MoneyGram share price rises after Ripple (XRP) pilot announced

Moneygram International Inc

"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that a year ago, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.

The pilot project may not lead to MoneyGram adopting ripple, according to the statement.

Ripple, the startup looking to help the financial industry speed up payments with blockchain technology, said MoneyGram International testing the use of its XRP digital currency to move funds.

In November 2017, American Express Co also launched an instant blockchain-based payment system using Ripple. "By using a digital asset like XRP that settles in three seconds or less, they [MoneyGram] can now move money as quickly as information".

MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. 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.

MoneyGram's CEO Alex Holmes said that his company was "looking forward to piloting xRapid". 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.

"We are excited about this pilot and a long-term strategic partnership with MoneyGram".

Ripple, whose price slipped by nearly 50% since the start of this week is finally back on an upward momentum as this news has given investors every reason to cheer.

In today's trading, the Ripple price stood at $2.03, as of 10:08 GMT.

Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology. It recently partnered with American Express and Santander on a blockchain payment system for transfers between the United Kingdom and the U.S.



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