MoneyGram (MGI) plans to test a cryptocurrency -- one whose price has shot up even more than that of bitcoin -- as a way to send funds.
The money transfer company said Thursday it is teaming with Ripple in a pilot of the blockchain technology company's XRP digital currency. The price of XRP, which also goes by the name Ripple, has soared more than 30,000 percent over the last 12 months, rising from fractions of a penny to $2.14, according to Coinmarketcap.
The value of Bitcoin, which traded Thursday at $14,181.70, has risen 1,200 percent this year.
MoneyGram said that so-called blockchain technology, the software code on which Ripple and other digital currencies are built, can make it easier to move money across borders, including for MoneyGram.