Copy link
Increase text size
Decrease text size
Link copied

Ripple now owns nearly 10% of MoneyGram stock following completion of $50M investment

Ripple has now completed its $50 million pledge to MoneyGram, with the fund used to accelerate the use of the On-Demand Liquidity product used in various territories.

Image: Pixabay

Tue, 26 Nov 2019, 04:30 am UTC

In June, Ripple had pledged to invest $50 million to MoneyGram to provide more support to the On-Demand Liquidity product, a payment system that uses XRP – Ripple’s native currency. The company initially invested $30 million and has now completed the pledge by shelling out the remaining $20 million.

The announcement was made via a press release published Monday, Nov. 25. Ripple paid $4.10 for each MoneyGram shares, paying a premium for the purchase as the money transfer company is currently valued just north of $3.

With the $50 million investment, Ripple now owns 9.95% of MoneyGram’s common stock and 15% of fully-diluted tasks, which includes non-voting warrants. MoneyGram Chairman and CEO Alex Holmes commented on Ripple’s investment and said that this partnership will ensure both the company’s growth moving forward.

A growing partnership

“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry - for the first time ever, we're settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity. Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences,” Holmes said.

The press release also revealed that On-Demand Liquidity is being used in various territories already, with MoneyGram using the service to move 10% of its Mexican Peso foreign exchange volume. Other countries where On-Demand Liquidity is currently being used are Europe, Australia, and the Philippines.

XRP breaks through a key resistance level

Meanwhile, XRP is currently seeing green at the moment as it’s up by 2.88% in the last 24-hours. It has also broken through key resistance levels found at $0.2180 and trading hands at $0.2190. However, a bearish trend has been identified at resistance level $0.2250, NewsBTC reported.

As for the on-going case between Ripple and lead plaintiff Bradley Sostack, the case has yet to move forward. Sostack and other disgruntled investors are suing Ripple as they lost money after purchasing XRP. Ripple is set to submit its response to the new filing by Sostack on Dec. 4.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.04.29 18:03:32
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you ..........
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,889.40 (+1.23%)
  • Ethereum (ETH) $436.18 (+2.02%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Chainlink (LINK) $17.09 (-0.51%)
  • Bitcoin Cash (BCH) $295.96 (+0.43%)
  • Bitcoin (BTC) $11,889.40 (+1.23%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft