{"id":405414,"date":"2019-11-25T20:00:09","date_gmt":"2019-11-25T20:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=405414"},"modified":"2020-10-07T11:26:57","modified_gmt":"2020-10-07T11:26:57","slug":"ripple-completes-50-million-moneygram-investment-supporting-xrp-use-for-global-payments","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple-completes-50-million-moneygram-investment-supporting-xrp-use-for-global-payments\/","title":{"rendered":"Ripple Completes $50 Million MoneyGram Investment, Supporting XRP Use for Global Payments"},"content":{"rendered":"
San Francisco-based Ripple Labs has just completed a $50 million investment in MoneyGram. The funds will help support the use of On-Demand Liquidity, a global payments product that uses XRP.<\/p>\n
Ripple first committed to the investment in June of this year. It now owns almost 10 percent of the company’s outstanding common stock.<\/p>\n
Blockchain payments startup Ripple Labs has just invested a further $20 million in US money transfer company MoneyGram<\/a>. In June, Ripple pledged $50 million total and made an initial payment of $30 million. The recent subsequent payment, announced via a press release<\/a> earlier today, concludes the commitment.<\/p>\n The $20 million bought MoneyGram equity at a considerable premium over the current market price. Currently just over $3, the San Francisco firm paid $4.10 for each share. Ripple now owns 9.95 percent of the company’s outstanding common stock of the company, and approximately 15 percent on a fully-diluted basis including non-voting warrants held by Ripple.<\/p>\n The money is expected to support MoneyGram’s continuing use of Ripple’s On-Demand Liquidity service. The global payments product uses the Ripple-linked digital asset XRP to make almost instant payments at an incredibly low cost.<\/p>\n MoneyGram chair and CEO, Alex Holmes, said of the ongoing partnership between the two companies:<\/p>\n “Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences. I anticipate furthering our growth into new corridors and exploring new products and services.”<\/p><\/blockquote>\n He also commented on initial successes using the On-Demand Liquidity product. MoneyGram is reportedly now using the service to move as much as ten percent of its Mexican Peso foreign exchange volume. It is also already using On-Demand Liquidity in Europe, Australia , and the Philippines.<\/p>\n