MoneyGram sees potential of crypto currency after Ripple test

 MoneyGram sees potential of crypto coins after ripple test
Women's favorite crypto coin Ripple (XRP)

In a recent interview with the Robotics Process Automation Institute and AI, Youri Bebic, president of MoneyGram's global product and innovation, crypto currencies are likely to be the future of cross-border money transfers

MoneyGram deals with Blockchain and crypto currencies

He explains. Instead, the company allocates funds in its international bank accounts and covers transfers. While Blockchain was more interested in he explained that they were dealing with crypto currencies:

We conducted a concept check with a single crypto currency and shared the results with the press. We tried to figure out whether we could use the crypto currency for liquidity in the markets, and we used Ripple to do that. Because the biggest secret in money transfer is that money does not move. The money's already there. We pre-finance bank accounts around the world and then transfer value. But if I had physically sent the money from here to Mexico, it would take a lot of time.

Crypto currencies have great potential in the financial world

To correct this, Bebic, crypto scalability and if the markets have enough liquidity, they can eliminate the need to fund their bank accounts. Then, exchanges can sell crypto currencies against local fiat currencies and deposit it in a bank account. Youri states:

We are obviously looking at this. We are doing some piloting and testing, and I believe it is highly likely that money will move in the future. This is actually possible in many places, as in Europe and Asia, and we want to be a part of it if it goes like that.


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