Ripple XRP cryptocurrency

International money transfer service MoneyGram will test Ripple XRP cryptocurrency

Cryptocurrency startup Ripple has entered into an agreement with the financial company MoneyGram, in within which service for international transfers will test XRP cryptocurrency on its own network. About writes this WSJ.

MoneyGram expects XRP to reduce time transaction processing and associated costs. A company spokesman said that at the current stage, the use of XRP will be limited to internal processes.

International money transfer service MoneyGram will test Ripple XRP cryptocurrency

IN present time Ripple partners with about 100 banks, in including UBS Group AG, Banco Santander S.A. and Banco Bilbao Vizcaya Argentaria S.A. Ripple CEO Brad Garlinghouse recently announced that three of the five largest money transfer companies will start using XRP by the end of the year..

MoneyGram has 350,000 agents worldwide and is second largest company of this kind, lagging behind only Western Union.

Until now, the only service that agreed to use XRP for cross-border transfers was the Mexican company Cuillax. In connection with this circumstance, many wondered how reasonable is the market value of the XRP coin, the rate of which for a long time was near the $ 0.25 level, and at last week updated the maximum at around $ 3.84.

“Blockchain technology is changing the norm and driving innovation every day. Ripple is at the forefront of the blockchain sector and we look forward to testing xRapid. We hope that this will increase our efficiency and customer service quality, ”said Alex Holmes, CEO of MoneyGram..

It is important to understand that the current agreement only implies testing the cryptocurrency when making part of the transactions. The specific number of XRPs that will be involved in the project has not been specified.

International money transfer service MoneyGram will test Ripple XRP cryptocurrency

The XRP rate instantly reacted to this news and by the time of publication has reached $ 2.25.

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