The companies announced Thursday that MoneyGram will test XRP in payment flows through xRapid, Ripple's on-demand liquidity service. Like its longtime rival Western Union, MoneyGram has faced competition from a new generation of low-priced Internet-based services like TransferWise.
The money transfer company clearly sees a lot of value in XRP and its efficient clearance times.
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.
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According to the press release, XRP's transaction fees are equivalent to fractions of a penny, unlike Bitcoin's fees of around $30 per transaction.
MoneyGram says that blockchain, the technology that powers digital currencies, has the potential to revolutionize its current money transfer process, which requires pre-funded accounts to fulfill transfers.
This shows that Ripple is emerging as a key supplier of technology support for money transfers not only to banks but also to other institutions having their own payments wallet.
Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation".
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MoneyGram shares rose more than 8 percent, to $13.15, after it announced the Ripple partnership.
But thanks to a positive announcement from Ripple, the blockchain company behind XRP, the cryptocurrency has bounced 26% off its low to US$2.04 per coin according to Coin Market Cap.
The money transfer company clearly sees a lot of value in XRP... "We're hopeful it will increase efficiency and improve services to MoneyGram's customers".
In today's trading, the Ripple price stood at $2.03, as of 10:08 GMT.
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