MoneyGram Shares Soar After Ripple Deal Announcement

Following unconfirmed reports last week of a partnership with Western Union, Ripple has announced a deal to work with MoneyGram. While Ripple barely moved on the news, MGI stock exploded higher...

 

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As a reminder, MGI recently tumbled after CFIUS rejected its acquisition plans with an Alibaba-backed Chinese banking affilate.

As Fortune reports, the partnership will see MoneyGram pilot the use of XRP through a new Ripple service, called xRapid, designed to provide liquidity to financial institutions. In a release announcing the news, the companies touted the speed and efficiency of XRP:

XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

In a statement, Ripple CEO Brad Garlinghouse described the MoneyGram tie-up as a strategic one, and said it would demonstrate XRP’s ability to lower costs for money transfers between friends and families.

“Every day blockchain technology is changing the norm and encouraging innovation. 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,” said CEO Alex Holmes in a statement.

For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market. Like its longtime rival Western Union, MoneyGram has faced competition from a new generation of low-cost Internet-based services like TransferWise.

Ripple has about 100 banks, including UBS Group AG , Banco Santander S.A. and Banco Bilbao Vizcaya Argentaria S.A. , signed on as customers, but has been working to sign up remittance companies like MoneyGram as well. Ripple CEO Brad Garlinghouse said in a tweet earlier this month that three of the five largest money-transfer companies would begin using XRP this year.

Ripple had a stellar year last year but has suffered notably in the last few weeks...

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XRP is bouncing a little on the MGI news...

 

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Comments

pods Rickety Rekt Jan 11, 2018 10:18 AM Permalink

So who is going to provide the processing power to make this blockchain for Ripple and XRP?  

If the transaction fees are a fraction of a penny and no coins can be mined, it will be up to the companies that use it to fund the tech to keep the blockchain.

I don't see how it would be any different than what they have now. It would be a private ledger, just cheaper than the ripoff that they charge now.

Can someone tell me where I'm wrong?

pods

In reply to by Rickety Rekt

aurum4040 pods Jan 11, 2018 11:06 AM Permalink

XRP is a settlement network. XRP has the ability to replace SWIFT in its entirety - its LIVE and instant. XRP maintains the network. Its not like BTC and ETH in many regards including governance and maintenance. Think of how many intermediaries are involved in banking and settlement transactions. XRP cuts it down to one and cuts down the time to none. 

In reply to by pods

JibjeResearch pods Jan 11, 2018 11:36 AM Permalink

Ripple Banks!

This is why Ripple is controlled and centralized.

I haven't done a thorough research of Ripple's blockchain, but I have a feeling it's not a blockchain but rather an internet protocol.

Regardless, Ripple is interesting.  It's controlled by private Banks, and I don't truth banks because they are in the business for themselves.

 

I think Ripple will get destroyed when a PoS blockchain crypto that offers the same services as Ripple comes along.  PoS is efficient and decentralized.  This is what we, the average people, need as a system that is closed to zero manipulation (financial engineering) by banks.

In reply to by pods

JibjeResearch ZH Snob Jan 11, 2018 11:55 AM Permalink

Ripple: https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

1. An internet protocol and Not blockchain. 

" The network can operate without the Ripple company.[7] Among validators are companies, internet service providers, and the Massachusetts Institute of Technology.[8][9] "

2.  The information is encrypted, but it's not a cryptocurrency as it lacks "blockchain".

".. To maintain security OpenCoin programmed Ripple to rely on a common ledger that is "managed by a network of independent validating servers that constantly compare their transaction records." .."

 

Ok, so basically, Ripple system is what we used today in banking with better encryption.  "Better encryption" is debatable because we have not test it yet.

Also, I have said that Ripple is a cryptocurrency before.  Those statements of mine are not correct.  This post is the latest information that I support about the nature of Ripple business.

In reply to by ZH Snob

ThanksChump JRobby Jan 11, 2018 11:00 AM Permalink

It can be. 100+ banks are onboard with it.

