Ripple and Moneygram has struck a two year exclusive agreement which makes Ripple the exclusive digital asset partner of one of the world’s largest remittance company, MoneyGram.
While it is yet to be known how the exclusive partnership will play out many in the cryptocurrency community sees this as a big win for the third largest cryptocurrency in terms of market capitalization.
The market responded positively with this development with the price of XRP currently up by more than 5% during press time.
According to Ripple the partnership will focus on the xRapid product, a solution for on-demand liquidity, which reduces reliance on pre-funding by enabling money to be sent from one currency and instantly settled in the destination currency.
MoneyGram is one of the largest, best-established money services providers in the world.
While most remittance company has been tepid on their integration with cryptocurrencies such a development like this shows that slowly but surely cryptocurrencies are integrating into traditional financial markets.
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