Ripple price BOOST: Money transfer GIANT gets in on cryptocurrency CRAZE as interest grows
Ripple got a major boost as a large money transfer company announced that it would partner with the blockchain company to utilise it’s cryptocurrency.
Ripple rose 9.02 percent to $2.11 at 13:48 in London, according to CoinDesk.com
Bloomberg News correspondent, Cory Jackson, explained what this means for consumers and the future of money transfers.
He said: “If you are a foreign worker in the US and you’re trying to get money home to your family, you go to the 7/11 and try to transfer money using MoneyGram, using Western Union stores.
“Fees are enormous and outrageous and the process is slow.
“The idea that you can move money like you can move email is a dream.
“That’s what bitcoin seems to promise but certainly what Ripple seems to promise.
“MoneyGram and Ripple are absolutely in competition with each other so to see these tow business come together and see MoneyGram look at a way to move money faster is an amazing thing.
“It would give them leg up over competitors like Western Union but it also massively erodes their business model.
“It’s interesting to see these guys, I think probably smartly, recognise that they’ve got to get ahead of this train or they’re going to be under the tracks.”
Alex Holmes, chief executive officer of MoneyGram, said in the statement: “Ripple is at the forefront of blockchain technology.
“We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.”
Money transfer companies like MoneyGram typically use pre-funded accounts to transfer customer’s money.
Ripple’s blockchain technology, which is underpinned by the XRP cryptocurrency token, can move money faster, MoneyGram said in a statement on Thursday.