Ripple's Partner MoneyGram Doesn't Hold Any XRP

News
Tue, 12/17/2019 - 15:55
Alex Dovbnya
MoneyGram CEO Alex Holmes reveals that his company instantly sells all XRP its receives due to regulatory issues
Cover image via 123rf.com
Contents

CNN International recently aired its interview with MoneyGram CEO Alex Holmes where he explained why blockchain giant Ripple was the best fit for his struggling company.

During the conversation with CNN's Julia Chatterley, Holmes also revealed that neither he nor his company owned any XRP. 

Related
Ripple's XRP Gets Mentioned in US Government Document for the First Time

Why Ripple?   

Ripple makes it easier and less expensive to transfer money across the globe with its On-Demand Liquidity (ODL) solution. Back in June, Ripple decided to invest up to $50 mln in the old-school money transfer company MoneyGram in a bid to propel the adoption of its native token XRP. The deal was finalized in late November. 

MoneyGram has a lot of liquidity and working capital positioned all around the world, and Ripple can transform this capability and transfer money with data.

"It's incredibly complicated to move money across the border," Holmes said. 

Holmes adds that Ripple's ability to move money with data is "magical" since it allows instantly transferring funds without any "trapped liquidity." 

"They also have the vision that encapsulates what we are trying to do as well. [...] I think and Ripple and its crypto XRP are innovative in that sense."

Ripple lets MoneyGram reduce costs for its clients and increase profitability for the company's shareholders. 

Related
Ripple's Xpring Debuts New Platform for XRP Payments Integration

Not an XRP holder 

When asked whether he holds any XRP, Holmes said he personally didn't own any. The same pertains to Money Gram -- the company sells its tokens as soon as it receives it. 

"Any XRP that we receive we tend to sell about as real-time as possible"

Holmes explains that MoneyGram cannot hold any crypto due to regulatory roadblocks.  

"We do not hold any crypto assets for any period of time on our books."

As reported by U.Today, XRP's price performance has been absolutely abysmal in 2019, and some analysts, including Jacob Canfield, expect more pain.   

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy