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Ripple CEO’s comments on Moneygram’s pressure to push XRapid in expanding cross-border payments

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Ripple CEO Brad Garlinghouse said MoneyGram is pushing XRapid to expand the use of XRP for cross-border payments.

Ripple CEO: The CEO of MoneyGram is angry with us about XRP integration!

Brad Garlinghouse said in a new interview with Fintech 2019 that MoneyGram CEO- W. Alexander Holmes wants to know how fast Ripple’s On-Demand Liquidity (ODL) XRP payment solution can expand into new aisles. The CEO of Ripple made the following statement:

“I got a call from the CEO of Moneygram two weeks ago and he’s mad at us because we don’t move fast enough. That was an incredible call. It wants us to launch on-demand liquidity, formerly known as XRapid faster. Because they have such good experience as in Mexico. “Look we want to spread it faster and more aggressively.” he said.”  

MoneyGram CEO: We want to spread the XRP-based product faster and more aggressively!

On-Demand Liquidity is currently operating in two target corridors – Mexico and the Philippines. Ripple gave clues that the company wants to bring the product to Argentina, Brazil and several Asia-Pacific countries. However, Garlinghouse said the company will only open new corridors after making sure that regulators and market producers are completely on board. The CEO of Ripple added,

“We will not open new markets until we have regulators in these markets.”

Ripple changed the name of the XRP-based payment product from XRapid to On-Demand Liquidity earlier this month. The company says the change is part of Ripple’s strategy to focus on its existence as a payment network. Ripple partnered with MoneyGram in July. As part of the deal, Ripple acquired $30 million in the company, with the option to purchase another $20 million over the next two years.

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