International money transfer company MoneyGram is working with Ripple to test the international payments startup XRP token. According to a press release , MoneyGram is testing Ripple’s xRapid service for speed and cost-effectiveness. The Communication noted that the XRP transaction fees are significantly lower than those of the Bitcoin network
The CEO of Ripple said:
“The inefficiencies of global payments do not just affect banks, so they affect institutions like MoneyGram. Money transfer companies are incredibly important because they are helping people get their money, and they are excited about this and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information. “
In a statement, Ripple CEO Brad Garlinghouse described the MoneyGram cooperation as strategic, saying that it would demonstrate XRP’s ability to reduce the cost of money transfers between friends and families.
As banks around the world experiment with Blockchain (the underlying technology behind Bitcoin and Ripple) to reduce money transfer costs, skeptics of Ripple say their XRP currency is unnecessary to conduct transactions.
Ripple’s partnership with MoneyGram comes months after announcing a partnership with American Express. And in November, Michael Arrington announced the creation of a $ 100 million hedge fund on XRP.
In recent weeks, Ripple has been viewed positively by many as XRP exploded and became Bitcoin’s second most important cryptocurrency for a short time. It reached an all-time high of over $ 3.50 and a market capitalization of over $ 120 billion in early January. Since then, however, it has fallen by more than 50%.
MoneyGram is a global provider of innovative money transfer and payment services and is used worldwide as a financial payment service provider for non-commercial payments. Whether online or via a mobile device, at a kiosk or in a local store – they connect consumers in any way that suits them. Details can be found at moneygram.com