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XRP to MXN Liquidity Index Hits A New All Time High


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XRP to MXN Liquidity Index Hits A New All Time High over 4million.  Moneygram is only sending 10% off all transfer into Mexico utilizing XRP.  Cant wait for more corridors to be opened and for the Mexican volume to increase.  Hopefully SWELL we get some great news

 

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https://xrprightnow.com/xrp-to-mxn-liquidity-index-hits-a-new-all-time-high/

 

 

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6 minutes ago, ZzZerper said:

How do you know Moneygram is sending 10% of flow using XRP?

Has Moneygram announced that anywhere?

Yep!...."Today, we're driving about 10% of our daily Mexican peso volume through this technology."

https://finance.yahoo.com/news/edited-transcript-mgi-earnings-conference-124043288.html

Edited by Live4xrp
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Turning now to our other very exciting news in the quarter. And that, of course, is our partnership with Ripple. To date, we've integrated Ripple onto our standard treasury process to execute foreign currency trades 24/7. Over the quarter, we've continued to increase our usage of Ripple's on-demand liquidity product for a portion of our daily funding needs in Mexico. As a result of this success, we're working to expand the partnership to new corridors before the end of the year. Furthermore, we're also in the process of developing a road map on potential new use cases to improve our digital payments offering. So this will take some time to achieve. We believe that it will lead the industry in accomplishing this vision and that our partnership with Ripple will be a competitive differentiator in the months and years ahead, but Larry will talk more about that in a few minutes.

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Ever since we announced Ripple investment into MoneyGram, we've had many questions on the impact of this partnership, both from a financial and operational perspective. I'd like to take this opportunity to describe how we are using the blockchain and its benefit to MoneyGram. The Ripple blockchain enables MoneyGram to achieve what we are calling real-time settlement. Currently, MoneyGram is using Ripple to facilitate what are almost instant foreign exchange trades.

In Mexican peso, for example, we purchased the cryptocurrency XRP on a U.S. exchange, transfer it to an exchange in Mexico and sell the XRP on the exchange in Mexico for pesos all within about 60 seconds. Essentially, we're using cryptocurrency as a unit of measure through the Ripple blockchain. This means that we can reduce our inventory of pesos and reduce our exposure to volatility during the shortened time that we need to hold them. This is just like just-in-time inventory for our currency position, reducing our working capital needs as well as matching the timing of our sends and the settlement with our agents. The majority of these benefits will come with scale in the future.

In addition to those benefits, we are compensated for developing and bringing liquidity to these markets as well as providing a reliable level of foreign exchange trading activity on a daily basis. The third quarter was the first time we recorded revenue from this agreement. Today, we're driving about 10% of our daily Mexican peso volume through this technology. Through our partnership with Ripple as we develop new markets and bring our liquidity to these markets, our trading volume will be in significant scale to the foreign exchange markets using this blockchain technology. We expect to add new currencies in the fourth quarter and develop new currency pairs that don't include the U.S. dollar over the coming months. On top of that, we believe that we can develop new digital products that would benefit from real-time settlement as XRP markets become more established and more liquid. We expect a general increase -- I mean I am sorry, a gradual increase in the impact on the company as we pilot new markets and bring them to scale with Ripple's assistance.

 

 

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