Published: Fri, January 12, 2018
Markets | By Noel Gibbs

MoneyGram trials Ripple's XRP digital currency

MoneyGram trials Ripple's XRP digital currency

Ripple, the company that builds blockchain solutions to enable instant payments across the world, has made a deal with Moneygram, the leading global payment transfer's company.

MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity. XRP is an efficient digital asset for blockchain powered payments with transaction fees at just fractions of a penny.

Much of the interest in the coin appears to be based on assumptions that XRP may ultimately come to function as a reserve currency for banks who use Ripple's technology to conduct real-time funds transfers.

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Last June, Stefan Thomas, Ripple's chief technology officer, said that compared with the status quo of correspondent banking, XRP-based liquidity would seem like "gold that you can teleport into any vault in the world instantly".

People thought the same thing happened to Bitcoin Cash could happen with Ripple if they didn't catch it before the Coinbase listing, resulting in an enormous burst of its token's XRP price.

Ripple provides one frictionless experience to send money globally using the power of blockchain. The two banks use the blockchain to speed up cross-border payments between the United Kingdom and the US.

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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. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers". Like its longtime rival Western Union, MoneyGram has faced competition from a new generation of low-priced Internet-based services like TransferWise.

Many see it as a close contender to bitcoin, which is by far the biggest cryptocurrency with a market value of more than US$250 billion. The currency boomed to an all-time high of over $3.5 - following which it witnessed a fall in the price.

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