CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,717.00
  • ethereum
    ETH$1,634.10
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Getting Ready For Facebook Libra? Ripple To Invest Up to $50M In MoneyGram

    Getting Ready For Facebook Libra? Ripple To Invest Up to $50M In MoneyGram

    Author: Felix Mollen

    Last Updated Nov 25, 2019 @ 14:02

    As we’re getting closer to the official announcement of Facebook’s cryptocurrency, the community starts to question its impact on other projects, including Ripple (XRP). The latter, however, doesn’t seem to show any signs of slowing down, announcing a strategic partnership with money transfer giant MoneyGram.

    Facebook’s Project ‘Libra’

    Facebook’s 2 billion user base and its intentions to launch a cryptocurrency soon do sound like a potential threat to existing projects in the field. As Cryptopotato recently reported, the social media attempts to allow its users to store, trade, and exchange the new cryptocurrency which will purportedly be a dollar-pegged stable coin, on its applications including WhatsApp and Messenger.

    Some have already recognized this as a challenge for Ripple (XRP). Namely, Charlie Shrem, a founding member of the Bitcoin Foundation, sees Facebook’s Libra as a direct competitor of Ripple.

    Facebook is launching their global crypto coin called “Libra”. What’s interesting is they are offering companies to pay $10m to become “validators”. If anything, it renders Ripple useless 😂. The first companies to create a LIBRA/BITCOIN exchange will make a killing!

    — Charlie Shrem (@CharlieShrem) June 8, 2019

    In any case, we know for a fact that Facebook wants its cryptocurrency to fit within the regulatory purview of authorities including the US Treasury and the Bank of England. Reports have it that the announcement will be made particularly soon and this has supposedly caused the company’s stocks to gain about 4.2% at the time of this writing.

    Ripple Shows No Signs of Slowing Down

    Unfazed by the news, Ripple, has announced a strategic partnership with money transfer giant MoneyGram. It’s one of the largest companies in the field throughout the entire world. The initial term of the agreement is for two years and Ripple will become MoneyGram’s key partner when it comes to foreign exchange settlement using digital assets and cross-border payments.

    Additionally, Ripple has also agreed to provide a capital commitment amounting to $50 million in exchange for equity throughout the 2-year period.

    Source: CoinGecko

    Following the announcement, XRP’s price instantly spiked with about 6 percent and even though it retraced a bit, it’s still trading positively throughout the past 24 hours.

    In any case, we have yet to find out the official detail surrounding project Libra and whether or not it would impose any competition upon existing projects such as Ripple or any other, for that matter.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    Tags: Ripple
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Felix Mollen
    More posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$22,717.00
  • ethereum
    ETH$1,634.10
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!