Ripple and MoneyGram to Form a Partnership Regarding XRP Money Transfer

Ripple just announced a major new partnership with MoneyGram

Worldwide money transfer company MoneyGram will be teaming up with Ripple, to test Ripple's native XRP token for global payments.

The organization will see MoneyGram exceed the utilization of XRP through this new Ripple service, xRapid, meant to give liquidity to budgetary institutions. Moreover, Ripple charges about a penny compared to a transaction fee of nearly $30 that Bitcoin charges.

The move is significant because the arrangement involves the use of XRP, Ripple's digital currency, which has recently soared in value but also faced questions about its practical uses.

Brad Garlinghouse, chief executive of Ripple, described the partnership as a strategic one, coming hot off the heels of its joint venture with American Express, and said it would demonstrate XRP's ability to lower costs for money transfers between friends and family.

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.

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While banks around the world are experimenting with blockchain (the underlying technology behind bitcoin and Ripple) to lower money transfer costs, skeptics of Ripple say its XRP currency is unnecessary to carry out transactions.

MoneyGram, the world's second-largest money transfer company, stated that it was "hopeful" the partnership would "increase efficiency and improve services to MoneyGram's customers". "By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information". 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. As part of the agreement, MoneyGram will pilot XRP in their payment flows and also explore integration into Ripple's ecosystem through xVia. Immediately after the announcement, the price surged about 15 percent.

In today's trading, the Ripple price stood at $2.03, as of 10:08 GMT.

Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology.

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