MoneyGram announces partnership with Bitcoin rival, Ripple

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Ripple (XRP) Price Races Past $2.2 As MoneyGram Partnership Announced

Ripple is backed by a number of big worldwide banks and financial institutions.

For MoneyGram, Fortune said, the partnership with Ripple "may provide a way to maintain its share of the money transfer market" amid competition from a new generation of low-priced Internet-based services like TransferWise.

Moneygram announced that it will use XRP in their payment flows to send and complete cross-border payments quicker and cheaper.

Brad Garlinghouse, chief executive of Ripple, described the partnership as a strategic one, coming hot off the heels of its joint venture with American Express, and said it would demonstrate XRP's ability to lower costs for money transfers between friends and family.

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The latest rise in XRP comes after money transfer giant MoneyGram announced plans to use it for faster global payments. Under the trial, MoneyGram will access and use Ripple's XRP. As part of this agreement, both companies will also explore MoneyGram's integration into Ripple's ecosystem through xVia. There was a similar sharp upward move in Thursday´s session with the latest bull sentiment behind Ripple prompted by news of yet another partnership, this time with money transfer giant MoneyGram.

MoneyGram's CEO Alex Holmes said that his company was "looking forward to piloting xRapid". "By using a digital asset like XRP that settles in three seconds or less, they [MoneyGram] can now move money as quickly as information".

With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.

Ripple created XRP, a virtual currency used on its network, to allow banks to send client money from Paris to Tokyo, for example, in a matter of minutes rather than days. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. Consumers don't have any reason to be loyal to one payment transfer company and so, if a competitor uses advanced technology promising a 4-second transfer, customers would flock and the payment companies will lose the business.

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