In its March earnings name, U.S.-Latin American remittance supplier, Intermex, revealed that it's going to not be utilizing Ripple (XRP)’s know-ho
In its March earnings name, U.S.-Latin American remittance supplier, Intermex, revealed that it’s going to not be utilizing Ripple (XRP)’s know-how in its main markets. Intermex chief government Robert Lisv defined:
“So, you received’t actually see us leveraging Ripple in our core markets. I believe it’ll convey us extra development in newer markets in locations the place we’re exploring going into ancillary merchandise.”
Intermex to make use of Ripple for “ancillary merchandise” in “newer markets”
Ripple introduced its partnership with Intermex on Feb. 5, with its press launch emphasizing that the deal would “enabl[e] sooner cross-border funds between the U.S. and Mexico.”
Regardless of Ripple’s claims, Intermex’s CEO asserted: “Ripple won’t be a solution for locations like Mexico. We’re very proud concerning the relationships we’ve got there.”
Intermex has not too long ago sought to broaden its presence in Africa, suggesting that’s seemingly the market the place the funds firm will make use of Ripple’s applied sciences.
Moneygram instantly liquidates all XRP acquired
Intermex will not be Ripple’s solely accomplice to disclose points of its partnership that seemingly have been poorly acquired by XRP holders.
In a latest interview, a consultant of U.S.-based funds agency, MoneyGram, revealed that the agency liquidates all XRP acquired by way of its partnership as quickly because the tokens are acquired.
Throughout 2019, MoneyGram offered $11.three million value of XRP — growing the month-to-month promote strain on the XRP markets by $1 million.
Ripple introduced its partnership with MoneyGram in January 2018, with the deal meant to extend settlement speeds and bolster liquidity on the funds platform. MoneyGram started utilizing Ripple’s know-how in August 2019.
Per a submitting with the U.S. Securities and Alternate Fee (SEC), MoneyGram “is compensated by Ripple in XRP for growing and bringing liquidity to international trade markets, facilitated by the ODL platform, and offering a dependable degree of international trade buying and selling exercise.”
In November 2019, MoneyGram estimated that 10% of its Mexican peso quantity is executed utilizing Ripple’s ‘On-Demand Liquidity’ platform.