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MoneyGram partners with Ripple to increase payment speeds

14 January 2018

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.

MoneyGram (MGI) plans to test a cryptocurrency - one whose price has shot up even more than that of bitcoin - as a way to send funds. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 (roughly Rs. 1,900) per transaction fee. 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.

In June 2017 Ripple's chief executive Brad Garlinghouse attempted to terminate the options contract through an email to R3's chief executive David Rutter, according to the lawsuit.

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USA money transfer giant MoneyGram is testing the blockchain waters through a partnership with Ripple, the owner of the XRP digital currency.

For MoneyGram, the second largest money transfer company in the world, this strategic partnership will allow them to understand how blockchain technology and XRP can improve the efficiency of their global treasury operations and consumer experience.

According to a press release published yesterday, MoneyGram will pilot XRP in its payment flows.

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MoneyGram's CEO Alex Holmes said that his company was "looking forward to piloting xRapid". 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. Immediately after the announcement, the price surged about 15 percent. In the past 24-hours, Ripple has surged by nearly 20% and at the price time, the cryptocurrency is trading at $2.09 with over $5 billion trading volumes and over $81 billion market cap.

Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology. The journey started with Japanese and Korean banks announcing about testing this technology at their end. In November, the firm with American Express and Santander on a blockchain pilot to speed up cross-border payments between the United Kingdom and the U.S.

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MoneyGram partners with Ripple to increase payment speeds