MoneyGram CEO on XRP: “We’re Able to Settle Billions of Dollars in Seconds”
At Swell 2019, MoneyGram CEO Alex Holmes made an announcement that at present they’re moving 10% of the transaction volume through ODL between the US & Mexican borders. The company also has an intention to expand into 4 more corridors by the end of the current year.
In the discussion with Ripple CEO Brad Garlinghouse, Holmes expressed his opinion about the current situation of the financial transfers sphere, how blockchain & cryptocurrencies are being leveraged within MoneyGram & the advantages of utilizing ODL.
As a consequence of ther grown competition in this sector, the remittance industry has considerably developed within the last 10 years. Holmes mentioned:
“The fundamental challenge of moving money around the world is that there is not a lot of coordination between financial institutions and there should be more solutions to connect all of these pieces. More and more companies are looking to make the economy move like it should.”
In addition, he noted that even with the sector’s existing disputes, money keeps moving and each industry should understand what their customers require.
Speaking about ODL, Holmes told: “What I love about ODL is that we are completely at the forefront of this technology. We are able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL.”