MoneyGram shares jump on partnership with bitcoin rival Ripple

(Reuters) – Shares of MoneyGram International Inc (MGI.O) jumped 10.5 percent on Thursday, 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 13 percent to $13.38 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. (reut.rs/2D0S11W)

The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

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 (UBSG.S) and Santander (SAN.MC) already use Ripple’s products to enable payments. In November 2017, American Express Co (AXP.N) 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. (reut.rs/2D1nYqT)

Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty

Comments

comments

Filed in: Mainstream Bitcoin Tags: ,

You might like:

Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App
Bitcoin Mining To Use 0.5% Of World’s Energy By End Of 2018, Peer-Reviewed Research Shows Bitcoin Mining To Use 0.5% Of World’s Energy By End Of 2018, Peer-Reviewed Research Shows
JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure
Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York
Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs
Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference
Voting For Blockchain Industry Leaders Now Open on BlockShow’s Blockchain-Based Polling App Voting For Blockchain Industry Leaders Now Open on BlockShow’s Blockchain-Based Polling App
First New-York Based Crypto Trading Company Receives BitLicense First New-York Based Crypto Trading Company Receives BitLicense
© 9400 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.