Tags: moneygram | shares | bitcoin | ripple

MoneyGram Shares Jump on Partnership With Bitcoin-rival Ripple

MoneyGram Shares Jump on Partnership With Bitcoin-rival Ripple
(Roman-Tiraspolsky/Dreamstime)

Friday, 12 January 2018 11:16 AM

Shares of MoneyGram International recently jumped 10.5 percent after the money-transfer company said it partnered with blockchain firm and bitcoin-rival Ripple.

As part of the arrangement, MoneyGram will test the use of Ripple's cryptocurrency, XRP, to move funds in a faster and cheaper way.

Ripple, created by the founder of bitcoin exchange Mt Gox, has risen 31,000 percent over the past year, overshadowing bitcoin's 1,200 percent increase.

XRP rose to $2.25 during trade on Thursday, according to coinmarketcap.com.

Many see it as a close contender to bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion. (http://reut.rs/2D0S11W)

XRP allows banks and payment companies to send money quickly, no matter the location. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 per transaction fee.

Several companies such as UBS and Santander already use Ripple's products to enable payments. In November 2017, American Express Co also launched an instant blockchain-based payment system using Ripple.

China's Ant Financial's deal to buy MoneyGram for $1.2 billion collapsed last week.

© 2018 Thomson/Reuters. All rights reserved.

   
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Shares of MoneyGram International recently jumped 10.5 percent after the money-transfer company said it partnered with blockchain firm and bitcoin-rival Ripple.
moneygram, shares, bitcoin, ripple
178
2018-16-12
Friday, 12 January 2018 11:16 AM
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