Ripple rose 10 percent Thursday after news that its San Francisco-based startup has partnered with global money transfer company MoneyGram to utilize its blockchain technology.
The pilot run will see MoneyGram using XRP to introduce blockchain-enabled cross-border payments. MoneyGram will tap Ripple’s on-demand liquidity product, xRapid, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security.
Payments made by MoneyGram’ customers on its international platform will have access to Ripple’s new enterprise solution, which enables real-time FX settlement through its cryptocurrency, XRP. xRapid will become a feature in Ripple’s partnerships with banks and other financial companies further down the line, as it gives these institutions the ability to unlock liquidity and access multiple corridors with one pre-funded originating account.
Ripple suggested the blockchain project could eventually be extended worldwide. The company said in a tweet last week that three of the top five money transfer companies worldwide will be implementing Ripple’s XRP token in their payment flow systems in 2018.
Ripple’s MoneyGram partnership fits in nicely with its big play to become the crypto payment solution of choice not just on the web, but also through brick-and-mortar transfer providers.
In addition to this recent news, there was an announcement earlier last month that several Japanese credit cards providers and South Korean banks are testing Ripple’s systems for cross-border payments.
Commenting on this, Alex Holmes, CEO of MoneyGram, said: “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.”
Source: Finance Magnates
Trader Bozhidar Arabadzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.