MoneyGram Partners with Blockchain Major Ripple to Drive XRP Use

Dallas-based money transfer giant MoneyGram recently announced a tie-up with blockchain major Ripple. As part of the partnership, MoneyGram will pilot the use of Ripple'southward blockchain-based currency XRP via a new service called xRapid.

Cryptocurrency XRP, which exhibited a rise of 31,000 percentage over the last year, has been criticized for its lack of practical use. With the launch of the new service, people or financial institution who have access to XRP will be able to trade it for goods or services with minimal transaction fees.

2- Ripple

Talking about the speed and efficiency of XRP transactions the companies said:

"XRP remains the most efficient digital nugget for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $thirty per transaction. Similarly, the boilerplate transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour."

Ripple'due south CEO Brad Garlinghouse in a statement described the partnership with MoneyGram as a strategic move for the company which will highlight XRP's ability to lower the cost of money transfer between individuals. For MoneyGram on the other hand, the tie-upwards will deed as a way to maintain its share in the money transfer marketplace.

The visitor'southward CEO, Alex Holmes, said, "Every day blockchain applied science is irresolute the norm and encouraging innovation. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. We're hopeful it will increase efficiency and improve services to MoneyGram'south customers". Post-obit the annunciation, MoneyGram International'due south shares saw a 10.5% spring.