Ripple has completed the final USD 20 million investment in MoneyGram, with a total investment of USD 50 million

MoneyGram, a large remittance network company, announced that Ripple, a blockchain-based payment company, has completed its initial commitment and completed its last $ 20 million investment.

In a November 25 press release, MoneyGram announced that Ripple Labs Inc. has made a final $ 20 million equity investment in MoneyGram as part of Ripple's initial $ 50 million equity investment commitment.

8aEbI5VI

Total investment of USD 50 million

The two companies reached a two-year strategic partnership in June this year to leverage digital assets for cross-border payments and foreign exchange settlement. As part of the agreement, MoneyGram will be able to obtain up to $ 50 million in funding from Ripple in exchange for equity.

According to reports, MoneyGram will use Ripple's xRapid liquidity product to allow remittances in one currency and immediate settlement in the target currency. By using Ripple's XRP tokens for such transfers, xRapid is said to make such transactions faster than using fiat currencies or other major digital assets. Ripple CEO Brad Garlinghouse commented on the latest investment:

"Last month, we announced that MoneyGram began using On-Demand Liquidity (ODL) to pay the Philippines, and we are pleased to support the further expansion of MoneyGram into Europe and Australia. Digital assets and blockchain technology have the potential Payments have a huge impact — MoneyGram and Ripple are an example of this. In June, we announced this partnership and it was encouraging to see rapid growth and gains become reality. "

Ripple bought a stake in MoneyGram for $ 4.10 per share and it is reported that the company will now own 9.95% of the common shares of MoneyGram.

Most cryptocurrencies may return to zero

In early November, Garlinghouse claimed that so far there are too many cryptocurrencies, and predicts that only 1% of digital currencies will remain, and that this few cryptocurrency projects will change the rules of the game and grow significantly in the coming decades. Focus on solving practical problems for real customers.

He pointed out that there are very few companies that can truly meet the needs of customers, and that the vast majority of them "may be zero." He said:

"As long as there is a new market, many people enter the market and try to prove that they can solve problems and meet customer needs."

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

DeFi

Postponed Fraud Trial of Mango Markets Exploiter: A Delayed Showdown

Fashion executive, Avraham Eisenberg, accused of a $116 million fraud at Mango Market, will face trial on April 8, 20...

Blockchain

We sorted out 40 "running road" cryptocurrency exchanges, all of which share these common routines

Article | Interchain Pulse · Liangshan Huarong On February 23, the ZG exchange was exposed as suspected to be ru...

Blockchain

Indian crypto exchange lifts ban: trading volume soars 6-fold, is it global buy?

Text | Li Zheweng Sources | PANews The Indian exchange Koinex, which failed to survive the cold winter, fell in the h...

Blockchain

The user information of the currency circle has been leaked on a large scale, and the fire currency and the currency security have issued risk warnings one after another.

On August 6th, a large number of users of the currency said that they received a call from a customer service company...

Market

Dialogue with Circle CEO How can USDC recover the market lost due to SVB's bankruptcy?

In this interview, Laura Shin and Jeremy Allaire discussed various topics including Coinbase's investment in Circle, ...

Blockchain

Lose user trust? "Black Thursday" has reduced BitMEX bitcoin holdings by nearly 40%

This article Source: Cointelegraph Chinese , Author: MICHAEL KAPILKOV, the original title "from the black since ...