The Ripple price (XRP/USD) has seen a sharp increase following news that the world's second-largest money transfer company MoneyGram will start using the XRP token worldwide payments. Garlinghouse said: "The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram".
Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram.
"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that previous year, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar. Fees would be lower and the payment flows more transparent. Ripple's transaction fees still remain fractions of a penny, while Bitcoin fees are approximately $30 per transaction.
MoneyGram says that blockchain, the technology that powers digital currencies, has the potential to revolutionize its current money transfer process, which requires pre-funded accounts to fulfill transfers.
Ripple one of the top cryptocurrencies in terms of market capitalization has partnered with globally renowned payment service MoneyGram.
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For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.
MoneyGram's CEO Alex Holmes said that his company was "looking forward to piloting xRapid".
MoneyGram, the world's second-largest money transfer company, stated that it was "hopeful" the partnership would "increase efficiency and improve services to MoneyGram's customers".
If the test is successful, MoneyGram could make Ripple its go-to transfer method, moving the virtual currency one step closer towards mainstream acceptance - and making it an even greater long-term threat to pre-eminent cryptocurrency Bitcoin.
The value of XRP surged nearly 15% to $2.22 on the announcement, according to Coinmarketcap data.
A White House official said staffers had consulted with Trump after his initial tweets opposing the administration's stance. But there's just one problem - the Trump administration actually staunchly supports the FISA bill.
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