The money transfer giant MoneyGram, in which blockchain company Ripple invested $ 50 million, launched its fast transfer service called FastSend for its customers.
In the statement made by the company, it was stated that Visa will be used in FastSend. This means that MoneyGram will not use Ripple’s technology or cryptocurrency XRP.
Ripple had invested $ 50 million in MoneyGram in return for its commitment to start using XRP in cross-border money transfers in June 2019. Although the company uses XRP on a small scale, its announcement that it will use FastSend negatively affected XRP investors. The third largest cryptocurrency has lost more than 7 percent compared to yesterday with this news, as well as a drop in the cryptocurrency market.
In August 2019, MoneyGram CEO Alex Holmes made a statement about XRP and stated that MoneyGram made transactions on XRP-based xRapid platform, and that 10 percent of transactions in the Mexican corridor were made with XRP.