Ripple’s XRP token has long been the subject of conversation. Part of the crypto community thinks the coin is an enrichment, while others think the coin has too few use cases. The CEO of Ripple says that the token is indeed viable.
XRP has many advantages
Brad Garlinghouse, the CEO of Ripple, says that XRP offers many advantages over other fintech systems.
To support his statement, he refers to one of the largest financial service providers in the world, named MoneyGram. The company uses XRP to make cross-border payments possible. Because the company uses the XRP token, the payments are processed within 60 seconds and the party transferring the money does not have to worry about the exchange rates.
Many have doubted the benefits of #XRP, but you don’t have to take my word for it. The proof is in the pudding: @MoneyGram is experiencing real-time settlement (~60 seconds) in USD to Mexican pesos. Pre-funded accounts will become a thing of the past. https://t.co/Fczhp0DhiI pic.twitter.com/x0owlFvfiX
— Brad Garlinghouse (@bgarlinghouse) November 1, 2019
Moneygram & Ripple
Ripple invested around 30 million euros in MoneyGram for around 10 percent of the shares. In June 2020, Ripple is likely to invest another $ 20 million dollars in the company.
The fact that MoneyGram, one of the world’s largest transaction companies in the world, agreed to use XRP and xRapid was a memorable moment for the XRP community. The CEO of MoneyGram, named Alex Holmes, called the collaboration with Ripple a “perfect marriage” that would help speed things up within the company. In addition, he called the partnership an important milestone in the second-quarter report.
After Ripple invested in Moneygram, the share price of MoneyGram increased by nearly 350 percent.
10 times less volatile
Moneygram is not the only proof that XRP can actually be used. Brad Garlinghouse says that the use of XRP for international payments can reduce price risks for banks and payment providers. According to the CEO, XRP is ten times less volatile than fiat currencies.