Ripple XRP and Payments Giant MoneyGram Partner For Cross-Border Remittances

Ripple XRP and Payments Giant MoneyGram Partner For Cross-Border Remittances

Ripple XRP and Payments Giant MoneyGram Partner For Cross-Border Remittances

The organization will see MoneyGram exceed the utilization of XRP through this new Ripple service, xRapid, meant to give liquidity to budgetary institutions.

The company says its transaction fees are much lower than those for traditional money transfer and competing crytpocurrencies like bitcoin.

While global banks had begun to experiment with blockchain technology to lower transfer costs, several sceptics of the cryptocurrency movement have argued that its XRP currency was unnecessary to carry out the transactions. Also, the average transaction time for settlement for XRP is just two to three seconds.

"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. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients. MoneyGram is said to be the second largest money transfer company in the world.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation".

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If the test is successful, MoneyGram could make Ripple its go-to transfer method, moving the virtual currency one step closer towards mainstream acceptance - and making it an even greater long-term threat to pre-eminent cryptocurrency Bitcoin.

Although Ripple's XRP has also lost more than 10% of the value after the news, the price of ripple has bounced back sharply, supported by reports that it had partnered with MoneyGram. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom.

Ripple, whose price slipped by nearly 50% since the start of this week is finally back on an upward momentum as this news has given investors every reason to cheer.

The value of XRP surged nearly 15% to $2.22 on the announcement, according to Coinmarketcap data. In November, the firm with American Express and Santander on a blockchain pilot to speed up cross-border payments between the United Kingdom and the U.S.

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