The Ripple (XRP) price has bounced back

Chelsea West
January 13, 2018

USA money transfer giant MoneyGram is testing the blockchain waters through a partnership with Ripple, the owner of the XRP digital currency.

In a statement, Ripple CEO Brad Garlinghouse described the MoneyGram tie-up as a strategic one, and said it would demonstrate XRP's ability to lower costs for money transfers between friends and families.

MoneyGram said that so-called blockchain technology, the software code on which Ripple and other digital currencies are built, can make it easier to move money across borders, including for MoneyGram. XRP is an efficient digital asset for blockchain powered payments with transaction fees at just fractions of a penny. "By using a digital asset like XRP that settles in three seconds or less, they [MoneyGram] can now move money as quickly as information".

MoneyGram says that blockchain, the technology that powers digital currencies, has the potential to revolutionize its current money transfer process, which requires pre-funded accounts to fulfill transfers.

More news: Android Pay and Google Wallet Merging Into Google Pay

Ripple's venture with MoneyGram comes several months after the company announced a partnership with American Express axp . "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said.

Ripple, a fintech startup focused on providing blockchain solution for payments, has the backing of numerous worldwide banks and financial institutions, including Standard Chartered and the Royal Bank of Canada.

Many see it as a close contender to Bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion (roughly Rs. 15.9 lakh crores).

But thanks to a positive announcement from Ripple, the blockchain company behind XRP, the cryptocurrency has bounced 26% off its low to US$2.04 per coin according to Coin Market Cap. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them.

Other reports by TheSundaySentinel

Discuss This Article