After the partnership with “MoneyGram” … the digital currency Stellar XLM rises by 15%
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Answer After the partnership with “MoneyGram” … the digital currency Stellar XLM rises by 15%
The international money transfer company MoneyGram is once again making headlines on crypto websites.
This is after its new partnership with the “Stellar Foundation” crypto company yesterday, October 6, 2021, to develop the payments bridge that simplifies money transfers and allows for near-instant settlement of the digital currency “USDC”, the latter is a stable digital currency linked to the US dollar developed by “Circle”.
The recent announcement highlighted MoneyGram’s innovative vision, emphasizing that the partnership will revolutionize the world of remittances.
MoneyGram has not withdrawn from the blockchain arena:
As shown in press releaseMoneyGram will use a version of USDC running on the Stellar blockchain as a way to make transactions more efficient.Read:Nike Files a Patent for Marking Shoes on the Ethereum Blockchain
The “United Texas” link will act as a settlement bank between “Circle” (the USDC issuer) and “MoneyGram” (the remittance service provider).
This will be MoneyGram’s second attempt to take advantage of the blockchain to improve its services.
The Stellar project, as it is known, is a direct competitor to Ripple, which was founded by “Jed McCaleb” co-founder of Ripple, and he separated from the company due to conceptual differences and devoted himself entirely to creating his own project.
The digital currency XLM, the original digital currency of the “Stellar” project, made a remarkable leap, recording a rise of more than 15%, also supported by the exceptional performance of Bitcoin during the recent period.
Meanwhile, MoneyGram shares were more conservative.
The company was not able to stop the free fall of its stock price from its July high.
It barely registered a 0.9% growth – from $7.6 to $7.69, with no clear reversal of the trend.
Goodbye Ripple, hello Stellar:
This partnership is a clear indication that MoneyGram wants to move on and get rid of the bad experience it had with Ripple.Read:The market capitalization of the BUSD stablecoin increased by 22% in two months
In 2019, MoneyGram and Ripple announced a partnership.
MoneyGram will use RippleNet as part of the exchange-settlement process for international remittances, and also receive financial incentives in the form of XRP, in exchange for Ripple giving an ownership stake in the company.Read:Ripple responds to the SEC and demands to know why Bitcoin and Ethereum are not considered securities?
The partnership lasted nearly two years and ended in March 2021 after the Securities and Exchange Commission (SEC) officially launched a lawsuit against Ripple, accusing it of using XRP as a means to issue unregistered securities.
Ripple confirmed in an official statement that the decision to separate was joint.
The parties committed to reconsider their relationship in the future after clarifying the dispute with the SEC.
But now that Stellar is in the game, MoneyGram may not want to wait for Ripple in order to achieve its goal of becoming a blockchain-friendly company.
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