Sentbe, a payment processor for Samsung, is partnering with Moneygram. Moneygram integrated with Ripple just last month, using Ripples platform to speed up transactions for a massive number of people.
The South Korean payment startup works as the regional operator of Samsung, the well-known smartphone manufacturer. Ripple focuses on cross-border payments, using their cryptocoin XRP which saw a three percent hike overnight. With Moneygram now expanding into South Korea, so will Ripples influence. Sentbe will be established as Moneygram’s first virtual agent in South Korea, something that appears to need some amount of clarification.
BREAKING NEWS 19/07/19@Moneygram just partnered with https://t.co/HB9vAtayMN just updated their site to show they partnered with @Ripple (which was not known before) . SENTBE are the money transfer operators for @SamsungPay_KR !!https://t.co/VhnZF5Kjw7#XRP #XRPcommunity pic.twitter.com/f21cmOCmkb
— Dillon (@Dillon) July 19, 2019
The platform will just be using xCurrent, which is still a great corridor if xRapid takes off. Last month Ripple committed $50 million in capital to Moneygram—in exchange for equity—as part of a deal that would see Moneygram use Ripple’s services to “instantly settle funds from US dollars to destination currencies on a 24/7 basis.”
The collaboration between Sentbe – which has accumulated billions of Korean Won worth of transactions as of July 2019 – and MoneyGram aligns with MoneyGram’s goal of providing consumers with an expanded range of digital money transfer options. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance.
This is quite good news for Ripple, since it fits with their agenda, it will be exciting to see where they pop up next, as they’ve been doing a relatively good job with expanding, with multiple large announcements regarding their platform. The cryptocurrency market is quite volatile and XRP has maintained its #3 spot on CoinMarketCap forever, and are constantly taking strides to ensure they stay there – or go higher.