Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Ripple to invest USD 50 mln in MoneyGram for XRP adoption

Tuesday 18 June 2019 | 11:37 AM CET

Cryptocurrency company Ripple has announced an investment of up to USD 50 million into money transfer company MoneyGram.

As part of the agreement, MoneyGram will utilise XRP in its core money transfer business. Ripple's initial investment will consist of the company paying USD 4.10 per share for up to a 10% stake of MoneyGram, or USD 30 million. MoneyGram would also hold an option for an additional investment of up to USD 20 million by Ripple in the next two years.

Ripple is the creator and owner of the XRP cryptocurrency, and it has sought to drive adoption of the crypto-asset via tokens held in escrow and released quarterly. The company has succeeded in attracting financial institutions to trial its xCurrent product, which doesn't involve the XRP currency in the money flow. However, the deal with MoneyGram ensures that Ripple's xRapid, which utilises XRP in the money flow, will be used in global money transfers at scale for the first time.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement