Posted 3 years ago | by Ben Armstrong
Moneygram Discusses XRP on Earnings Call
There is probably no coin in all of crypto that seems to draw out deeper emotions than XRP. XRP supporters believe the project is decentralized and that there is no where the project can go other than "the moon" (the moon is exactly $589). XRP haters believe it is a centralized bank coin that runs perpendicular to the message of decentralization. However, there are few companies making bigger moves in the world of crypto than Ripple.
More evidence of that was on display on July 30th as money transfer giant Moneygram explained the relationship between itself and Ripple during an earnings call to investors. An official update from Moneygram following the call included a full paragraph about Ripple, XRP, & xRapid:
Also during the quarter, the Company obtained an equity infusion of $30 million and entered into a commercial agreement with Ripple, a provider of enterprise blockchain solutions for global payments. Ripple purchased the newly-issued equity from MoneyGram at $4.10 per share, a significant premium to MoneyGram's market price at the time of the investment. The investment agreement provides the Company with an option to sell up to $20 million of additional equity to Ripple through June 30, 2020. The commercial agreement allows MoneyGram to utilize Ripple's xRapid blockchain product, as well as XRP, Ripple's cryptocurrency, to facilitate cross-border settlement. The Company expects that this will reduce working capital needs and have the potential to generate additional earnings and cash flow.
While the argument about the merits of the actual coin of the ecosystem, XRP, rages on, Ripple just keeps putting its head down and driving forward. It's one of the more prominent and stable companies in the whole blockchain arena. But as Taylor Swift says, "the haters gon hate hate hate."
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