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Moneygram Confirms Partnership with Ripple, XRP Price likely to Surge
12 January 2018, 02:00 | Austin Hogan
Ripple announces XRP trial with cross-border remittance firm MoneyGram
January 11, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in Blockchain content with its Bitcoin and blockchain portals Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com reports Ripple, provider of the leading enterprise blockchain solution for payments, has partnered with MoneyGram (NASDAQ: MGI), one of the world's largest money transfer companies, to pilot XRP in their payment flows.
The trial will see MoneyGram use XRP in payment flows through Ripple's payment network xRapid in an effort to speed up and cut the cost of transferring money.
Ripple is focused on fixing the inefficiencies and problems that exist in cross-border payments, regardless of whether those payments originate with a bank, corporate or another financial institution.
Ripple is a cryptocurrency (XRP) issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin.
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.
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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.
For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.
MoneyGram CEO Alex Holmes said the company looks forward to using xRapid in its pilot program, adding: "We're hopeful it will increase efficiency and improve services to MoneyGram's customers". Last year, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that entails the use of a cryptocurrency called Stellar.
The Ripple bulls are back, and this time they brought along a friend. 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. That makes the process for payments costly and slow.
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