XRP allows banks and payment companies to send money quickly, no matter the location.
"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that previous year, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.
Ripple has been the subject of much discussion since early December when XRP began to soar exponentially to momentarily become the cryptocurrency with world's second largest market cap at more than $120bn but had since fallen by more than half. XRP is an efficient digital asset for blockchain powered payments with transaction fees at just fractions of a penny. Similarly, the average transaction time for XRP is two to three seconds with other top digital assets ranging from 15 minutes to an hour, according to the release.
In November 2017, American Express also launched an instant blockchain-based payment system using Ripple. While huge, the market is kept laggin by the need to use pre-funded accounts, usually accessed by visiting retail stores.
Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram.
Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation. We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said. Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom.
Ripple is up 10% today as of 10:45am ET, trading at $2.16 according to data from CoinMarketCap.