Published: Fri, January 12, 2018
Economy | By Melissa Porter

MoneyGram trials Ripple's XRP digital currency

MoneyGram trials Ripple's XRP digital currency

The companies will also test Ripple's other products, including xVia, according to the release. Moreover, Ripple charges about a penny compared to a transaction fee of nearly $30 that Bitcoin charges.

To put things into perspective, MoneyGram transfered over $600 Billion in cross-border payments in 2016. Newer blockchain technologies have the potential to revolutionize this process and optimize capital deployment.

We're excited to announce our new partnership with @Ripple!

Banks within the Japan Bank Consortium are one of many institutions that are actively working with Ripple to solve the multi-trillion dollar problem plaguing the financial industry, corporates and consumers worldwide - the lack of liquidity (or cash) to instantly send or receive low-priced global payments.

"Our clients can move money as quickly as information", said Ripple CEO Brad Garlinghouse.

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.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation". With a digital currency such as the one Ripple provides, the wait time could be reduced. The value of many currencies fell after reports that bitcoin-crazy South Korea is preparing to ban all cryptocurrency trading. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers". Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.

Enter Ripple. The San Francisco startup is offering on-demand liquidity and rapid foreign exchange through XRP, theoretically allowing financial institutions to send payments around the world without the need for multiple corresponding accounts.

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