MoneyGram is testing a pilot program with a hot cryptocurrency
13 January, 2018, 00:47 | Author: Melinda Barton
The two companies have come together to pilot XRP in MoneyGram's payment flows, wherein both these companies will study and understand MoneyGram's integration in Ripple ecosystem, through xRapid which is Ripple's solution created to provide on-demand liquidity to financial institutions.
The Ripple official twitter handle has tweeted the news that there will be more payment companies like Moneygram joining the usage of XRP in 2018. They cited the low cost and speed of XRP transactions.
Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram.
Meanwhile, Ripple saw the rise -then fall, then rise again-of XRP's value, the digital asset used to move money and value across the Ripple network. 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. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 (roughly Rs. 1,900) per transaction fee. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe for sourcing liquidity.
Moneygram says this partnership will allow it to understand how blockchain technology and XRP can improve the efficiency of its global treasury operations and improve consumer experience.
"Every day blockchain technology is changing the norm and encouraging innovation".
Meanwhile, MoneyGram CEO Alex Holmes is optimistic that Ripple is the right partner to help his company cash in on the growing benefits of its underlying technology. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the US and the United Kingdom.
We're excited to announce our new partnership with @Ripple!
The value of XRP surged nearly 15% to $2.22 on the announcement, according to Coinmarketcap data.
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