MoneyGram US-Mexico Business Is 10% Crypto Enabled?

A new estimate by the World Bank is in the cryptocurrency news – showing that the 2016 global remittance market sits at $573 billion, out of which around $422 billion went to the more developing countries. New shocking statistics show that the Moneygram US-Mexico business is 10% enabled by crypto.

For those of you who don’t know, the simple act of transferring money from one country to another is known as remittance – and is an economic heavyweight of a market. Blockchain technology is now poised to change its operations and bring a lot of novelties to this market.

However, we can see that the process is well-suited for securely transferring units of value all around the world – and MoneyGram is one of the most successful companies in that realm. What most of you didn’t know is the fact that one part of MoneyGram’s business is enabled by cryptocurrency.

Yes, we are specifically talking about Ripple and its technology, which are powering around 10% of the Moneygram US-Mexico business. In detail, this is the On-Demand Liquidity platform and XRP cryptocurrency – both acting as a vital part and playing a huge role in the MoneyGram operations ever since August 2019.

The CEO of MoneyGram Alex Holmes confirmed this at an event – the Ripple Swell conference – stating that 10% of his company’s business between the US and Mexico happens with the help from Ripple and its On-Demand Liquidity program.

Meanwhile, the Ripple news show that the token and website are staying cool – the bit of publicity found on their website calls to much more attention to the statistic. Knowing that the Moneygram US-Mexico business is cryptocurrency enabled, there are now big waves in the industry and experts are asking themselves how and when did this happen.

However, Holmes has an answer to this. As he said during the Swell conference:

“The 10% relates to the ODL (On Demand Liquidity) platform and represents the percent of our Mexican peso volume that we trade. We take USD and buy Mexican pesos. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar. True success will be determined by others joining the platform, so it’s early days.”

As a last resort, Holmes reserved himself when asked about the volume of the MoneyGram US-Mexico business – and instead focused on the technology and its massive potential to bring ease of international transactions in new countries.