According to CNBC, “U.S. money transfer giant MoneyGram is teaming up with blockchain firm Ripple to test payments using the latter’s cryptocurrency.
MoneyGram, based in Dallas, Texas, will use the XRP cryptocurrency to speed up and reduce the cost of transferring money through Ripple’s payment network xRapid.
XRP was seen surging on the news, and flew almost 15 percent higher to $2.22 at 9:55 a.m. ET, according to Coinmarketcap data. The move marked a recovery following downward pressure across most major cryptocurrencies Thursday after reports of South Korea preparing a bill to ban cryptocurrency trading.
Ripple claims an average transaction on its network takes between two and three seconds to process. Bitcoin transactions, on the other hand, take around 51 minutes on average to go through, according to data by industry website Blockchain.info.
Ripple has made headlines in recent weeks, as its native digital currency has surged — and fallen — dramatically. It temporarily became the second-largest cryptocurrency by market value last month, usurping ethereum, after a huge rally.”
What most outlets have failed to mention, is the connection that large retailers like WalMart will play into this deal.
Moneygram is strategically positioned within large retail box shops throughout the entire world. What this partnership provides Ripple, is a conduit to achieving their ultimate goal, becoming the global standard for money transfers.
Time will only tell if this new relationship will bring exponential fruits, although it is safe to say that Ripple is making tremendous waves throughout the cryptocurrency space.