Moneygram Confirms Partnership with Ripple, XRP Price likely to Surge

Moneygram Confirms Partnership with Ripple, XRP Price likely to Surge

The partnership will see MoneyGram pilot the use of XRP through a new Ripple service, called xRapid, created to provide liquidity to financial institutions. Moreover, Ripple charges about a penny compared to a transaction fee of nearly $30 that Bitcoin charges. "Money transfer companies are incredibly important because they help people get money to their friends and loved ones", said Brad Garlinghouse, CEO of Ripple.

Shares in MoneyGram gained on Thursday on news that the old-school money transfer player has teamed up with Ripple to pilot the blockchain startup's XRP digital currency in its payments flows.

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

Previously last year, New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple's digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", MoneyGram CEO Alex Holmes said.

This partnership with MoneyGram is crucial for both - the technology behind Ripple and the cryptocurrency of XRP.

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Ripple, a bitcoin rival, claims it can settle digital transactions in three seconds or less, making it attractive to financial institutions. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. By joining Ripple's growing, global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably and cost-effectively. The two banks use the blockchain to speed up cross-border payments between the United Kingdom and the US.

Whether this will come to pass is debatable and was the subject of a heated Twitter spat between New York Times journalist Nathaniel Popper and Ripple chief Brad Garlinghouse.

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

Worldwide bank payments are slow and the associated fees often remain unknown until after a transaction has reached its final destination.

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