Ripple joined forces with MoneyGram

News about cooperation of these two companies had great impact on XRP price
12 January 2018   2337

One of the world's largest money transfer systems, MoneyGram, announced a partnership with Ripple's financial solutions provider, which will use XRP tokens in its processes. 

To this end, MoneyGram will use the Ripple system xRapid.

According to the company's message, thanks to this, MoneyGram will be able to solve the liquidity problem, which is traditionally faced by most financial institutions, while saving time and money. At the same time, MoneyGram customers will be able to send funds in real time with full transparency and reliability of the process.

Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.

Alex Holmes 

Chief executive officer, MoneyGram

The news about the partnership between Ripple and MoneyGram immediately led to an increase in the price of XRP on stock exchanges - for a short period of time the weighted average rate of the coin, previously lowered to $ 1.62, rose above $ 2.

Ripple Price Chart
Ripple Price Chart

At the moment of press, these are the main market parameters of XRP:

  • Average Price $2.09
  • Market Cap $81 116 278 523 
  • 24h Volume $6 353 130 000

SIX Exchange May List XRP ETF in 2 Months

ETF linked to XRP is planned to be hosted by the Swiss company Amun AG
11 March 2019   213

SIX Swiss Exchange, is preparing to launch yet another exchange-traded product (ETP) tied to the XRP token rate. It is reported by CoinDesk.

A product linked to XRP under the ticker AXRP is planned to be hosted by the Swiss company Amun AG. According to its CEO, Hany Rashwan, the appropriate permission from the SIX has already been received.

We can comfortably say that we expect to release the world’s first XRP ETP within the next two months.

Hany Rashwan

CEO, Amun AG

Rashwan also said that his company received permission to launch four more cryptocurrency ETPs - based on Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM) and EOS. The timing of their launch has not yet been determined and will depend on the demand from customers, but as the company expects, this will happen before the end of the year.

According to the rules of SIX Swiss Exchange, ETFs are considered passive investment instruments and do not provide for active trading strategies. As a result, they are not considered as collective investment schemes and, therefore, do not need approval or regulation by the Swiss Financial Market Supervision Authority (FINMA)

Additionally, the SIX Swiss Exchange rules state that only the 15 largest capitalization cryptocurrencies can be included in the listing at the time of application, and the projects themselves must be based on open source code that functions according to the blockchain principles. Accordingly, the tokens that are distributed through the ICO cannot be listed.

However, as noted by Hany, his company also plans to launch its own ETC standard token, which will be used to tokenize both cryptocurrency and traditional ETPs.

On March 5, the SIX Swiss Exchange announced the start of ETP trading based on Ethereum. The exchange also plans to use the Corda blockchain platform from the R3 consortium to create the SIX Digital Exchange (SDX) regulated platform for trading digital assets, settlements and custodial services.