MoneyGram Jumps After Saying It'll Test Ripple's Digital Coins

MoneyGram to try XRP to see if it eases payments for customers
Ripple erases losses after announcing MoneyGram partnership

Bloomberg’s Cory Johnson explains MoneyGram’s plan to test Ripple’s digital coins.(Source: Bloomberg)

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By Matthew Leising and Jennifer Surane

January 11, 2018 at 2:00 PM UTC

Updated on

January 11, 2018 at 2:54 PM UTC

This article is for subscribers only.

MoneyGram International Inc. climbed the most in 10 months after saying it was working with blockchain startup Ripple to test the use of its digital currency to move funds.

Shares of the money-transfer company jumped 10 percent to $13.39 at 9:37 a.m. in New York, the most intraday since March and second-best performance in the Russell 2000 Index. Ripple’s digital currency XRP advanced 4 percent to $2.06, erasing an earlier decline of as much as 21 percent.