Moneygram soars after announcing Ripple partnership

Ivan Schwartz
January 12, 2018

Blockchain company Ripple announced on Thursday that it had finalised an agreement with Texan funds transfer giant MoneyGram that would see Ripple's digital currency XRP, which had soared in value since the beginning of December despite questions regarding its practical uses, be used to provide liquidity to financial institutions.

But relax, it's all part of the first steps in a whole new form of finance, says Ripple CEO Brad Garlinghouse, who recently had some words for Bitcoin and the other digital currencies that continue to think they're at war with traditional banking.

Detractors online had also expressed uncertainty or outright scorn in recent days regarding what problem XRP is created to solve.

MoneyGram, a major player in the $600-billion-a-year remittance market, is similarly afflicted. That makes the process for payments costly and slow. Fees would be lower and the payment flows more transparent. MoneyGram will access and use XRP in their payment flows through xRapid, Ripple's on-demand liquidity product. xRapid enables real-time foreign exchange (FX) settlement through XRP, which gives financial institutions the ability to unlock liquidity and access multiple corridors with one pre-funded originating account.

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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.

MoneyGram is testing a pilot program with one of the most popular cryptocurrencies.

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

For MoneyGram, the second largest money transfer company in the world, this strategic partnership will allow them to understand how blockchain technology and XRP can improve the efficiency of their global treasury operations and consumer experience. The value of many currencies fell after reports that bitcoin-crazy South Korea is preparing to ban all cryptocurrency trading. In early January, Ethereum regained the No. 2 spot.

Other reports by GizPress

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