Business Booming for Ripple

Brad Garlinghouse, the CEO of Ripple has said that multiple deals are in line after the success of the $30 million investment in MoneyGram in the month of June. After the investment by Ripple, the stock price of MoneyGram had increased by 168%. This included the option to buy shares worth $20 million over the next 2 years.

Garlinghouse has said that they are in a strong position and their business is growing quite strongly. It has been confirmed by him that they are working on several prospective acquisitions and deals. He said that anything that they do is going to escalate their growth and provide them with more capabilities.

MoneyGram had started using Ripple's xRapid product on August 3rd. xRapid uses the XRP token for facilitating the instant money settlement which is sent in a single currency to the destination currency. This is not used by several other Ripple clients like American Express, Standard Chartered, and Santander.

At present, Ripple is signing 2 new financial institutions every week with more than 200 contracts with clients across the world already under their belt. Garlinghouse is expecting to sign about 100 new contracts this year.

The Ripple CEO also believes that Ripple & Moneygram's partnership will have a bigger impact on crypto than even Facebook's Libra:

This is a big deal. If I were betting now, a year from now the MoneyGram deal will have a more consequential impact on the crypto markets than the Libra white paper.

XRP is the third-largest cryptocurrency when it comes to the market cap which boasts of capitalization of about $12.9 billion and also a trade volume of about $900 million.