The company says 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. MoneyGram has shown great trust in Ripple and has stated that Ripple's average transaction time of 2 to 3 seconds is considerably lower than other major cryptocurrencies. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients.
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Although Ripple's XRP has also lost more than 10% of the value after the news, the price of ripple has bounced back sharply, supported by reports that it had partnered with MoneyGram.
"Every day blockchain technology is changing the norm and encouraging innovation".
Garlinghouse added that, by using Ripple's digital asset, MoneyGram would be able to move money "as quickly as information".
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Previously a year ago, New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple's digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court. 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", MoneyGram CEO Alex Holmes in a statement. Immediately after the announcement, the price surged about 15 percent.
XRP was seen surging on the news, and flew nearly 15 percent higher to $2.22 at 9:55 a.m. ET, according to Coinmarketcap data.
Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology. The members of the Ripple's consortium includes many big banks and payment companies like American Express, UBS and Santander.
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