Ripple has partnered with international money transfer company MoneyGram

International money transfer company MoneyGram has partnered with Ripple for international payments.

According to the news, MoneyGram will test Ripple’s xRapid technology due to its speed and cost efficiency. On the other hand, it was noted that the transaction fees in XRP are quite low compared to the Bitcoin network.

Speaking about the established partnership, Ripple’s CEO Brad Garlinghouse said:

“Inefficiency in global payments It affects not only banks but also institutions like MoneyGram.. Using a digital asset like XRP, which trades in three seconds or even less, they can now move coins much faster.”

The company is also testing other Ripple products, including xVia.

MoneyGram CEO Alex Holmes said the company is looking forward to using xRapid in its pilot program, saying:

“We hope that it will increase the efficiency of MoneyGram’s services to its customers.”

Ripple price took off in minutes

After the announcement of this deal, Ripple price surged from $1.74 to $2.25. At the hour of the news, Ripple is trading at $2.22.