MoneyGram and Ripple testing bank transfers of the XRP cryptocurrency. Fortune Staff Writer Jeff John Roberts explains why this partnership is so significant.
"Unlike Bitcoin or Ethereum, it (Ripple) is centrally controlled," explains Roberts. "This is Ripple's moment of truth because people are speculating on XRP." With transaction fees so high for Bitcoin, some investors are seeing Ripple as a good alternative.
"Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid," MoneyGram CEO Alex Holmes said Thursday. In the release announcing this partnership, both Ripple and MoneyGram promoted the efficiency and speed of this digital currency.
The U.S rushed to seize the assets of Silicon Valley Bank after a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago.
Hackers have broken into a Washington, D.C. health insurance marketplace and stolen sensitive personal data including Social Security numbers and home addresses of members of Congress, their employees and family members.
