Share Price of MoneyGram Increases After Announcement of Ripple (XRP) Pilot

Photo by Mike Mozart/Flickr

MoneyGram is the latest company to get a share price increase from cryptocurrencies.

Shares of the company were up by around 15 percent pre-market in New York after the firm said that it would pilot Ripple for payments.

Ripple is a cryptocurrency (XRP) that is issued by a blockchain startup of the same name, and it has enjoyed an astonishing increase this year following in the footsteps of bitcoin.

Brad Garlinghouse, the boss of Ripple, said: “We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information.”

Various firms have also landed an increase in their share price as an outcome of cryptocurrencies and blockchain technology.

Kodak said that it would create its own cryptocurrency called the KodakCoin, sending the shares of the company jumping by over 40 percent.

Read more: Shares of Kodak Rise as Company Announces KODAKCoin Cryptocurrency

Others companies have added crypto related words to their names, with assurances of getting into the technology. Share in Long Island Iced Tea, a US firm, shot up as much as 500 percent when the company became Long Blockchain.