Ripple price (XRP/USD) spikes after announcement of MoneyGram partnership

Ripple (XRP) Price Races Past $2.2 As MoneyGram Partnership Announced

Blockchain firm Ripple will be partnering with USA money transfer service, MoneyGram, to test out payment flows of XRP, Ripple's native cryptocurrency, the companies announced today.

MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity.

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. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

Ripple chief executive Brad Garlinghouse also mentioned that the partnership will help demonstrate XRP's usefulness in lowering costs for money transfers between friends and families. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients.

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Companies such as MoneyGram, the world's second-largest money-transfer business, typically use pre-funded accounts to fulfill customers' transfers, which can tie up capital. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", Holmes added. "We are excited about this pilot and a long-term strategic partnership with MoneyGram".

MoneyGram announced that they are working with Ripple to provide global remittances in Ripple's cryptocurrency, XRP. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the US and the United Kingdom.

Following the announcement of this news, Ripple has once again begun to grow it's price. By collaborating with Ripple, MoneyGram gets to dip its toe with the emerging blockchain technology and probably can also have an early edge in the market, with its other competitors.

XRP was seen surging on the news, and flew nearly 15 percent higher to $2.22 at 9:55 a.m. ET, according to Coinmarketcap data. The journey started with Japanese and Korean banks announcing about testing this technology at their end.

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