Ripple price increasing after partnership with Moneygram
Moneygram a US based firm will use Ripple coins for transfer of funds to decrease the cost of transfer by using ripple’s payment gateway.
Ripple has made headlines in recent weeks as its digital currency has risen sharply and fallen sharply.
Ripple CEO Brad Garlinghouse said MoneyGram could use XRP to move money “as fast as information”.
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MoneyGram, the US money transfer giant, is working with Ripple, a blockchain company, to test payments against its cryptocurrency.
Based in Dallas, Texas, MoneyGram will use the XRP cryptocurrency to accelerate and reduce the cost of transferring funds through the Ripple xRapid payment network.
It was seen that XRP rose in the news and flew almost 15 percent more at 2.22 at 9:55. AND, according to Coinmarketcap. This move marked a rebound following downward pressure on most major cryptocurrencies on Thursday after reports from South Korea drafted a bill banning cryptocurrency trading.
Ripple says that an average transaction on your network takes between two and three seconds to process. On the other hand, Bitcoin transactions need about 51 minutes on average, according to data from Blockchain.info’s industry website.
Ripple has made headlines in recent weeks as its digital currency has risen sharply and fallen sharply. It has become the second largest cryptocurrency after the market value last month, usurping ätherum, after a big recovery.
XRP fell sharply after the rally, but Ripple said its price was not accurately reflected and said the Coinmarketcap industry website’s decision to remove Korean cryptocurrency bags from their homes has impacted prices. The site has eliminated Korean trade due to the “extreme divergence” in prices over the rest of the world.
“The inefficiencies of global payments affect not only banks but also institutions like MoneyGram,” said Ripple CEO Brad Garlinghouse in a statement released on Thursday.
“Money transfer companies are incredibly important because they help people to raise money for their friends and family.”
Garlinghouse added that MoneyGram could use the digital balance of Ripple money “as fast as information” move.
Ripple is supported by a number of large international banks and financial institutions. In November, the company joined forces with American Express and Santander through a blockchain pilot to accelerate cross-border payments between the United Kingdom and the United States. UU