MoneyGram share price rises after Ripple (XRP) pilot announced

 
Lynsey Barber
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Ripple is reverberating with MoneyGram shareholders (Source: Getty)

MoneyGram's the latest company to get a share price boost from cryptocurrencies.

Shares of the firm were up around 15 per cent pre-market in New York after it said it will pilot Ripple for payments.

Ripple is a cryptocurrency (XRP) issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin.

“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, " said Ripple boss Brad Garlinghouse.

Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology.

Kodak said it would create its own - KodakCoin - sending shares jumping more than 40 per cent.

Others have added crypto related words to their names, with promises of getting into the technology. Share in US firm Long Island Iced Tea shot up as much as 500 per cent when it became Long Blockchain.

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