Ripple invests another $20 million in MoneyGram, completing its $50 million commitment

According to a recent announcement by a money transfer firm, MoneyGram, the firm has just received a $20 million-large investment from a crypto firm, Ripple. Earlier this year, Ripple made a commitment to MoneyGram, promising to invest up to $50 million in the firm. Back in June, the company invested more than half that amount — $30 million. Now, the company added another $20 million to the amount. According to reports, Ripple bought the company’s newly-issued equity, for the price of $4.10 per share. This is a significantly higher price than MoneyGram is currently valued on the market. MoneyGram’s CEO and Chairman, Alex Holmes, commented on Ripple’s move by saying that the partnership with the company is highly transformative for crypto and money transfer industries alike. He noted that it is now possible to settle currencies within mere seconds thanks to the partnership and the two firms’ technologies.

MoneyGram expands while using Ripple’s technology

MoneyGram is a US-based company, just like Ripple itself. However, the payment firm is headquartered in Dallas, Texas, from where it aims to serve customers around the world. The company offers a secure platform that can safely receive or send money, connecting the entire world. In addition, MoneyGram also provides a mobile app, and users can even send money by visiting one of the firm’s global agent locations, or even by using a kiosk. As mentioned, Ripple and MoneyGram partnered up earlier this year, in June. Since then, MoneyGram utilized Ripple’s XRP-powered On-Demand Liquidity, to make as much as 10% of its own Mexican peso trading volume. Since then, the company started expanding its international transactions to Australia, Europe, and parts of Asia, particularly the Philippines. With the new funding, the company will be able to keep using On-Demand Liquidity, and even increase its trading volume. As for Ripple, the company’s CEO, Brad Garlinghouse, points to the two firms’ partnership as an example of what crypto and blockchain technologies can do regarding cross-border payments.