MoneyGram to test cryptocurrency Ripple

MoneyGram Jumps into the Cryptocurrency Game with Ripple 
  Mercator Overviews  by Sarah Grotta

Shares of MoneyGram International jumped 10.5 percent on Thursday, after the money-transfer company said it partnered with blockchain firm and Bitcoin-rival Ripple.

"The payments problem doesn't just affect banks, it also affects companies like MoneyGram, which help people get money to the ones they care about", said Brad Garlinghouse, CEO of Ripple.

During the pilot, MoneyGram will utilize XRP, the native digital asset of the Ripple Ledger, with the aim to speed up payment flows through xRapid, Ripple's solution for on-demand liquidity.

According to the press release, XRP's transaction fees are equivalent to fractions of a penny, unlike Bitcoin's fees of around $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

Ripple, a fintech startup focused on providing blockchain solution for payments, has the backing of numerous global banks and financial institutions, including Standard Chartered and the Royal Bank of Canada.

MoneyGram, the world's second-largest money transfer company, stated that it was "hopeful" the partnership would "increase efficiency and improve services to MoneyGram's customers". Ripple's blockchain technology and digital currency XRP could move money far faster, the companies said in a statement Thursday.

Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram.

The money transfer company clearly sees a lot of value in XRP...

Others have added crypto related words to their names, with promises of getting into the technology.

Ripple, whose price slipped by nearly 50% since the start of this week is finally back on an upward momentum as this news has given investors every reason to cheer.

The value of XRP surged nearly 15% to $2.22 on the announcement, according to Coinmarketcap data. Moreover, in November 2017, the blockchain payments startup teamed up with Santander and American in order to speed up cross-border payments between US and United Kingdom.

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