Money Transfer Giant Turns To Cryptocurrency For Faster Transactions
MoneyGram wants to make money transfers happen faster for customers using blockchain tech and Ripple's XRP cryptocurrency
Financial transfer company MoneyGram announced a partnership with the cryptocurrency group Ripple. MoneyGram plans to include Ripple’s digital currency, XRP, in its future payment flows to make transactions happen faster.
Normally, a MoneyGram payment transfer happens from a pre-funded account, and the transfer process takes from 15 minutes to an hour to complete. However, by using Ripple’s XRP and blockchain technology, that time could be cut down to seconds. Though MoneyGram said it plans to call this new transfer service xRapid, no details on its release were announced.
Brad Garlinghouse, CEO of Ripple, said in a press release, “We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information.”
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