The speed of Ripple transactions is much faster than bitcoin, making it more attractive to MoneyGram
Ripple has partnered with MoneyGram to pilot XRP in their payment flows. As part of this agreement, both companies will also explore MoneyGram’s integration into Ripple’s ecosystem through xVia.
Using Ripples xRapid cryptocurrency’s network should speed up and reduce MoneyGram’s cost of transferring money.
The speed of Ripple is a lot faster than bitcoin, making it more attractive to MoneyGram. A transaction on the XRP network takes between two to three seconds. Where as bitcoin can take up to 51 minutes.
MoneyGram says it is the world’s second-largest cross-border payment company, with a claimed $356.8 million passing across its service per quarter as of Q3 2017. Its payment volume during the period was actually down five percent year-on-year due to economics conditions in the U.S., its largest market.
Ripple is a cryptocurrency (XRP) issued by a blockchain startup Ripple and has enjoyed an astonishing rise in 2017 following in the footsteps of bitcoin.
“We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information, ” said Ripple boss Brad Garlinghouse.