 

Transaction speed is its strongest pro. Bankster manipulating tomfoolery and cannot-be-mined are it's strongest cons. I don't see how any other blockchain based coin is significantly different in those negative respects, but maybe someone can enlighten me.

 

I've been manipulating Litecoin for the past 3 or 4 lost fortunes, now. LIKE A BANKAH! (leather wallet held at break-your-wrist gangstah Glock angle)

In reply to by JRobby

NoDebt Jan 11, 2018 9:24 AM Permalink

My brother called me last night to announce that he had just bought a new multi-currency "mining appliance" (mines basically everything except bitcoin).  Cost?  $18,000.

If this ain't getting near the peak I can't imagine what the peak is going to look like when we get there.

 

JRobby NoDebt Jan 11, 2018 10:14 AM Permalink

Charged it in fiatso bucks I hope.

Run them up before they screw with ch 7 again.

Who noticed the explosion of student loans after they were removed from the dischargeable debts list?

People are hopeful at the beginning when the loans fund. This is a crucial aspect in crushing hope which enables submission to enslavement.

In reply to by NoDebt

NoDebt pods Jan 11, 2018 10:33 AM Permalink

He's been running a decased-and-racked rig with 8 graphics cards off a single mother board (some Intel, some not) for months now.  He's got the PCI busses split six ways from sunday, all external cabling, got them all optimized for the currencies he mines, etc.  And, yeah, he's made a few bucks.  More than enough to cover the cost of the rig, which was all purchased used.  

Now he's leaning in further with this ASH rig (application-specific hardware).  It's a metal box with some cooling fans.  Doesn't look like much from the outside.  All it does is mine, for which it's been optimized to the task.  By itself it should be capable of 10X more hashes than his whole current setup running full-blast.  

In reply to by pods

pods NoDebt Jan 11, 2018 10:50 AM Permalink

Oh he bought an ASIC.  Special chips that only do 1 thing, hash.  Halong mining just came out with one, $4 grand for April delivery that will run 16 TH/s @2k watts(maybe $1k/ per month in BTC right now).  Minimum purchase of 5 though.  I was thinking about it but wouldn't have anywhere to put them in the summertime to keep them cool.  They are loud.

You can still make $$ on GPU rigs, from $500-$1200/month for a 6 GPU rig depending on what you mine and what cards you have running.  I am going to start mining some homerun coins. Ones that haven't blown up yet and may have a use.

The tech is pretty cool though. I would be leery of an ASIC just because the risk/reward is too high. Better to stay small and mine using algorithms that are ASIC "proof."  (more like resistant)

Litecoin miners got killed when Bitmain flooded the market with ASICs, and miners lost their shirts. You can find them all over for cheap, people trying to get rid of them and get back their costs.

pods

 

In reply to by NoDebt

Nature_Boy_Wooooo Jan 11, 2018 9:31 AM Permalink

Sorry sir....we are going to need to see your drivers license to send Ripple. Oh no.....it says here that the government has requested a freeze on your account.

 

Should have bought Bitcoin.

Thom Paine Jan 11, 2018 9:49 AM Permalink

every afternoon here buy ripple, 3 hours later sell all ripple...for some profit...just for a game, a $1k for fun.

Like clockwork.

Same today..bought Ripple 9.40pm $2.47

12.10pm sold Ripple $2.84

Have some left over for sale at $2.95.......aaannnd sold.

Its like a kids board game....just take your planned profits.

I dont hold these cryptos overnight.

Nobody lost money taking profits....some lost money waiting for higher profits.

Silver Savior Jan 11, 2018 9:55 AM Permalink

Well yeah using XRP instead of Bitcoin for transactions is just common sense. XRP will be implemented across the board. Gotta love it and invest in t for the long term!

heddahenrik Jan 11, 2018 9:59 AM Permalink

It's just a matter of weeks until IOTA's Tangle becomes so fast and stable that it blows even Ripple and Stellar out of the water. Then it's basically good night for all pure crypto currencies except for privacy coins, and maybe people continue to buy Bitcoin (core) and Dogecoin for their sentimental value too.