In a recent CNN International interview, the CEO of MoneyGram Alex Holmes explained that Ripple and the services provided were very important for the company considering they were performing a deep digital transformation. At the same time, he talked about how XRP is helping the company to reduce costs.
— Julia Chatterley (@jchatterleyCNN) December 17, 2019
Alex Holmes Talks About Ripple
In this recent conversation, Mr. Holmes explained that 60% of all transactions around the world are performed using cash. However, in the last 24 months, MoneyGram expanded its digital capabilities to 60 countries and improved its digitalization strategy.
Ripple has also invested $50 million in MoneyGram and Alex Holmes has also talked about their relationship with Ripple and the XRP cryptocurrency, one of the largest in the market. He explained that moving money cross border is quite complicated because money itself doesn’t move.
Holmes said that what moves across borders is data, which is very different from money itself. MoneyGram is currently using 122 currencies with funds in bank accounts so as to provide users with cash around the world and instant liquidity.
With Ripple and the cryptocurrency space, Holmes believes that there is a technology available to move money and data among countries. Ripple allows companies such as MoneyGram to reduce their trapped liquidity around the world, which is located in different accounts and cannot be used for other things.
At the moment, Ripple has the best platform to efficiently move money across borders. Ripple can reduce costs and make it simple for firms to transfer funds from one country to another. Furthermore, he stated that the XRP cryptocurrency is very innovative and that Ripple is already helping banks and other financial institutions to improve the services and solutions they offer to their clients.
It is worth mentioning that the CEO of the company explained that he does not currently own any XRP and the company tries to sell the XRP it usually handles as soon as possible due to regulatory issues.
He finally stated that regulations are changing at all times and that this does not allow them to hold, for any period of time, any crypto assets.