Ripple joined forces with MoneyGram

News about cooperation of these two companies had great impact on XRP price
12 January 2018   2194

One of the world's largest money transfer systems, MoneyGram, announced a partnership with Ripple's financial solutions provider, which will use XRP tokens in its processes. 

To this end, MoneyGram will use the Ripple system xRapid.

According to the company's message, thanks to this, MoneyGram will be able to solve the liquidity problem, which is traditionally faced by most financial institutions, while saving time and money. At the same time, MoneyGram customers will be able to send funds in real time with full transparency and reliability of the process.

Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.
 

Alex Holmes 

Chief executive officer, MoneyGram

The news about the partnership between Ripple and MoneyGram immediately led to an increase in the price of XRP on stock exchanges - for a short period of time the weighted average rate of the coin, previously lowered to $ 1.62, rose above $ 2.

Ripple Price Chart
Ripple Price Chart

At the moment of press, these are the main market parameters of XRP:

  • Average Price $2.09
  • Market Cap $81 116 278 523 
  • 24h Volume $6 353 130 000

SendFriend to Raise $1.7 from Ripple & Mastercard

SendFriend got into the business accelerator "Barclays powered by TechStars" in September 2018
13 February 2019   160

New York-based payment startup SendFriend, focused on the use of XRP tokens for international remittances, closed a $ 1.7 million financing round from Barclays and fintech, Ripple, CoinDesk reports.

Mastercard Foundation, MIT Media Lab, Techstars Incubator, Mahindra Finance, 2020 Ventures and 8 Decimal Capital also took part in the round.

Note that SendFriend got into the business accelerator "Barclays powered by TechStars" in September 2018.

According to the representatives of the startup, the funds raised will be used to expand the staff, work with the community and marketing.

Initially, a startup will focus on labor migrants from the Philippines who regularly make remittances to their homeland from the United States. Converting US dollars to XRP tokens, and then to the Philippine peso, according to SendFriend, took few seconds.

It is noteworthy that SendFriend commissions will be 65% below the average in the traditional cross-border transfer industry.