MoneyGram has teamed up with Ripple, a fairly new blockchain cryptocurrency. In the deal MoneyGram, will use the cryptocurrency’s payment network called xRapid to speed up and to reduce the cost of processing and transferring money. On the announcement of their agreement the XRP went up almost 15 percent to $2.22.
Ripple big wigs say their average transaction time is under 3 seconds as opposed to Bitcoin’s transactions which takes about 51 minutes to process on average. At the time of this FLOSS Business post, Ripple was the #3 cryptocurrency behind Bitcoin and Ethereum.
Ripple’s CEO Brad Garlinghouse said in a statement today, “The inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram.” He continued, “Money transfer companies are incredibly important because they help people get money to their friends and loved ones.”