MoneyGram shares jump on partnership with bitcoin rival Ripple

Ripple to fall to $1.25

Global money-remittance firm MoneyGram is partnering with Ripple to test the startup's XRP token for worldwide payments.

MoneyGram said that so-called blockchain technology, the software code on which Ripple and other digital currencies are built, can make it easier to move money across borders, including for MoneyGram. Ripple's transaction fees still remain fractions of a penny, while Bitcoin fees are approximately $30 per transaction.

This partnership with MoneyGram is crucial for both - the technology behind Ripple and the cryptocurrency of XRP. MoneyGram has shown great trust in Ripple and has stated that Ripple's average transaction time of 2 to 3 seconds is considerably lower than other major cryptocurrencies.

Brad Garlinghouse, the CEO of Ripple stated that this is a strategic partnership and would help users reduce the cost of money transfer. The release noted that XRP transaction fees are significantly less than those of the bitcoin network.

For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.

Messi among top 10 scorers in Copa del Rey history
It was another encouraging sign for Barcelona , with the Frenchman continuing his recovery from a recent injury layoff. Ivan Rakitic headed the fifth goal late in the game to round off the five-star performance of Ernesto Varvelde's side.

There is a very important incentive for payment companies to join the blockchain based instant transfers, staying relevant and keeping the business. The members of the Ripple's consortium includes many big banks and payment companies like American Express, UBS and Santander.

In late December, prior to its recent decline, the cryptoasset went on a tear, becoming for a few days the second-most-valuable digital currency in the world, after bitcoin. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

Dallas-based MoneyGram International Inc.is testing the use of digital currency to move funds with a blockchain startup working to speed up payments.

MoneyGram, like its rival Western Union has faced increasing competition from a new generation of low-priced Internet-based services like TransferWise. The currency boomed to an all-time high of over $3.5 - following which it witnessed a fall in the price.

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