One of the leading worldwide money transfer companies MoneyGram has announced that blockchain enterprise Ripple has made a final $20 million investment, as part of the original commitment to invest $50 million.
The latest investment completes a deal that was signed back in June 2019. According to the original deal, Ripple made an initial investment of $30 million, while MoneyGram, began to use Ripple’s On-Demand Liquidity (ODL) product, which is powered by Ripple’s native cryptocurrency XRP, for cross-border settlements.
On Nov. 25, Ripple bought another $20 million worth of MoneyGram shares at a price of $4.10 per one share. It is more than a dollar per share over the stock’s current price of around $3.00. MoneyGram’s intention is to use this new funding from Ripple to support its daily operations, in particular as it expands its use of Ripple’s ODL. At the moment, MoneyGram is using ODL and XRP to conduct transactions in Europe, Australia, Mexico, and the Philippines.
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