What Will Alex Holmes Say About the Partnership?
Following Bitcoin and Ethereum, Ripple's XRP is the 3rd largest cryptocurrency by marketcap. Throughout the years Ripple managed to produce a long list of hundreds of partners, many of which are banks. This is fitting, as Ripple aims on replacing the antiquated SWIFT system being used by financial institutions.
One of Ripple's highest profile partnership is with MoneyGram, the money transmitting service. The partnership included a purchase of $50 million worth MoneyGram's equity. The CEO of MoneyGram has just taken to CNN to discuss the partnership and the joint future of MoneyGram & Ripple.
MoneyGram's Alex Holmes on Ripple
The CEO of MoneyGram, Alex Holmes just took to CNN to discuss their partnership with Ripple. In the interview, Holmes discussed a wide variety of issues. This included migrants sending cash abroad, the digitization of finance and the fact that 60% of money transfers are done by cash.
Holmes was later asked the question: Why use Ripple's XRP to settle transactions?
"Its incredibly complicated to move money across borders. Money doesn't actually move, data moves. What's interesting about Ripple and the crypto space, for the first time there's a technology available that has the potential to truly transform that capability and actually move money with data. This seems magical in a lot of ways because that is what the future is about." Holmes replied
For the full interview, watch the videos below
More of the conversation with @MoneyGram CEO @walexholmes talking about the @Ripple partnership, corridor expansion, volume growth & maybe one day replacing the SWIFT payment system -- "those are large aspirations." 😃 $XRP pic.twitter.com/ACoxowG8yU— Julia Chatterley (@jchatterleyCNN) December 17, 2019
XRP's Performance in 2019
Ripple's XRP did not have the best of year in 2019. It is currently trading at $0.197, the lowest rate XRP has seen since May 2017. This can also be viewed as a 95% drop from XRP's all-time high of $3.84 in January 2018.
While Ripple's partnerships are important and could help with adoption in the long-term, XRP's price should also be a priority. Should XRP lose their much-coveted spot the third most popular cryptocurrency, this could deeply affect the way Ripple is viewed by banks.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado