Ripple Just Silenced Its Critics With MoneyGram Partnership
HomeCryptocurrency NewsBitcoinist.com

Ripple Just Silenced Its Critics With MoneyGram Partnership

Ripple just announced a major new partnership with MoneyGram that will see the latter pilot xRapid and XRP. When leading cryptocurrency pr...

Bitcoin Fraud Suspect Alexander Vinnik Extradited To Russia
It ‘Doesn’t Work’: Cryptocurrency Community Tells airBaltic To Ditch BitPay
ShapeShift Ends Anonymity With Announcement of Mandatory KYC Data Collection

Ripple just announced a major new partnership with MoneyGram that will see the latter pilot xRapid and XRP.


When leading cryptocurrency price aggregation site CoinMarketCap removed South Korean exchanges from its price calculations earlier this week, the prices of many of the major assets in the sector took a hit.

None more so, however, than Ripple (XRP).

Ripple went for around $3.65 apiece back on January 6 but dipped to well below two dollars midsession on Wednesday as markets responded to the seeming correction (which was, in reality, driven by the CoinMarketCap move as opposed to a shift in sentiment).

Today, however, Ripple is very much back in favor.

Why?

Because the company just announced that it has struck a deal with money transfer behemoth MoneyGram, a deal that will see the latter use XRP in its payment flows.

A Pilot Program

The development is based around MoneyGram running a pilot program of Ripple’s xRapid technology, which is the platform that allows for real-time foreign exchange (FX) settlement and is the platform that Ripple has been shopping to a host of major banking and financial institutions globally over the last 12 months or more.

There have been concerns, however, that even if these financial institutions decide to incorporate xRapid into their operations, XRP might not play a part in Ripple’s long-term growth.

Which is why the recent MoneyGram partnership is so important.

The counterargument to the suggestion that financial institutions won’t use XRP and, in turn, will develop their own cryptocurrency to facilitate payment flow within the xRapid platform, is that it’s far easier and cheaper for them to adopt XRP, given its native capabilities within the platform in question.

And the fact that MoneyGram has taken on both xRapid and XRP validates this argument.

MoneyGram’s Take

Here’s what Alex Holmes, CEO of MoneyGram, had to say on the news:

Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid… We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.

As the news hit the press, shares of MoneyGram have increased considerably, with the company currently trading for $13.07 a share – up nearly 10% on its close price on Wednesday. Interestingly, however, XRP has so far failed to respond to the news to any substantial degree.

We may see the latter run into the end of the day as the cryptocurrency markets absorb the development and its implications for Ripple as a company and XRP going forward.

What do you think about XRP? Does it have a place in the financial sector going forward? Let us know below!


Images courtesy of Mike Mozart/Flickr, AdobeStock

The post Ripple Just Silenced Its Critics With MoneyGram Partnership appeared first on Bitcoinist.com.



from Bitcoinist.com http://ift.tt/2DkbVlw
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Ripple Just Silenced Its Critics With MoneyGram Partnership
Ripple Just Silenced Its Critics With MoneyGram Partnership
http://ift.tt/2ExsNES
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/01/ripple-just-silenced-its-critics-with.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/01/ripple-just-silenced-its-critics-with.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy