MoneyGram Partners With Ripple Cryptocurrency

Jon Howard
January 12, 2018

There are miles to go before a cryptocurrency-based system replaces correspondent banking, but MoneyGram's pilot looks like a step toward a world of faster, simpler, cheaper global payments.

Could that be the gas that will fuel Ripple back into the leading shoes?

During the pilot, MoneyGram will utilize XRP, the native digital asset of the Ripple Ledger, with the aim to speed up payment flows through xRapid, Ripple's solution for on-demand liquidity. The move helped Ripple's popular bitcoin alternative, XRP, move higher on the day-defying a nearly-universal cryptocurrency selloff.

"This is very much part of Ripple's strategy to partner not just with banks but also with money transfer networks and emerging providers, such as mobile wallets", said Zil Bareisis, analyst at Celent. MoneyGram has shown great trust in Ripple and has stated that Ripple's average transaction time of 2 to 3 seconds is considerably lower than other major cryptocurrencies.

The goal of the pilot is to "move money as quickly as information", Brad Garlinghouse, CEO of Ripple, said in a statement.

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Ripple, the company that builds blockchain solutions to enable instant payments across the world, has made a deal with Moneygram, the leading global payment transfer's company.

International Payments is a multi-billion dollar industry and the current way of using a centralized authority who hold enough foreign reserves to be able to facilitate the cross-border transfers is very inefficient considering the time and cost involved.

Worldwide bank payments are slow and the associated fees often remain unknown until after a transaction has reached its final destination.

XRP is the third-largest digital currency in terms of total market capitalization, trailing only bitcoin and Ethereum.

Reports on Wednesday night that South Korea was preparing to ban all cryptocurrency trading sent digital-asset investors rushing for the exits. The digital coin is up more than 700% over the last month.

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