MoneyGram and Ripple announced partnership for use XRP crypto

MoneyGram International Inc. announces collaboration with ripple (XRP) and will soon test using crypto currency to move funds in a faster and cheaper way to compete bitcoin. MoneyGram shares (MGI.O) rose 10.5 percent on Thursday after the money transfer company announced the partnership.

Ripple was created by the founder of the bitcoin exchange Mt Gox and has increased 31,000 percent over the past year to overshadow an increase of 1,200 percent of bitcoin. Coinmarketcap.com noted at least XRP had risen 13 percent to US$13.38 on Thursday.

The public considers ripple to be a major competitor of bitcoin as the most crypto with a market capitalization of more than US$250 billion. XRP allows banks and payment companies to send money quickly to anywhere in unlimited quantities. Transaction fees are only "fractional" or equivalent to US$30 per transaction.

Some companies like UBS and Santander have used ripple products to enable payments. In November 2017, American Express Co. also launched an instant blockchain based payment system using ripple.