Big news come from one of the biggest international money remittance firms MoneyGram. According to them, the firm is partnering with Ripple in order to test the XRP token for international payments.
According to the recent press release, MoneyGram has started testing Ripple’s xRapid service because of its great speed and cost efficiency. The release also notes that the XRP transaction fees are lower than the ones in the bitcoin network.
Basically, using XRP means that the company can directly transfer funds from one country to another. This is a big step forward in the money industry. According to the Ripple CEO Brad Garlinghouse:
“The inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram. … By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information.”
Ripple has a lot to offer in its line of products. Rumors say that the companies will also test the xVia platform, according to the press release.
The MoneyGram CEO Alex Holmes, on the other hand, says that the company looks forward to taking advantage of xRapid in its pilot program. As he added, “We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.”
This is certainly big news for both Ripple, MoneyGram and the people using the latter and investing in the cryptocurrency – that now has promising growth.
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