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MoneyGram Partners With Ripple’s Competitor, Stellar — Will XRP Decline? By CoinQuora


MoneyGram Partners With Ripple’s Competitor, Stellar — Will XRP Decline?
  • MoneyGram has announced its partnership with Stellar Development Foundation.
  • Stellar is actually the competitor of MoneyGram’s previous partner, .
  • Because of this, traders want to know if this will directly affect XRP’s price.

Stellar and MoneyGram announced their collaboration immediately. MoneyGram’s previous partner, Ripple, already felt its effect. XRP, Ripple’s native token, is trying to break through but the aforementioned collaboration is affecting it greatly.

In detail, MoneyGram is one of the world’s largest money transfer service providers. Stellar Development Foundation is the non-profit that runs the Stellar blockchain. MoneyGram recently joined forces with it. This partnership, particularly, will enable Stellar’s integration into MoneyGram using USDC — a stablecoin that Coinbase (NASDAQ:) and Circle govern.

Commenting on the collaboration, MoneyGram CEO — Alex Holmes, says,

We’re enabling consumers to bridge crypto assets and fiat currency and we think that we can be a pioneer and a leader in that opportunity.

They also intend to offer cash financing in exchange for payments made using other currencies, such as USD, Japanese Yoen or USDC.

Stellar Foundation CEO and Executive Director — Denelle Dixon, further added that,

You can bring in your cash into a MoneyGram location and bring it onto the blockchain, and you don’t have to have a bank account to do that. The same is true if you don’t have a bank account to pull your assets off of the blockchain like Stellar. [Now]This can be done by simply going to a MoneyGram station and collecting your cash.

Dixon believes that the best thing for customers is to be able to access crypto services in an easy way.

On a different note, this collaboration is notable because Ripple is MoneyGram’s previous partner and also Stellar’s competitor. MoneyGram terminated the Ripple-MoneyGram contract in March 2021. The relationship between the two ended when the SEC filed a lawsuit against Ripple saying XRP is an “unregistered security”.

XRP seems to be somewhat concerned by this information. XRP has been trying to surpass $1.1 over the last 24 hours. However, according to CoinMarketCap, it does look like it’s struggling since it now trades at $1.07, at the time of writing.

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