Ripple is a cryptocurrency (XRP) issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin. Ripple has stated that the average transaction on its network takes up to three seconds to process, compared to bitcoin's 51 minutes.
Garlinghouse, however, makes the case that XRP obviates the need for money transfer shops to maintain local currency accounts (so-called nostro and vostro accounts) in far-flung locations. Moreover, Ripple charges about a penny compared to a transaction fee of nearly $30 that Bitcoin charges.
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Ripple chief executive Brad Garlinghouse also mentioned that the partnership will help demonstrate XRP's usefulness in lowering costs for money transfers between friends and families.
News that MoneyGram plans to pilot Ripple's cryptocurrency, XRP, as a means of improving cross-border payments ended a multiday slide in the cryptocurrency's price.
This notion of using digital currency as a form of bridge funding is not unique to XRP.
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Ripple provides one frictionless experience to send money globally using the power of blockchain. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.
MoneyGram, like its rival Western Union has faced increasing competition from a new generation of low-priced Internet-based services like TransferWise. It recently partnered with American Express and Santander on a blockchain payment system for transfers between the United Kingdom and the U.S.
Ripple, a bitcoin rival, temporarily became the second-largest cryptocurrency by market value last month when it moved past ethereum, but its price has since dropped. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. It reached all-time highs of over $3.50 and a market cap of over $120 billion in early January, but has since fallen more than 50%.
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