Moneygram’s US-Mexico Business Is Crypto Enabled By 10%

Moneygram’s US-Mexico business seems to be enabled by crypto by 10 percent. The act of transferring money from one place to another or better known as remittance is one of the heavyweights of a market but the blockchain technology aims to change how these operations are conducted. Let’s see further in the blockchain news today.

The world Bank estimates that in 2016 the global remittance market reached $573 billion and a whopping $422 billion went to developing countries. Blockchain technology is already well-suited for securely transferring money around the world and the same technology powers Bitcoin and holds great implications for the world’s remittance business.

Ripple is among the first crypto platforms that have been lurking at this industry for a while now through a fintech lens and its On-Demand Liquidity platform. XRP has been a part of how the mainstream remittance company Moneygram operates since August of this year. Speaking at the Ripple Swell conference, Moneygram’s CEO Alex Holmes announced to the public that Moneygram’s US-Mexico Business happens with the help of Ripple’s On-Demand Liquidity up to 10 percent.

The blockchain-positive announcement on Ripple’s website calls for much more attention to the statistics. The existing prospects of crypto technology can account for about 10 percent of how major remittance companies do business between the two countries. Holmes explained further into detail on how the business is actually conducted:

 “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.
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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.”

Holmes did not want to reveal the size of Moneygram’s US-Mexico business but he seemed pretty happy to talk about the potential of the technology and how it will bring ease in the international transactions process to the new countries. Ripple’s technology, on the other hand, is also known to be among the best remittance services in the crypto industry with great partnerships around the globe.