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13 January 2018, 12:47 | Maryann Sutton
RIPPLE GETTYRipple price news XRP was rising again today
International Payments is a multi-billion dollar industry and the current way of using a centralized authority who hold enough foreign reserves to be able to facilitate the cross-border transfers is very inefficient considering the time and cost involved.
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.
Ripple, a provider of the enterprise blockchain product for payments, has partnered with MoneyGram to pilot XRP in their payment flows. "By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information".
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. The CEO has previously argued that XRP would eliminate the need for money transfer outlets to hold local currency accounts in distant or remote locations. In an earlier interview, he told Fortune that the use of XRP will allow firms to free up idle capital for other purposes.
The money transfer company clearly sees a lot of value in XRP...
GETTYXRP price Ripple CEO Brad Garlinghouse made the Money Gram announcement on Twitter
"Ripple is at the forefront of blockchain technology", Alex Holmes, chief executive officer of MoneyGram, said in the statement.
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.
We're excited to announce our new partnership with @Ripple!
Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram.
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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