Ripple CEO: Cooperation with MoneyGram will have a major impact on xRapid

Ripple announced Monday that it has established an important partnership with MoneyGram, one of the world's largest remittance companies, which will use the digital currency XRP in its daily remittance services. Ripple CEO Brad Garlinghouse said that the cooperation with MoneyGram will have a major impact on the xRapid network, which is a big step forward in blockchain technology and encryption. According to a 2017 report by the Financial Times, MoneyGram has a 5% share of the global remittance market. As part of the transaction, Ripple will acquire a 10% stake in MoneyGram at a price of $4.10 per share. So far, Ripple's investment is $30 million, and MoneyGram can decide to raise this number to $50 million. For Facebook to enter the encryption field, Garlinghouse said he believes the social media giant will focus on consumer products and open the door for Ripple's corporate efforts.