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Ripple Partners with MoneyGram
Reports of MoneyGram and Ripple partnering on a payment flow project have been sweeping the net, without confirmation so far. According to Business Insider today that has changed and the partnership has been confirmed. This will mark one of the first Ripple partnerships that includes using XRP as part of the project, which is a huge win for XRP investors.
A quote from MoneyGram’s Alex Holmes to Bloomberg, “Ripple is at the forefront of blockchain technology. We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers,” seems to indicate that MoneyGram plans to use XRP to speed up overseas money transfers and add efficiency to the process.
While the two companies are not releasing official details yet, this is certainly an exciting moment for all cryptocurrencies. Push back against the use of cryptocurrency has been enormous and partnerships like this one are a big step in the right direction for the crypto industry as a whole. We will monitor any updates on the new partnership and keep you posted as information comes in.
What Is Ripple (XRP)
Ripple is a company that has created enterprise blockchain technologies to integrate cryptocurrency and businesses. With their proprietary xCurrent, xRapid and xVia Ripple has partnered with banks and big name money transfer companies (like Moneygram) to bring their technology to real world use, unlike many other cryptocurrencies.
xCurrent provides faster global payments for banks. xRapid uses Ripple’s digital asset XRP to create on demand liquidity and real time payments anywhere in the world, which is especially useful for emerging markets. In addition, businesses can plugin into xVia to send payments through RippleNet, speeding up the process and providing more information about transactions.
While Ripple is the company that created these technologies, Ripple XRP is the actual cryptocurrency that is on the market. When purchasing Ripple’s XRP you are buying into the XRP cryptocurrency value, unlike buying a stake into Ripple’s company as a whole.
Why do xCurrent, xRapid and xVia matter?
While many cryptocurrencies are still attempting to find a real word use, Ripple is ahead of the game. Already partnering with banks and financial institutions, Ripple XRP is a particularly interesting cryptocurrency, because of it’s growing value and Ripple’s intriguing proof of concept early on.
How Do You Buy Ripple XRP?
Here we will focus on the easiest way to buy Ripple XRP and store it safely. While it may seem a bit overwhelming if this is your first time buying cryptocurrency, don’t worry, once you are setup it is a breeze! Follow these steps to purchase Ripple (XRP):
1) Signup for a Coinbase Account Here (if you don’t already have one), you will have to verify your email (We suggest utilizing Two-Factor Authentication and a Pin code on the app). You will also get $10 Free towards your first purchase on Coinbase for Clicking On This Link.
2) Download a Ripple Wallet (of your choice). Rippex is a popular Ripple Desktop Client (However, we suggest you research a wallet that works for you). Follow the directions to get your Ripple Wallet setup on your desktop or mobile device.
3) Purchase Litecoin from Coinbase. You will use Litecoin to purchase Ripple XRP in the next steps. You can purchase Litecoin instantly on Coinbase using a debit/credit card or alternatively you can use your bank account.
4) Signup for a Changelly account, you will have to verify your email. Where it says “YOU HAVE” input the amount of Litecoin and select Litecoin (LTC). Where it says “YOU GET” select Ripple XRP. This will calculate how many Ripple XRP coins you will receive. Press the exchange button and on the next page double check the exchange rate, fee included, and estimated arrival time to be sure everything looks correct. Press the next button.
5) Input your XRP address and payment ID. Press the next button and confirm everything is correct (always double and triple check everything) and press “Confirm and make payment.”
6) Use your Coinbase account to send the desired amount of Litecoin to the address Changelly gives you on next page (or use the Coinbase app to scan the QR code). That is it! You will soon have XRP in your wallet!
Purchasing Ripple (XRP) Safely
Here are some tips for purchasing XRP Safely:
- Use a strong password for your Ripple wallet and Coinbase account. Make sure it is not easily guessed, doesn’t contain successive letters/numbers (123, abc, etc.) and you will remember it (Tip: Make it really strong and write it down. Store it in a very secure place, like a safe).
- Don’t boast about your XRP or any other cryptocurrency.
- Use two factor authentication when it is available. Two factor authentication requires you to input a short code that is automatically texted to your phone when you login into a wallet/exchange. This is optional, but will help secure your account.
- When purchasing Ripple (XRP) we suggest storing your coins on a hardware, desktop or paper wallet. These are the most secure options and are worth the time it takes to get setup. (More On This Here)
- Utilize virus protection on any device you use. While you may think your computer is working just fine and you are doing everything you are supposed to do; viruses, malware and adware can be crawling undetected on your devices, potentially exposing you. Virus protection is necessary to defend you from these situations.
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