Ripple announce partnership with money transfer giant MoneyGram

Ripple announce partnership with money transfer giant MoneyGram

Ripple announce partnership with money transfer giant MoneyGram

January 11, 2018 ( Newswire), a leader in Blockchain content with its Bitcoin and blockchain portals, and reports Ripple, provider of the leading enterprise blockchain solution for payments, has partnered with MoneyGram (NASDAQ: MGI), one of the world's largest money transfer companies, to pilot XRP in their payment flows.

But relax, it's all part of the first steps in a whole new form of finance, says Ripple CEO Brad Garlinghouse, who recently had some words for Bitcoin and the other digital currencies that continue to think they're at war with traditional banking.

XRP also saw its price rise today by about four per cent to $2.08.

MoneyGram, a major player in the $600-billion-a-year remittance market, is similarly afflicted. "By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information". The process makes payments costly and slow, which causes headaches for both the companies and their customers. Fees would be lower and the payment flows more transparent.

That announcement related to the decision by Texas-based MoneyGram to trial the use of XRP in order to speed up and reduce the cost of transferring money.

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We're excited to announce our new partnership with @Ripple!

There are miles to go before a cryptocurrency-based system replaces correspondent banking, but MoneyGram's pilot looks like a step toward a world of faster, simpler, cheaper global payments.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation". XRP traded as high as $2.35 on Thursday morning before falling back to just above $2.00 by the early afternoon.

Opinions differ as to what's behind the drop in XRP's value, with some cryptocurrency observers maintaining that a correction was in order and that the token, which briefly took over Ethereum's spot as second-most valuable digital currency, hitting a market value of $86 billion at one point (in comparison to bitcoin's roughly $250 billion market cap).

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