Ripple’s Chief Executive Officer (CEO) Brad Garlinghouse said he owes a debt of gratitude to Facebook’s cryptocurrency project, Libra.
At Brainstorm Finance, which was organized by news portal, Fortune in New York, Garlinghouse said the San Francisco startup had a record week after the announcement of Facebook’s digital asset Libra.
He said, “I’m going to send a case of champagne to David Marcus, the guy who runs Libra. The reason is, this week will probably be the best week of signed contracts at Ripple ever. It has been a massive call to action because Facebook kind of came out and said we don’t need Western Union anymore…” Garlinghouse further added, “And I think the banks realize that if Facebook is going to be a competitor in this space, they can’t depend upon a technology like Swift to compete in the marketplace.”
Recently, Ripple announced a partnership with money transfer giant, Moneygram. The company said that the latter would be using Ripple’s blockchain product, xRapid to transfer fiat currency and would also leverage, its token, XRP.
Announcing this development, the Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse said, “This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.”
At the time, Moneygram had said, “As the payments industry evolves and matures, it’s imperative that we continue to improve our platform and provide the most effective solution to get funds from point A to point B. Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”
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