U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Ripple's Partner MoneyGram to Greatly Expand Its Presence in Indian Market

News
Mon, 01/13/2020 - 15:53
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Ripple's partner MoneyGram plans to aggressively target the Indian market after forming a strategic tie-up with EbixCash

Cover image via 123rf.com
Contents

Money transfer company MoneyGram plans to expand its business operations to the Indian market through a strategic partnership with EbixCash, a subsidiary of leading On-Demand software supplier Ebix. The company’s press release states that millions of Indian customers will get “enhanced" remittance services. 

Must Read
Ripple's Partner MoneyGram Now Uses Visa Direct to Enable Instant Cross-Border Payments - READ MORE

The world’s biggest remittance market  

Because of the above-mentioned deal, MoneyGram will power remittance services in more than 4,000 cities and 75,000 villages, thus allowing users to seamlessly send and receive money across the globe. The inward remittance volumes are expected to reach $3 bln. 

“India remains the world’s top recipient of remittances, and 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,” added Grant Lines, MoneyGram Chief Revenue Officer.

MoneyGram CEO Alex Holmes says that they are focused on putting money into the digital transformation of its business and new international markets.  

“Partnering with the largest financial exchange in the country is an important milestone, and we are excited to enable EbixCash to plug into the MoneyGram platform to access our customer-centric capabilities and services.”  

On Jan. 6, MoneyGram made an announcement about recording a record number of transactions during the holiday season.   

Must Read
Ripple's Partner MoneyGram Doesn't Hold Any XRP - READ MORE

New expansion plans  

On Nov. 25, U.Today reported that Ripple finalized its investment into MoneyGram that totaled $50 mln. This war chest will allow the under-pressure company to venture into new markets. 

According to Ripple CEO Brad Garlinghouse, MoneyGram plans to gain a foothold in Europe and Australia. 

This week, Siam Commercial Bank (SCB), the oldest Thai bank and Ripple’s long-standing partner, also announced its intention to expand into four new markets.       

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.

Recommended articles
Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

News
Wed, 04/01/2020 - 07:13
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Mike Novogratz is convinced that when central banks make money grow on trees, then it's time to buy Bitcoin

Cover image via www.bloomberg.com
Contents

When central banks make money grow on trees, Mike Novogratz, the CEO of Galaxy Digital, has one message for his followers - buy Bitcoin (BTC). 

Must Read
Binance CEO Explains Why Bitcoin (BTC) Price Can Easily Reach $100,000 - READ MORE

Yes, money does grow on trees   

'Money doesn't grow on trees' is a popular expression that parents constantly hammer into the heads of their children. It means that money is a limited resource and encourages people to put in a significant effort in order to obtain it. 

However, this fable apparently doesn't apply to the U.S. Federal Reserve and the Bank of England, who unleashed unlimited liquidity to save the ailing global economy from the coronavirus-driven fallout. 

As absurd as it sounds, fiat money does grow on trees in 2020 (at least for central banks). 

Must Read
Bitcoin (BTC) Bulls Say It's Time for 'Plan B' as Fed Ramps Up Repo Operations - READ MORE

2020 could be Bitcoin's year 

Against this backdrop of incessant money printing, Bitcoin, a disinflationary currency whose total supply is strictly limited to 21 mln, has never seemed more attractive. Novogratz described it as the strongest bull case for the benchmark cryptocurrency. 

Even though crypto failed to perform as a safe haven during the coronavirus-driven sell-off, the Wall Street bull recently opined that 2020 could end up being another big year for Bitcoin.     

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.

Recommended articles
Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback