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Ripple and MoneyGram Partner to Modernize Payments English USA - español
13 January 2018, 12:49 | Frank Carlson
GettyRipple price LIVE Ripple bounces back above $2 after 50% plunge from record high last week
Blockchain firm Ripple will be partnering with USA money transfer service, MoneyGram, to test out payment flows of XRP, Ripple's native cryptocurrency, the companies announced today.
In a statement, Ripple CEO Brad Garlinghouse described the MoneyGram tie-up as a strategic one, and said it would demonstrate XRP's ability to lower costs for money transfers between friends and families. The current transaction time for XRP transfers is only 4 seconds.
"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that previous year, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.
Ripple is a cryptocurrency (XRP) issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin.
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.
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This shows that Ripple is emerging as a key supplier of technology support for money transfers not only to banks but also to other institutions having their own payments wallet. The money transfer company will access and use the token through xRapid, Ripple's on-demand liquidity product. "By using a digital asset like XRP that settles in three seconds or less, they [MoneyGram] can now move money as quickly as information".
The money transfer company clearly sees a lot of value in XRP...
"Every day blockchain technology is changing the norm and encouraging innovation".
Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said.
The value of XRP surged nearly 15% to $2.22 on the announcement, according to Coinmarketcap data. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.
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