MoneyGram announced that the company has signed a partnership with Ripple. The announcement has since sent MoneyGram shares up 13 percent. MoneyGram is currently testing the company’s XRP cryptocurrency in an attempt to see if Ripple’s blockchain technology can speed up transfer times and lower costs. Ripple’s XRP has climbed as well, according to the Business Insider.
XRP skyrocketed 15 percent higher to $2.22 per coin at 9:55 a.m. EST. The XRP surge was considered a major recovery after South Korea announced the country’s plans to prepare a bill that will ban cryptocurrency trading.
MoneyGram is based in Dallas, Texas and will use XRP cryptocurrency to speed up and reduce the cost of transferring. The US money transfer giant has plans to transfer money through Ripple’s payment network called xRapid, according to CNBC.