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OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

MoneyGram shares jump on partnership with bitcoin-rival Ripple

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01/13/2018 | 01:45am CEST
The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto

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

(Reuters) - 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)

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY 0.62% 97.23 Delayed Quote.-2.09%
BANCO SANTANDER 1.19% 4.734 End-of-day quote.-13.60%
MONEYGRAM INTERNATIONAL INC 1.57% 7.11 Delayed Quote.-46.05%
UBS GROUP 2.65% 15.475 Delayed Quote.-13.74%
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Financials ( CNY)
Sales 2019 395 B
EBIT 2019 114 B
Net income 2019 74 226 M
Finance 2019 208 B
Yield 2019 -
P/E ratio 2019 45,74
P/E ratio 2020 32,83
EV / Sales 2019 7,97x
EV / Sales 2020 5,58x
Capitalization 3 358 B
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Mean consensus OUTPERFORM
Number of Analysts 46
Average target price 1 504  CNY
Spread / Average Target 14%
EPS Revisions
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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