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Garlinghouse asserted that the MoneyGram deal was one of the biggest – if not the biggest – deal that the prominent crypto firm has made so far. Despite spending a fortune to acquire 10% of the widely celebrated remittance company, he believes he couldn’t have it any other way.
MoneyGram is in a good position as the largest global remittance firm; however, the public market and investors haven’t been really fair to them. And Ripple is in a good state at the moment while looking to expand its global reach even further. So, “We felt like we were in a position where we could help them, and they were in a position where they could help us.” He explained.
As part of the deal, MoneyGram is expected to start operating on Ripple’s XRapid platform, using the product in its international payments. And it seems like that already took effect, starting with payments from the U.S. to Mexico and the Philippines. Banking on his faith on the deal, Garlinghouse stated that he strongly believes “MoneyGram deal will have a more consequential impact on the crypto markets than the Libra white paper.” Such a huge expectation though, but to him who much is given, much is expected.
Ripple Aims for One Hundred New Contract this Year
When asked what Ripple’s future plans are, Garlinghouse revealed that it is ready to take on multiple projects this year. “We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” Garlinghouse asserted.
He also added that Ripple plans on signing up to one hundred contracts this year. This is a huge number seeing that Ripple has only worked with two hundred clients since its inception. But as the CEO rightly puts it, they are in a good place now and if signing two new financial institutions every week is the goal, then that is what it is.
Adding to their huge market capital and impressive list of investors, Garlinghouse revealed that banks who were scared of using their crypto technology two years ago are now approaching them for ideas on how best to leverage their crypto platform. Times are changing, and they have seen the value in the crypto world. “It’s cheaper, it’s faster, and it solves a problem on the liquidity management,” said Garlinghouse.