Global bank payments are slow and the associated fees often remain unknown until after a transaction has reached its final destination.
For MoneyGram, Fortune said, the partnership with Ripple "may provide a way to maintain its share of the money transfer market" amid competition from a new generation of low-priced Internet-based services like TransferWise.
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MoneyGram announced that they are working with Ripple to provide worldwide remittances in Ripple's cryptocurrency, XRP. It is estimated that remitters sent almost $600 billion in cross-border payments in 2016. Fees would be lower and the payment flows more transparent.
In an announcement, Ripple CEO Brad Garlinghouse said that the MoneyGram partnership is a vital one that would exhibit XRP's capacity to bring down expenses for cash transactions. The two will be using blockchain technology through Ripple's xRapid, a solution for on-demand liquidity.
"Ripple is at the forefront of blockchain technology", Alex Holmes, chief executive officer of MoneyGram, said in the statement.
Its price shot up yesterday following the Moneygram announcement and is now sitting at about $2.20.
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Reports on Wednesday night that South Korea was preparing to ban all cryptocurrency trading sent digital-asset investors rushing for the exits.
"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that past year, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.
None more so, however, than Ripple (XRP).
We may see the latter run into the end of the day as the cryptocurrency markets absorb the development and its implications for Ripple as a company and XRP going forward.
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Ripple, however, seemed to recover from the slump, trading for $2.07 at 3pm on Friday, January 12, 2018.