Tuesday, 16 October, 2018

Moneygram soars after announcing Ripple partnership

Cryptocurrency markets are facing big losses Blockchain Boom: Ripple surges after MoneyGram signs a deal to use its XRP token for international payments
Laurie Berry | 11 January, 2018, 23:30

Discover credible partners and premium clients at China's leading finance event!

Much of the interest in the coin appears to be based on assumptions that XRP may ultimately come to function as a reserve currency for banks who use Ripple's technology to conduct real-time funds transfers. It recently partnered with American Express and Santander on a blockchain payment system for transfers between the United Kingdom and the U.S.

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. However today, Ripple announced that they are now teaming up with MoneyGram for easy money transfers.

Several trials have allegedly been conducted with great success. To put things into perspective, MoneyGram transfered over $600 Billion in cross-border payments in 2016.

Ripple suggested the blockchain ‎project could eventually be extended worldwide.‎ The company said in a tweet last week that three of the top five money transfer companies worldwide will be implementing Ripple's XRP token in their payment flow systems in 2018.

Apple to begin storing Chinese cloud data on mainland
Non-Chinese users whose iCloud accounts are registered in mainland China but who aren't living in the country have another option. ICloud users are anxious their photos, documents and other data could be handed over to authorities.

"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram".

Alex Holmes, CEO of MoneyGram said: "Every day blockchain technology is changing the norm and encouraging innovation".

MoneyGram, like its rival Western Union has faced increasing competition from a new generation of low-priced Internet-based services like TransferWise.

Brad Garlinghouse, the CEO of Ripple stated that this is a strategic partnership and would help users reduce the cost of money transfer. "By using a digital asset like XRP that ‎settles in three seconds or less, our clients can move money as quickly as ‎information."‎.

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