As part of the agreement, MoneyGram will pilot XRP in their payment flows and also explore integration into Ripple's ecosystem through xVia. The price of XRP, which also goes by the name Ripple, has soared more than 30,000 percent over the last 12 months, rising from fractions of a penny to $2.14, according to Coinmarketcap.
"By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information", Ripple's chief executive officer, Brad Garlinghouse, said in a statement.
The money transfer company clearly sees a lot of value in XRP and its efficient clearance times. The money transfer company will access and use the token through xRapid, Ripple's on-demand liquidity product. Newer blockchain technologies have the potential to revolutionize this process and optimize capital deployment.
This is a very big selling point for Ripple, which has successfully courted some banks and payment companies for initial pilots.
MoneyGram said that so-called blockchain technology, the software code on which Ripple and other digital currencies are built, can make it easier to move money across borders, including for MoneyGram.
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But it appears the cryptocurrency's dog days are over (for now) after its price exploded following the announcement of a potentially historic deal with the cash transfer giant Moneygram.
"Every day blockchain technology is changing the norm and encouraging innovation". Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the US and the United Kingdom. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said.
Ripple provides one frictionless experience to send money globally using the power of blockchain.
Global payments is a growing market, particularly with mobile solutions increasingly coming on board. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.
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A return to Southampton has also been mooted, but Arsenal boss Arsene Wenger said: "I heard about that but I want him to stay". There is nothing really new for the moment. "I still have three-and-a-half years on the contract".