MoneyGram and Ripple are partnering to test XRP in the money transfer space. Ripple is creating a network “for banks and financial institutions that [will] allow for faster and cheaper interbank trading and settlement.” MoneyGram hopes to become competitive with digital upstarts now that U.S. regulators have nixed its deal with Alibaba’sBABA Ant Financial. Thanks in part to MoneyGram’s announcement, XRP has soared roughly 700% during the last month, making Chris Larsen, co-founder of Ripple, one of the wealthiest individuals in the world.
That said, XRP’s use case has yet to be proven. Having been “criticized for obfuscating the nature of its partnerships with financial institutions,” one of Ripple’s challenges is garnering trust. Its centralized ecosystem is anathema to the blockchain community which has been built on open source software. Despite this controversy, the MoneyGram partnership does seem like some sort of progress for Ripple’s xRapid.
View original article and other research here.
ARK’s statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. For a list of all purchases and sales made by ARK for client accounts during the past year that could be considered by the SEC as recommendations, click here. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. For full disclosures, click here.