MoneyGram shares jump on partnership with bitcoin rival Ripple

Shares of MoneyGram jumped 10.5 per cent on Thursday, after the money-transfer company said it partnered with blockchain firm and bitcoin-rival Ripple.

As part of the arrangement, MoneyGram will test the use of Ripple’s cryptocurrency, XRP, to move funds in a faster and cheaper way.

Ripple, created by the founder of bitcoin exchange Mt Gox, has risen 31,000 per cent over the past year, overshadowing bitcoin’s 1,200 per cent increase.

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XRP rose 13 per cent to $13.38 on Thursday, according to

Many see it as a close contender to bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion.

XRP allows banks and payment companies to send money quickly, no matter the location. Its transaction fee, at just “fractions of a penny”, is also comparable to bitcoin’s $30 per transaction fee.

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Several companies such as UBS and Santander already use Ripple’s products to enable payments. In November 2017, American Express also launched an instant blockchain-based payment system using Ripple.

China’s Ant Financial’s deal to buy MoneyGram for $1.2 billion collapsed last week.

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  • South Korea to impose new curbs on cryptocurrency trading

    The steps will include a ban on opening anonymous cryptocurrency accounts

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