The head of Ripple’s global institutional markets team says the company’s partnership with payments giant MoneyGram is already having an impact on XRP’s overall trading volume.
Breanne M. Madigan highlights new numbers from CryptoCompare that show the volume of XRP’s pair with the Mexican peso is on the rise.
“New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% – during the same period of time that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume.”
MoneyGram announced it officially launched Ripple’s XRP-powered cross-border payment solution xRapid on August 2nd. In a call with investors, CEO Alex Holmes touted the digital asset’s ability to settle payments in a matter of seconds.
“I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved. We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool.’”
MoneyGram and Ripple announced their partnership in July. Ripple bought $30 million of MoneyGram shares at a premium of $4.10 per share, with the option to purchase another $20 million worth of shares over the next two years.