The money transfer company will access and use the token through xRapid, Ripple's on-demand liquidity product.
This partnership with MoneyGram is crucial for both - the technology behind Ripple and the cryptocurrency of XRP. Similarly, the average transaction time for XRP is two to three seconds with other top digital assets ranging from 15 minutes to an hour, according to the release. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients.
"Money transfer companies are incredibly important because they help people get money to their friends and loved ones". There was a similar sharp upward move in Thursday´s session with the latest bull sentiment behind Ripple prompted by news of yet another partnership, this time with money transfer giant MoneyGram.
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".
Eurozone manufacturing PMI hits record high in December
The report noted faster growth of output, total new work and export sales, as well as an increase in backlogs of work. The UK services PMI , produced by data firm Markit , has jumped to 54.2 for last month, from 53.8 in November.
"This is very much part of Ripple's strategy to partner not just with banks but also with money transfer networks and emerging providers, such as mobile wallets", said Zil Bareisis, analyst at Celent. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.
Garlinghouse added that, by using Ripple's digital asset, MoneyGram would be able to move money "as quickly as information". "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said.
Ripple, whose price slipped by nearly 50% since the start of this week is finally back on an upward momentum as this news has given investors every reason to cheer.
Ripple is up 10% today as of 10:45am ET, trading at $2.16 according to data from CoinMarketCap.
Bitcoin wiped out more than $2000 in value after the initial announcement, but prices started pairing earlier losses, thanks to the intervention from the South Korean president.