As per a press release, MoneyGram will test the use of XRP via Ripple's xRapid payment network, which it claims increases speed and reduces the costs of transferring money. Ripple's transaction fees still remain fractions of a penny, while Bitcoin fees are approximately $30 per transaction.
"By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information", Ripple's chief executive officer, Brad Garlinghouse, said in a statement.
Moneygram says this partnership will allow it to understand how blockchain technology and XRP can improve the efficiency of its global treasury operations and improve consumer experience.
In recent weeks, Ripple has been the subject of intense scrutiny as XRP soared exponentially to briefly become the world's second most valuable cryptocurrency after bitcoin.
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For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.
Meanwhile, MoneyGram CEO Alex Holmes is optimistic that Ripple is the right partner to help his company cash in on the growing benefits of its underlying technology.
Others have added crypto related words to their names, with promises of getting into the technology. In the past 24-hours, Ripple has surged by nearly 20% and at the price time, the cryptocurrency is trading at $2.09 with over $5 billion trading volumes and over $81 billion market cap.
But thanks to a positive announcement from Ripple, the blockchain company behind XRP, the cryptocurrency has bounced 26% off its low to US$2.04 per coin according to Coin Market Cap. Moreover, in November 2017, the blockchain payments startup teamed up with Santander and American in order to speed up cross-border payments between US and United Kingdom.