MoneyGram to Offer Remittance Service in Brazil
MoneyGram International and Frente Correta (a key partner of Ripple) have formed a unique collaboration to start an exclusive remittance service for people living in Brazil. The latest service got a positive response from the XRP community. The latest collaboration paved the way for the release of MoneyGram Online to operate in Brazilian jurisdiction. This is focused on enabling consumers to deliver funds from within their country to friends and family relatives around the world in almost real-time.
Trending Now: Ripple Presents Guideline for UK Regulators
MoneyGram and Frente Correta Partner up for Latest Remittance Service for Brazilian Clients
Customers can obtain the funds via a package of options established to fulfil their exclusive requirements through retail locations. The respective service is at present being introduced without any transfer charges for the clients. As per the reports, the CEO and Chairman of MoneyGram – Alex Holmes – stated that this counts as an important advancement opportunity for the platform. He added that this step will allow them to expand their services in one of the biggest populations in the world.
The document related to the partnership discloses that MoneyGram in advance has a wide presence in the country as there are more than 1,000 retail locations thereof in the country. In this way, the application lets the consumers deliver their funds while moving somewhere. Though the press release does not mention any of the tokens, it reveals that the service is being launched in collaboration with Frente Corretora. MoneyGram’s collaborator in this initiative is a startup that utilizes the technology of Ripple to provide cost-effective funds transfer.
The declaration is additionally relevant keeping in view the former collaboration of MoneyGram with Ripple. The firms worked in close cooperation since 2019. However, after the filing of a lawsuit against Ripple by the US Securities and Exchange Commission (SEC), MoneyGram eventually declared that it terminated its trading operations on Ripple. This distance between MoneyGram and Ripple was justified by the former as it stated that it had started utilizing the rest of the conventional entities for foreign exchange trading.
US Clients of MoneyGram to Sell and Buy Bitcoin at Its 12,000 Retail Sites
It additionally mentioned that Ripple’s products and services such as RippleNet, on-demand liquidity, and XRP-based solution were not utilized by it for straight transactions of client funds. In the previous year, MoneyGram brought to the front that it will enable users to sell and purchase Bitcoin at up to 12,000 of its retail locations across the US. This is possible via its new collaboration with Coinme (an ATM operator and crypto exchange).