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ALIBABA GROUP HOLDING (BABA)
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MoneyGram shares jump on partnership with bitcoin-rival Ripple

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01/13/2018 | 01:45am CET
FILE PHOTO: A MoneyGram kiosk is seen in New York

(This version of the Jan. 11 story corrects to say XRP rose to $2.25 instead of $13.38 paragraph four)

Shares of MoneyGram International Inc (>> Moneygram International Inc) jumped 10.5 percent on Thursday, after the money-transfer company said it partnered with blockchain firm and bitcoin-rival Ripple.

As part of the arrangement, MoneyGram will test the use of Ripple's cryptocurrency, XRP, to move funds in a faster and cheaper way.

Ripple, created by the founder of bitcoin exchange Mt Gox, has risen 31,000 percent over the past year, overshadowing bitcoin's 1,200 percent increase.

XRP rose to $2.25 during trade on Thursday, according to coinmarketcap.com.

Many see it as a close contender to bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion. (http://reut.rs/2D0S11W)

XRP allows banks and payment companies to send money quickly, no matter the location. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 per transaction fee.

Several companies such as UBS (>> UBS Group) and Santander (>> Banco Santander) already use Ripple's products to enable payments. In November 2017, American Express Co (>> American Express Company) also launched an instant blockchain-based payment system using Ripple.

China's Ant Financial's deal to buy MoneyGram for $1.2 billion collapsed last week. (http://reut.rs/2D1nYqT)

(Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Financials ( CNY)
Sales 2018 242 B
EBIT 2018 91 578 M
Net income 2018 65 206 M
Finance 2018 144 B
Yield 2018 0,05%
P/E ratio 2018 47,94
P/E ratio 2019 35,72
EV / Sales 2018 11,9x
EV / Sales 2019 8,38x
Capitalization 3 029 B
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Number of Analysts 48
Average target price 1 392  CNY
Spread / Average Target 18%
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Managers
NameTitle
Yong Zhang Chief Executive Officer & Director
John Michael Evans President & Director
Yun Ma Executive Chairman
Wei Wu Chief Financial Officer
Jian Feng Zhang Chief Technology Officer
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