Ripple CEO Brad Garlinghouse says MoneyGram is pushing to rapidly expand its use of XRP for cross-border payments.
In a new interview at Fintech Week 2019, Garlinghouse said MoneyGram’s CEO W. Alexander Holmes wants to know how quickly Ripple can expand its XRP-powered payment solution called On-Demand Liquidity (ODL) to new corridors.
“I got a call from the CEO of MoneyGram two weeks ago. And he’s upset with us because we’re not moving fast enough. That was an unbelievable [call].
He wants us to launch On-Demand Liquidity, formerly known as xRapid, in more markets more quickly because they’re having such a good experience with Mexico that they’re like, ‘Look, we want to spread this more quickly, more aggressively.’
On-Demand Liquidity is currently up and running in two destination corridors – Mexico and the Philippines.
Ripple has dropped various clues hinting that the company is looking to bring the product to Argentina, Brazil and a number of Asia-Pacific countries.
But Garlinghouse says the company will only launch new corridors once they’re sure regulators and market makers are fully on board.
“We’re not going to launch new markets until we’ve engaged regulators in those markets, we know that the exchanges on the other end are robust and compliant, and all the things that go with that.”
Ripple changed the name of its XRP-based payment product from xRapid to On-Demand Liquidity early this month.
The company says the change is part of an overall strategy to focus on Ripple’s presence as a payment network.
Ripple partnered with MoneyGram back in July. As part of the deal, Ripple purchased $30 million worth of shares in the company, with the option to purchase another $20 million over the next two years.