MoneyGram share price rises after Ripple (XRP) pilot announced

REUTERS  Mark BlinchA Bitcoin sign is seen in a window in Toronto

"For Ripple, that's using XRP to solve the global payments problem".

Ripple was more appealing than Bitcoin to Moneygram because of Bitcoin's fees. MoneyGram will access and use XRP in their payment flows through xRapid, Ripple's on-demand liquidity product. xRapid enables real-time foreign exchange (FX) settlement through XRP, which gives financial institutions the ability to unlock liquidity and access multiple corridors with one pre-funded originating account.

Garlinghouse, however, makes the case that XRP obviates the need for money transfer shops to maintain local currency accounts (so-called nostro and vostro accounts) in far-flung locations. The price of XRP, which also goes by the name Ripple, has soared more than 30,000 percent over the last 12 months, rising from fractions of a penny to $2.14, according to Coinmarketcap.

The company today said it has signed a deal with MoneyGram International Inc.to try out XRP as a way to facilitate international transfers.

Brad Garlinghouse, the CEO of Ripple stated that this is a strategic partnership and would help users reduce the cost of money transfer.


This notion of using digital currency as a form of bridge funding is not unique to XRP.

"Ripple is at the forefront of blockchain technology", Alex Holmes, chief executive officer of MoneyGram, said in the statement. The two banks use the blockchain to speed up cross-border payments between the United Kingdom and the US. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said.

Ripple provides one frictionless experience to send money globally using the power of blockchain.

In late December, prior to its recent decline, the cryptoasset went on a tear, becoming for a few days the second-most-valuable digital currency in the world, after bitcoin.

According to a press release, MoneyGram will test Ripple's xRapid service due to its claimed speed and cost efficiency. It reached all-time highs of over $3.50 and a market cap of over $120 billion in early January, but has since fallen more than 50%.

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