- Ripple’s Partner MoneyGram extends its arms to Indian Market
- Crypto community to see more consolidation in 2020 – Ripple’s CEO
Ripple-backed money transfer giant MoneyGram plans to expand its business to the Indian market via a partnership with EbixCash, a subsidiary of Ebix. According to MoneyGram’s official release, it declares that millions of Indian customers will receive improved remittance services. With the partnership, MoneyGram will have access to run remittance services in over 4,000 cities and 75,000 villages, hence allowing swift and affordable transaction globally. The internal remittance volumes are projected to reach $3 billion.
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Speaking on the partnership deal, MoneyGram chief revenue officer, Grant Lines stated: “India remains the world’s top recipient of remittances, and we’re excited to better serve this critical market through our partnership with EbixCash, a leading brand with an approximate 80% share of locations in the country.”
MoneyGram CEO Alex Holmes also stated that their main target is investing money into the digital development of its business and new international markets. He went thus:
“Partnering with the largest financial exchange in the country is an important milestone, and we are excited to enable EbixCash to plug into the MoneyGram platform to access our customer-centric capabilities and services.”
Crypto Community to See More Consolidation in 2020 – Ripple’s CEO
Ripple’s CEO Brad Garlinghouse in a recent tweet declared that he is positive that both fintech and cryptocurrency industries will continue to experience consolidation this year. Previously in 2019, Garlinghouse stated that the world did not need over 3,000 cryptocurrencies, and the industry should anticipate “a migration to quality” in 2020.
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Remarkably, Ripple recently completed its $200 million Series C fundraising that pushed it to the $10 billion leagues. The XRP community anticipate Ripple to continue developing its ecosystem. Speaking on this, a twitter user with username @XRPcryptowolf, stated:
“We haven’t heard from #Ripple lately @Garlinghouse so can you tell us if @Ripple will be making big acquisitions in 2020 to boost #XRP’s ecosystem?
I’m assuming that you’ll be making big strategic moves & partnerships since you got $200 Million dollars from your Series C round.”
Also, he shared his thought on Visa procuring payment startup Plaid for $5.3 billion. Garlinghouse’s statement has put the XRP community speculating if Ripple plans to make a new acquisition this year.
Visa, a payment technology company responsible for processing $3.4 trillion transactions, procured Plaid for $5.3 billion. The figure doubles the company’s worth of $2.65 billion. Visa and MasterCard invested in Plaid during its $250 million fundraising before procurement, which might explain such a massive premium. According to Visa CEO, Al Kelly, The acquisition of the fintech company will give Visa the chance to fast track the company’s business beyond cards.