[2018-01-11] MoneyGram to Pilot Ripple's XRP Token

[Diced90]

international money-remittance firm MoneyGram is partnering with Ripple to test the startup's XRP token for international payments.

According to a press release, MoneyGram will test Ripple's xRapid service due to its claimed speed and cost efficiency. The release noted that XRP transaction fees are significantly less than those of the bitcoin network.

While existing money transfer companies need to have pre-funded accounts in different nations to ensure they are able to facilitate transactions, using XRP means the company can directly transfer funds from one country to another instead, Ripple chief executive Brad Garlinghouse said.

Garlinghouse continued:

"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram. ... By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information."

The companies will also test Ripple's other products, including xVia, according to the release.
MoneyGram CEO Alex Holmes said the company looks forward to using xRapid in its pilot program, adding: "We're hopeful it will increase efficiency and improve services to MoneyGram's customers."

Source https://www.coindesk.com/moneygram-to-pilot-ripples-xrp-token-for-international-payments/

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[secondgarlic]

Pretty much everyone knows by now that ripple is going to be supported by banks and major financial institutions, so this news is not news to me. And developments like this will surely drive ripple's price up in the short run, but giving control of a coin to centralized financial institutions is dangerous and makes the coin very susceptible to manipulation.

[CryptoBry]

Pretty much everyone knows by now that ripple is going to be supported by banks and major financial institutions, so this news is not news to me. And developments like this will surely drive ripple's price up in the short run, but giving control of a coin to centralized financial institutions is dangerous and makes the coin very susceptible to manipulation.

That is the common fear which many in cryptocurrency industry have been voicing out against the rise of Ripple. In my personal view, though we should not be limiting our choices, I find Ripple a little bit backward in terms of where we are going which is decentralization. However, I understand that decentralization can never be perfect especially with its implementation and that can be the reason why we have the rise of Ripple. I am so sure if this is a positive development for cryptocurrency or something not good in the long run. Anyway if Bitcoin is really functioning the way it should be then we might not see Ripple taking the limelight.

[escrowcoininfo]

Good news for XRP investors

[Rick Nolan]

It is stated that the partnership effected the recent XRP boost.

[Kprawn]

Ripple is meant to be a payment protocol for banks, not a alternative payment option for individuals. Ripple has sold their soul

to Bank and remittance companies that has a track record for exploiting poor people. This is a match made in Heaven for

Banks and MoneyGram to work together. I cannot imagine what will happen to Ripple, once it reach the volume where Bitcoin

is at the moment, because I have serious doubts that it would be able to scale to that level.