Blockchain company Ripple inks strategic deal with MoneyGram
13 January, 2018, 00:49 | Author: Lester Mason
"By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information", Ripple's chief executive officer, Brad Garlinghouse, said in a statement.
But it appears the cryptocurrency's dog days are over (for now) after its price exploded following the announcement of a potentially historic deal with the cash transfer giant Moneygram.
Meanwhile, Ripple saw the rise -then fall, then rise again-of XRP's value, the digital asset used to move money and value across the Ripple network.
For MoneyGram, Fortune said, the partnership with Ripple "may provide a way to maintain its share of the money transfer market" amid competition from a new generation of low-priced Internet-based services like TransferWise.
Its transaction fee is just "fractions of a penny" and is much cheaper than the $30 it costs every time you trade in Bitcoin. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity.
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"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram". Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.
"We are excited about this pilot and a long-term strategic partnership with MoneyGram".
Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram. They cited the low cost and speed of XRP transactions.
For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.
This is the appeal of cryptocurrencies as a whole, but compared to other Bitcoin rivals like Ethereum and Litecoin, Ripple is still relatively affordable, making it more tempting for blockchain newbies to experiment with - and easier for a big business like MoneyGram to put its stamp on. 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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