MoneyGram share price rises after Ripple (XRP) pilot announced

14 January, 2018, 00:38 | Author: Manuel Hopkins
  • Ripple (XRP) Price Races Past $2.2 As MoneyGram Partnership Announced

Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram. Ripple's transaction time is about 2-3 seconds, while bitcoin ranges anywhere from 15 minutes to an hour.

"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram", said Ripple CEO Brad Garlinghouse. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients. Earlier, Ripple had commented that they have been teaming up with three of the world's biggest money transfer companies - however no names were announced.

The development is based around MoneyGram running a pilot program of Ripple's xRapid technology, which is the platform that allows for real-time foreign exchange (FX) settlement and is the platform that Ripple has been shopping to a host of major banking and financial institutions globally over the last 12 months or more. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.

While banks around the world are experimenting with blockchain (the underlying technology behind bitcoin and Ripple) to lower money transfer costs, skeptics of Ripple say its XRP currency is unnecessary to carry out transactions.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation". Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the US and the United Kingdom.

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Several companies such as UBS and Santander already use Ripple's products to enable payments.

Ripple's partnership with MoneyGram comes at a time when rumors of a cryptocurrency ban in South Korea have left the crypto market rattled.

Following the announcement of this news, Ripple has once again begun to grow it's price.

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 USA and United Kingdom.

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