We believe that cryptocurrency is the future and that we are on the road now towards a safe, cashless society. Apparently, we are not the only ones with this mindset as huge money transfer institutions are now turning to cryptocurrency to improve and innovate their services.
Last month, MoneyGram announced their partnership with Ripple. MoneyGram recognizes Ripple as the leading company in blockchain technology. It’s only fitting that the money transfer giant teams up with the best. They will be utilizing XRP (Ripple’s cryptocurrency) through a new service called xRapid.
XRapid was made with the vision to make their money transfer process quicker and therefore more convenient for their customers. This service is also made to demonstrate XRP’s ability to lower costs for money transfers.
Following this news, both Ripple and MoneyGram experienced significant increases in cryptocurrency value and stock value respectively.
Another money transfer giant, Western Union, also experienced an increase in stock value when speculation broke out that they, too, would be utilizing XRP this year. Ripple said so in a tweet in response to a New York Times article. However, they declined to comment when asked for confirmation on the matter.
If news about Western Union proves true, we would not be surprised to see even more financial institutions go down the cryptocurrency route. When this happens, it is only logical that the value of cryptocurrency would soar!
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