XRP Spikes as Ripple Partners with MoneyGram for International Payments Pilot

14 January, 2018, 00:39 | Author: Barbara Daniel
  • REUTERS  Mark BlinchA Bitcoin sign is seen in a window in Toronto

The Ripple price (XRP/USD) has seen a sharp increase following news that the world's second-largest money transfer company MoneyGram will start using the XRP token global payments.

MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity, according to a press release. XRP is an efficient digital asset for blockchain powered payments with transaction fees at just fractions of a penny. In addition, XRP boasts a lightning fast transaction time of 2-3 seconds, while Bitcoin transactions are known for taking a notoriously long time to go through.

In June 2017 Ripple's chief executive Brad Garlinghouse attempted to terminate the options contract through an email to R3's chief executive David Rutter, according to the lawsuit. 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.

Companies such as MoneyGram, the world's second-largest money-transfer business, typically use pre-funded accounts to fulfill customers' transfers, which can tie up capital. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.

For MoneyGram, this partnership with Ripple may give an approach to keep up its offer of the cash exchange advertise.

"Every day blockchain technology is changing the norm and encouraging innovation".

The team-up comes after both Ripple and MoneyGram made headlines this month, the latter for the fall through of its much anticipated acquisition by Chinese fintech giant Ant Financial: the operator of popular mobile payment service Alipay. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

"We are excited about this pilot and a long-term strategic partnership with MoneyGram".

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. Immediately after the announcement, the price surged about 15 percent.

Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology. Moreover, in November 2017, the blockchain payments startup teamed up with Santander and American in order to speed up cross-border payments between US and United Kingdom.

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