Home
Internet
Internet News
MoneyGram Partners With Blockchain Firm and Bitcoin Rival Ripple

MoneyGram Partners With Blockchain Firm and Bitcoin-Rival Ripple

By Reuters | Updated: 12 January 2018 18:45 IST

Click Here to Add Gadgets360 As A Trusted Source

Shares of MoneyGram International jumped 10.5 percent on Thursday, after the money-transfer company said it partnered with blockchain firm and Bitcoin-rival Ripple.

As part of the arrangement, MoneyGram will test the use of Ripple's cryptocurrency, XRP, to move funds in a faster and cheaper way.

Ripple, created by the founder of Bitcoin exchange Mt Gox, has risen 31,000 percent over the past year, overshadowing bitcoin's 1,200 percent increase.

XRP rose 13 percent to $13.38 (roughly Rs. 850) on Thursday, according to coinmarketcap.com.

Many see it as a close contender to Bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion (roughly Rs. 15.9 lakh crores).

XRP allows banks and payment companies to send money quickly, no matter the location. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 (roughly Rs. 1,900) per transaction fee.

Several companies such as UBS and Santander already use Ripple's products to enable payments. In November 2017, American Express Co also launched an instant blockchain-based payment system using Ripple.

China's Ant Financial's deal to buy MoneyGram for $1.2 billion (roughly Rs. 7,600 crores) collapsed last week.

© Thomson Reuters 2018

Cryptocurrency Prices across Indian exchanges

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.