The two companies have come together to pilot XRP in MoneyGram's payment flows, wherein both these companies will study and understand MoneyGram's integration in Ripple ecosystem, through xRapid which is Ripple's solution created to provide on-demand liquidity to financial institutions.
"The payments problem doesn't just affect banks, it also affects companies like MoneyGram, which help people get money to the ones they care about", said Brad Garlinghouse, CEO of Ripple. The current transaction time for XRP transfers is only 4 seconds.
Meanwhile, Ripple saw the rise -then fall, then rise again-of XRP's value, the digital asset used to move money and value across the Ripple network.
Both the companies touted Ripple's ability to handle instant payments saying "XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction".
"Every day blockchain technology is changing the norm and encouraging innovation".
The development follows last week's comment by Ripple that "3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018", which was meant to address the growing concerns over the lack of use of Ripple's native token. Ripple's blockchain technology and digital currency could move money far faster, the companies said in a statement Thursday.
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"We are excited about this pilot and a long-term strategic partnership with MoneyGram".
For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market.
Ripple's venture with MoneyGram comes several months after the company announced a partnership with American Express axp .
In today's trading, the Ripple price stood at $2.03, as of 10:08 GMT.
Ripple has been the subject of much discussion since early December when XRP began to soar exponentially to momentarily become the cryptocurrency with world's second largest market cap at more than $120bn but had since fallen by more than half.