Ripple and MoneyGram Test XRP Currency Transfers

Lucy Hill
January 13, 2018

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.

Through the partnership, MoneyGram will pilot XRP payments through "xRapid", a new Ripple solution for "on-demand liquidity", the company said in a press release. They cited the low cost and speed of XRP transactions.

"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that past year, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.

MacKinnon back to All-Star Game
The NHL revealed Wednesday that Patrick Kane was the lone Blackhawks representative named to the 2018 All-Star team. Staal, who is in his 15th NHL season, will represent the Minnesota Wild at the NHL All-Star game in Tampa Bay.


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. 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 current model for these payments requires money transfer companies to use pre-funded accounts across the globe for sourcing liquidity. "We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information".

"Every day blockchain technology is changing the norm and encouraging innovation. We're hopeful it will increase efficiency and improve services to MoneyGram's customers", said chief executive Alex Holmes.

For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market. Ripple's blockchain technology and digital currency could move money far faster, the companies said in a statement Thursday. 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.

Other reports by TheDailyFarc

Discuss This Article

FOLLOW OUR NEWSPAPER