Yesterday was the day when a long-awaited partnership has become real. Riplle Inc. declared that now they’re partners with MoneyGram.
Related: Head of Ripple predicted disappearance of 99% of cryptocoins
Is this because Facebook decided to launch the coin these days?
As the blockchain firm says itself, this partnership is going to make MoneyGram become a user of Ripple’s XRP and through this explore and focus on xRapid, which is a cross border remittance tool that makes use of digital asset XRP.
The first term of the partnership is two years, as Ripple announced. This period will make MoneyGram and Ripple primary companions for cross-border payments and international exchange settlement using digital assets.
Ripple mentioned that it’s offering a big capital commitment to MoneyGram and it will make easier for the firm to get approximately $50 million in exchange for equity over corporations partnership period.
This partnership announcement came on the eves of a possible launch of GlobalCoin by Facebook, which many claimed has the potential of rendering Ripple’s XRP and even Bitcoin useless considering the number of big corporations who are going to apply Facebook’s coin.
So, the partnership between Ripple and MoneyGram is supposed to cushion the effect that Facebook’s coin might have.