This week, MoneyGram, the international money transfer company have announced their quarterly results, including a discussion of full financial details. You can see the full report, here- https://www.prnewswire.com/news-releases/moneygram-international-reports-first-quarter-2018-financial-results-300644008.html
We are interested in MoneyGram because we know behind the scenes, MoneyGram are integrating Ripple’s services. Of course, we can’t see XRP being added as a money transfer option to MoneyGram’s services just yet, but, we do believe that eventually, this integration may take hold. For now, we are confident that Ripple’s services are being tested and used to make a big difference in the way MoneyGram facilitates cross border transfers. Ripple have the capacity to make these transfers cheaper and quicker than ever, so really, why wouldn’t MoneyGram have Ripple on board?
Remember, Walmart have also made progression with MoneyGram, using the MoneyGram service to launch their own money transfer system. We reported on this last month, if you need a refresher, you can read the full story here- https://cryptodaily.co.uk/2018/04/partnership-ripple-walmart-happen-soon/
Okay so as it stands, Ripple and Walmart aren’t merging just yet, but who knows what might happen in the future… back to my point now.
According to MoneyGram, Alex Homes, Charmain and CEO of MoneyGram has said:
“2018 will be a transition year for MoneyGram as we continue to invest and reposition the company to compete in a fast-changing environment. We are increasing our investments in digital assets as we accelerate our transition to a digitally enabled customer-first organization. At the same time, our focus on compliance will underpin our future success. Fraud and risk are on the rise globally and we are enhancing our processes and systems to provide our customers with the best experience and the highest standards of protection.”
This bold statement does highlight that MoneyGram now have a commitment to enhancing their involvement with digital assets. With a focus on security and prevention of fraud, you might argue that Ripple’s services fit directly into this outlook and into this future plan.
This report by MoneyGram is very promising. Whilst we have no official word from Ripple yet and whilst we can’t guarantee that this is the start of an XRP integration into MoneyGram’s services, what we can take away from this is that MoneyGram seem to be committed to a future which does include digital assets.
What does this mean for Ripple?
Well, as Ripple’s services grow, the Ripple network grows and eventually, XRP benefits. Their ideal world does involve XRP adoption, Ripple’s currency for use in the mainstream world. With MoneyGram are the fore of international money transfer, initial XRP integration into their systems will see the value of XRP skyrocket, as it becomes a serious asset for mainstream adoption.
For now, we will monitor movements by MoneyGram, hopefully soon enough we see more announcements of this nature. It’ll be interesting to see if Ripple pass any comments on this also.
Featured Image Original Source: Flickr – Great Photo By Mike Mozart