- The payment was in accordance with the promise made of 50 million USD investment earlier this year.
- Ripple now holds almost 10% stakes in Moneygram.
- Seen as a profitable scenario for both the parties.
Moneygram, the America based finance company has announced that Ripple, a leading name on blockchain platform has complete the promised 50 million USD investment promised earlier this year by making the final payment of 20 million USD on November 25, 2019
Ripple bought the shares in the company at $4.10 per share, which signifies a major correction in the Moneygram’s market value.
Win-Win situation for both the parties
Ripple’s and Moneygram’s partnership can be dated back to 2018, at that time Moneygram decided to give a run to a pilot program by testing cryptocurrency XRP in terms of reducing its money transferring cost.
At that moment, Garlinghouse commented on the deal stating that it would be beneficial for both the parties; it would allow Moneygram to touch new profit targets by the use of On-Demand Liquidity, which they are incapable of achieving in the recent times while this will increase adoption of Ripple in the other sectors as well.
Result of partnership to date
Moneygram is doing well in the current scenario; it has started a transaction in three new different markets through On-Demand Liquidity including Australia, Europe and The Philippines with the help of Ripple.
Brad Garlinghouse, CEO of Ripple stated that they will be supporting Moneygram’s expansion program in Australia and Europe as they helped in the Philippines. Blockchain technology and digital assets have a huge potential to transform to traditional ways of cross-border transactions and Ripple has shown it how.
About MoneyGram International, Inc
MoneyGram is an America Based multinational money transfer and payment service platform, operating in around 200 countries and territories of the world.
The main aim of the firm is to financially connect people all around the world in a very convenient method.