Ripple partners with MoneyGram to provide quick transactions

Cryptocurrency markets are facing big losses

Ripple has confirmed the partnership with MoneyGram in a blog post yesterday, according to which Ripple's XRP altcoin will be integrated into MoneyGram's payment system. As part of the agreement, MoneyGram will pilot XRP in their payment flows and also explore integration into Ripple's ecosystem through xVia.

Enter Ripple. The San Francisco startup is offering on-demand liquidity and rapid foreign exchange through XRP, theoretically allowing financial institutions to send payments around the world without the need for multiple corresponding accounts.

Its transaction fee is just "fractions of a penny" and is much cheaper than the $30 it costs every time you trade in Bitcoin. "Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour", the companies said in a statement.

"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram. We're hopeful it will increase efficiency and improve services to MoneyGram's customers". The move helped Ripple's popular bitcoin alternative, XRP, move higher on the day-defying a nearly-universal cryptocurrency selloff.

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

Others have added crypto related words to their names, with promises of getting into the technology. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom.

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. The journey started with Japanese and Korean banks announcing about testing this technology at their end. 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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