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MoneyGram Announces Quiet Quarter for Ripple Partnership

May 4, 2020

During a first quarter 2020 earnings report, the President and CEO of MoneyGram, Alexander Holmes, MoneyGram, the leading cross-border payment company, has a “Quiet neighborhood” in terms of its connection with Ripple.

Ripple first announced its “strategic partnership” with the money transfer company listed on Nasdaq in June 2019. The original term of office of the association was set at two yearswith Ripple capital commitment up to $ 50 million over 24 months in equity trading.

It was also announced that Ripple would act as “MoneyGram’s main partner for cross-border payments and currency settlement with digital assets”“”

For MoneyGram, the partnership with Ripple is “quiet” in the first quarter

MoneyGram Announces Quiet Quarter for Ripple PartnershipMoneyGram Announces Quiet Quarter for Ripple Partnership

Although Ripple had high expectations for the association, the CEO of MoneyGram said that the first quarter of 2020 was “quiet” in terms of Ripple’s services.

“I would say it was a relatively quiet quarter, in the sense that something particularly new was launched or the service was expanded.”

“We did a lot of it in the second half of last year, and we really did We have launched a number of new channels for this serviceHolmes pointed out.

MoneyGram will use Ripple in new markets and services

Even though has so far expressed satisfaction with the agreementHolmes’ comments show that Ripple has not yet consolidated its services or target market:

“We continue to work with them as they continue to expand the service and move some things. They really find out what they want to make the product look and feel and how they want to bring it to different markets. I think that will change.” I think the results of our activities will vary from quarter to month and month to month. “

“But yes, it was a good partnership and we are definitely happy with what we did,” he added.

Ripple is used to test new services and markets

Looking to the future, Holmes expects the association to generate income from experiments with “new services and new channels”.

Holmes’ comments come shortly after Robert Lisv, CEO of leading US and Latin American money transfer provider and Ripple partner Intermex, revealed this The business association will not allow ripple technology to be used in its core markets.

“So you won’t really see that we’re using Ripple in our core markets. I think This will bring us more growth in newer markets where we are looking for entry-level products.“he said during the Intermex earnings report in March.

Lisv’s comments directly contradicted Ripple’s February 5 press release announcing the partnership in the The deal is said to “enable faster cross-border payments between the US and Mexico”“”

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