an Interchange is a good development for Kraken. It will help users to manage their portfolios in a better way. The access to the market would become accessible, and investors would be better able to monitor and report regarding their crypto holdings.

Litecoin (LTC) ‘Halving’ Soon

One of the top cryptos in the market, Litecoin (LTC) is going to be halved once again. The LTC halving with take place on 5th August, and this would decrease the reward for cryptocurrency users by 50%.

At the moment, Litecoin miners are offered with 50 coins for each block, and after the halving, it would automatically be reduced to 25 coins per block.

This news is very much for the investors to keep an eye on. Litecoin is expected to follow an upward trend, as the constant decrease in mining rewards results in profitability though halving could turn out to be unstable for a market that is already volatile.

Ripple on the Charge

Ripple has had a successful week, as far as its adoption is concerned. Several financial institutions have adopted Ripple’s XRP for their payment services.

Recently, the second-largest payment provider in the world, Moneygram has made a deal with Ripple to use its services for cross-border transactions using the digital asset. The focal point of this collaboration will be Ripple’s xRapid. It leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies.

Moreover, Ripple has been adopted by the payment provider companies, including EquensWorldline. Also, Ripple, in partnership with SBI, launched a virtual currency spot trading service called ‘VCTRADE Pro.’

Tron (TRX)’s Tremulous Moments

In the latest crypto ranking published by China, Tron makes the third spot among other 27 digital assets. This was the most triumphant moment for TRX in this week.

However, it was more than good stories that revolved around TRX radar. Several Tron holders have reportedly switched to Ripple (XRP) as they thing Justin Sun doesn’t mean business.

It was a see-saw week for Tron, let’s see what’s new for the TRX community in the upcoming week.

Conclusion

Overall, the progress of the crypto industry seems to have moved with some positive developments this week. As the crypto market is leaving its impression on the world, day-in, and day-out, there is much more to follow from the crypto world.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple to widen fintech service into South Korea via MoneyGram’s new partnership

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Ripple partner MoneyGram joined hands with a money transfer firm based in Korea, Sentbe. Following the partnership, Sentbe has announced itself as a partner of Ripple as well.

Ripple Partner MoneyGram Signs New Partnership with Sentbe

MoneyGram, which is a financial service company, has recently received a massive fund as an investment from Ripple. As the oldest partner of Ripple, MoneyGram extending Ripple solutions among its new partners such as Sentbe. According to the reports, Sentbe is a South Korean payment startup and a regional operator of Samsung. Nevertheless, the firm officially announced on its website, stating “Sentbe partners with world-class fintech.”

Concerning the partnership between MoneyGram and Sentbe, MoneyGram head of APAC and South Asia, Yogesh Sangle states that;

“Enhancing our product offering in South Korea is a strategic move that accelerates our digital transformation in the region. With an increasing number of foreign residents and growing numbers of working populations from neighboring Asian countries, working with Sentbe will further improve financial inclusion in South Korea and we are proud to share a legacy of customer commitment through this collaboration.”

Following the similar note, Sentbe CEO, Alex Choi appreciates the partnership and quickly remarked that the partnership with MoneyGram put them into “even better position to meet the demand for tech-savvy solutions within this space.” He says that they’re further looking forward to spreading the change this partnership can bring to the respective community.

“Innovation that simplifies the money transfer process is our top priority and there is not a more perfect time than now to embark on this move with MoneyGram.

What’s Next?

As per the press, Sentbe is keen at improving the cross-border money transfer at cheaper, faster, and easier via new technology. Following the partnership announcement, Ripple’s technology might be set to use at Sentbe. Also, the company is already a licensed financial institution based in South Korea, which is one of the prime purposes of Ripple.

The partnership received enormous interaction from the XRP community. Subsequently, a Twitter user and a member of XRP community, Dillon tweeted a screenshot, adding;

https://twitter.com/Dillon/status/1152335171720482819?s=19

The closer observation of Sentbe is also revealed that it is Samsung’s payment arm, Samsungpay has opted Sentbe to pilot a remittance service on Samsung Pay in 17 countries. Earlier in this year, CEO of Sentbe expressed his view of collaborating with Ripple.

While MoneyGram and Sentbe have quickly validated the authenticity of the partnership, Ripple has yet to confirm and make the statement on the same.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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