Pleased with Ripple partnership
One of Ripple’s partners, MoneyGram announced its first balance sheet after the partnership. In this report, MoneyGram talks about their partnership with Ripple and the blockchain-based transformation. Alex Chairman, the MoneyGram CEO, made the following statement:
Our third quarter results reflect developments based on customer needs. It also shows that the digital transformation is continuing thanks to the partnership with Ripple for cross-border transfers.
MoneyGram’s revenue in the third quarter of 2019 is increasing compared to the third quarter of 2018. MoneyGram generated $ 324.6 million in revenue in the third quarter of 2018. In the third quarter of 2019, the revenue generated is 347.2 million dollars.
MoneyGram CEO Alex Chairman, also said:
Despite the tough competition in the US markets, it shows signs of recovery. We are pleased with the developments in non-US markets.
MoneyGram has increased its money transfers between the US and Mexico thanks to its partnership with Ripple. The Mexican-based Bitso Stock Exchange surpassed Bitple’s XRP by Ripple.
Ripple is also making significant progress in the Far East Asia and Japan markets. SBI Holding, one of the largest banks in Japan, is trying to expand the framework of its partnership with Ripple. SBI plans to use Ripple’s XRP-based product xRapid.