XRP Spikes as Ripple Partners with MoneyGram for International Payments Pilot

Blockchain firm Ripple will be partnering with US money transfer service, MoneyGram, to test out payment flows of XRP, Ripple's native cryptocurrency, the companies announced today.

"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. Like its longtime rival Western Union, MoneyGram has faced competition from a new generation of low-priced Internet-based services like TransferWise.

XRP allows banks and payment companies to send money quickly, no matter the location. Ripple's blockchain technology and digital currency XRP could move money far faster, the companies said in a statement Thursday.

This is the appeal of cryptocurrencies as a whole, but compared to other Bitcoin rivals like Ethereum and Litecoin, Ripple is still relatively affordable, making it more tempting for blockchain newbies to experiment with - and easier for a big business like MoneyGram to put its stamp on.

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Its transaction fee is just "fractions of a penny" and is much cheaper than the $30 it costs every time you trade in Bitcoin. Similarly, the average transaction time for XRP is two to three seconds with other top digital assets ranging from 15 minutes to an hour, according to the release. While huge, the market is kept laggin by the need to use pre-funded accounts, usually accessed by visiting retail stores.

MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

Ripple is up 10% today as of 10:45am ET, trading at $2.16 according to data from CoinMarketCap.

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".

  • Ronnie Bowen