Moneygram soars after announcing Ripple partnership

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Shares of the money-transfer MoneyGram International Inc also jumped 10.5 percent after the the company said it partnered with blockchain firm and bitcoin-rival Ripple.

The Ripple official twitter handle has tweeted the news that there will be more payment companies like Moneygram joining the usage of XRP in 2018. XRP is an efficient digital asset for blockchain powered payments with transaction fees at just fractions of a penny. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram".

The move is significant because the arrangement involves the use of XRP, Ripple's digital currency, which has recently soared in value but also faced questions about its practical uses.

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We're excited to announce our new partnership with @Ripple! Consumers don't have any reason to be loyal to one payment transfer company and so, if a competitor uses advanced technology promising a 4-second transfer, customers would flock and the payment companies will lose the business.

Commenting on this, Alex Holmes, CEO of MoneyGram, said: ‎"Ripple is at the forefront of blockchain technology and we look forward to ‎piloting xRapid".

Much of the interest in the coin appears to be based on assumptions that XRP may ultimately come to function as a reserve currency for banks who use Ripple's technology to conduct real-time funds transfers. Ripple provides one frictionless experience to send money globally using the power of blockchain. The two banks use the blockchain to speed up cross-border payments between the United Kingdom and the US.

With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world. Moneygram International hopes that the move would help transfer money far faster than before, it said in a statement.

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