Ripple, MoneyGram Announce Partnership to ‘Modernize’ Payments

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Blockchain firm Ripple will be partnering with U.S. money transfer service, MoneyGram, to test out payment flows of XRP, Ripple’s native cryptocurrency, the companies announced today.

Through the partnership, MoneyGram will pilot XRP payments through “xRapid,” a new Ripple solution for “on-demand liquidity,” the company said in a press release.

The goal of the pilot is to “move money as quickly as information,” Brad Garlinghouse, CEO of Ripple, said in a statement.

The team-up comes after both Ripple and MoneyGram made headlines this month, the latter for the fall through of its much anticipated acquisition by Chinese fintech giant Ant Financial: the operator of popular mobile payment service Alipay.

Meanwhile, Ripple saw the rise —then fall, then rise again—of XRP’s value, the digital asset used to move money and value across the Ripple network.

Ripple is up 10% today as of 10:45am ET, trading at $2.16  according to data from CoinMarketCap.

Read more at MoneyGram, CNBC, and Fortune.

Learn more about cryptocurrencies and blockchain at Bank Innovation 2018 in San Francisco on March 5-6. Request your invitation here.

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Grace Noto is Associate Editor of Bank Innovation. She has an MA from the University of Essex, as well as BA in English and a BA in Journalism from SUNY New Paltz. Prior to joining Bank Innovation in the summer of 2016, she worked on Electronic Products Magazine, an online publication surrounding technology and computer engineering, and has worked for other publications, including the Poughkeepsie Journal. She also writes in her spare time, and really needs more hobbies.

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