Published: Fri, January 12, 2018
Economy | By Shawn Conner

Ripple and MoneyGram Test XRP Currency Transfers

Ripple and MoneyGram Test XRP Currency Transfers

MoneyGram will access and use XRP in their payment flows through xRapid, Ripple's on-demand liquidity product. xRapid enables real-time foreign exchange (FX) settlement through XRP, which gives financial institutions the ability to unlock liquidity and access multiple corridors with one pre-funded originating account.

Ripple claims that XRP is the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction.

XRP is fast too. MoneyGram has shown great trust in Ripple and has stated that Ripple's average transaction time of 2 to 3 seconds is considerably lower than other major cryptocurrencies. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", said CEO Alex Holmes in a statement.

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People thought the same thing happened to Bitcoin Cash could happen with Ripple if they didn't catch it before the Coinbase listing, resulting in an enormous burst of its token's XRP price.

The money transfer company says the tie-up could help send funds more cheaply and quickly.

Ripple provides one frictionless experience to send money globally using the power of blockchain.

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There is a very important incentive for payment companies to join the blockchain based instant transfers, staying relevant and keeping the business. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

MoneyGram, like its rival Western Union has faced increasing competition from a new generation of low-priced Internet-based services like TransferWise. He stated that already Ripple is partnering with three of the top five corporations that handle cross-border payments.

Ripple, a bitcoin rival, temporarily became the second-largest cryptocurrency by market value last month when it moved past ethereum, but its price has since dropped. It reached all-time highs of over $3.50 and a market cap of over $120 billion in early January, but has since fallen more than 50%.

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