Moneygram Confirms Partnership with Ripple, XRP Price likely to Surge

Superdry

Superdry

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.

As per a press release, MoneyGram will test the use of XRP via Ripple's xRapid payment network, which it claims increases speed and reduces the costs of transferring money.

Industry data shows that the platform - which takes two to three seconds to process a standard payment - charges "fractions of a penny" in transaction fees, maximising profits for financial institutions. In addition, XRP boasts a lightning fast transaction time of 2-3 seconds, while Bitcoin transactions are known for taking a notoriously long time to go through.

Brad Garlinghouse, CEO of Ripple, described this collaboration with MoneyGram as a strategic one.

Money transfer companies, like MoneyGram, allow people to safely and efficiently send cross-border payments to friends, families and business partners.

Fire and Fury' sales top 29000 in first weekend
Comments in the book has led to the resignation of Steve Bannon as executive chairman of the Breitbart News Network. Despite the demand, readers looking to get an inside peek of the Trump White House will have to wait a bit longer.

Garlinghouse added that, by using Ripple's digital asset, MoneyGram would be able to move money "as quickly as information".

And to be clear: @MoneyGram announcement is one step in a marathon ahead to truly make $XRP the global liquidity solution for payment providers and banks. By collaborating with Ripple, MoneyGram gets to dip its toe with the emerging blockchain technology and probably can also have an early edge in the market, with its other competitors.

"Ripple is at the forefront of blockchain technology", Alex Holmes, chief executive officer of MoneyGram, said in the statement. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom.

XRP was seen surging on the news, and flew nearly 15 percent higher to $2.22 at 9:55 a.m. ET, according to Coinmarketcap data. The members of the Ripple's consortium includes many big banks and payment companies like American Express, UBS and Santander.

Recommended News

  • There is no danger from consuming romaine lettuce, health authorities say

    There is no danger from consuming romaine lettuce, health authorities say

    You can also wash counters, cutting boards, and utensils after they touch raw meat to avoid contaminating other foods. This is about the same timing of an outbreak of E. coli in Canada, which health officials declared over on Wednesday.
    Bitcoin plunges as South Korea plans trading ban

    Bitcoin plunges as South Korea plans trading ban

    The crackdown in South Korea by authorities included a raid on the country's second largest virtual currency operator, Bithumb . South Korean officials announced today that they're preparing a bill that will completely ban domestic cryptocurrency trading.
    National Football League  releases schedule for 2018 games in London

    National Football League releases schedule for 2018 games in London

    It will also have customized features such as purpose-built locker rooms, medical and media facilities and a dedicated entrance. Their home games will be against Atlanta, Carolina, Dallas, Houston, Indianapolis, Minnesota, New York Giants and Washington.
  • Goku Battles Hit in New Dragon Ball FighterZ Trailer

    Goku Battles Hit in New Dragon Ball FighterZ Trailer

    This led to an eventual call out by Sabat, who challenged Schemmel to an exhibition in the upcoming Dragon Ball FighterZ . While early access players get first crack at it today, the client itself can be downloaded now on the PlayStation 4!
    Weather: Major mess heading into the weekend (1/12 AM)

    Weather: Major mess heading into the weekend (1/12 AM)

    Temperatures in some parts of Orlando may see a 15-degree difference from Friday into Saturday , according to weather forecasts. The cold temperatures will continue throughout the weekend and next week, the weather service says.
    Google Acquires Company With Tech That Turns Displays Into Speakers

    Google Acquires Company With Tech That Turns Displays Into Speakers

    Redux's main investor was Arie Capital, a United Kingdom -based venture and private equity company, which invested $5 million. I am not sure but the display-speaker integration may also help Google improve the haptic feedback on their phones.
  • Jaguars, Saints progress in NFL playoffs

    Jaguars, Saints progress in NFL playoffs

    Blake Bortles can thank the Buffalo Bills' offense for sending the Jacksonville Jaguars to the divisional round of the playoffs. The Jaguars will be the underdog this week, but you can count on the #Sacksonville fans to send that Duval pride north.
    Sex slavery not subject to political negotiations: ex-TF head

    Sex slavery not subject to political negotiations: ex-TF head

    Japan has urged South Korea to abide by the accord, saying any attempts to amend it could harm bilateral ties. South Korea will set up its own fund of $8.9 million to support the victims, she said.
    Beardsley steps down from Newcastle job during investigation

    Beardsley steps down from Newcastle job during investigation

    The complaints centre on an allegation from 22-year-old winger Yasin Ben El-Mhanni, who claims Beardsley humilitated him. Ben El-Mhanni was also contacted by a Newcastle ex-player who also announced that he was also bullied by the same coach.
  • Overwatch League seeing a lot of traction — Activision Blizzard CEO

    Overwatch League seeing a lot of traction — Activision Blizzard CEO

    Video game giant Blizzard released 312 new skins for the entire " Overwatch " roster to make the current league more exciting. In the second match of the day, the Shanghai Dragons arguably looked even worse than they did in the preseason.
    Passengers on this flight got to experience the New Year-moment twice

    Passengers on this flight got to experience the New Year-moment twice

    You would if you flew from the Southern Hemisphere to the Northern Hemisphere like 2018's first viral flight of the year. The International Date Line zig-zags from the North Pole to the South Pole through the sparsely populated Pacific Ocean.

    Nintendo Direct Mini Apparently Coming Today With Dark Souls Remastered Announcement

    The PC version is not so well respected, but the community has crafted a number of mods to improve the experience. It's time to light a bonfire and praise the sun, because Dark Souls is returning from the dead once more.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.