MoneyGram is partnering with Ripple to get into the crypto game.
The money transfer company says the tie-up could help send funds more cheaply and quickly. And one journalist believes the third-largest cryptocurrency offers a benefit over the alternatives.
“Ripple doesn’t have miners,” Fortune writer Jeff John Roberts told Cheddar. “You’re not relying on someone to mine a new block, and pack in the transaction, so they can do it instantly.”
MoneyGram will test using Ripple’s XRP coin to send money over its payment network xRapid. The news helped Ripple rebound after an early morning sell-off, which was in response to South Korean officials saying they are planning to ban trading in crypto. Immediately after the announcement, the price surged about 15 percent.
Roberts said the deal is a moment of truth for Ripple, since many blockchain watchers doubted the coin can get financial institutions to use its system.
He says the value will continue to surge if it can also prove it will lower the cost of money transfers.
For full interview [click here](https://cheddar.com/videos/moneygram-and-ripple-teaming-up).
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
Nike is suing two of its competitors for alleged patent infringement.
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
WeWork has filed for Chapter 11 bankruptcy protection.
Bumble, the female-focused dating app, announced that Whitney Wolf Hurd, the company's founder and CEO, will step down in January.
WeWork officially has filed for bankruptcy.
With interest rates high, housing inventory low and Veterans Day just around the corner, Cheddar News took a look at how the current market is impacting those who served and continue to serve our country. Patton Gade, national director of military lending with UMortgage, explains how a VA loan works, its benefits and what's involved in the process of purchasing a home.
Stocks were mixed in Tuesday's early session as Wall Street came off a strong rally last week.
Google on Monday confronted the second major U.S. antitrust trial in two months to cast the internet powerhouse as a brazen bully that uses its immense wealth and people's dependence on one of its main products to stifle competition at consumers' expense.
