MoneyGram and On-Demand Liquidity customers driving surging XRP volumes to Mexico
|- XRP transaction volume against the Mexican peso continues to hit new all-time highs.
- Crypto trading is highly speculative including that within the XRP community.
Speculation has been growing regarding the force behind the surging XRP volume in the Mexican region. However, a FintechBeat podcast hosting Ripple’s CEO Brad Garlinghouse confirmed that MoneyGram and other clients utilizing On-Demand Liquidity are the ones pushing the XRP transactions by about 50%.
Garlinghouse explained:
“It’s a public ledger. You can see where volumes are growing, contracting, and we’ve talked publicly about it – partly because of MoneyGram as well as some other customers who are using what we call On-Demand Liquidity. The product is moving [capital] so that you don’t have to pre-fund.”
He continued:
“You can see that the volume of transactions between XRP and the Mexican peso, at a time when crypto trading dropped by about 50% over the summer, that volume grew by more than 50%. That’s because there’s real utility, and that’s a growing amount of traffic, and we’re continuing to grow that amount of traffic. So you can see the percentage of XRP to MXN – Mexican peso transactions.”’
Garlinghouse went ahead to say that 99.9% of all crypto trading at the moment is speculative, including that of XRP. He said categorically that there is no crypto that can call itself a currency. For him, currency is when one can buy a cup of coffee at Starbucks without any hiccups.
Read more: MoneyGram making efforts to leverage Ripple’s XRP for cross-border payments
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