MoneyGram has sold $11.3M worth XRP after partnering with Ripple
|- MoneyGram has said that it has sold $11.3 million worth XRP ever since it partnered with Ripple in June 2019.
- MoneyGram received these XRP tokens as a part of its commercial agreement with Ripple.
MoneyGram has said that it has sold $11.3 million worth XRP that it received from Ripple as a part of its commercial agreement with the fintech firm. In a recent SEC filing, MoneyGram said that it received XRP from Ripple as compensation for using Ripple’s On-Demand Liquidity (ODL) platform to facilitate efficient cross-border payments.
The Company is compensated by Ripple in XRP for developing and bringing liquidity to foreign exchange markets, facilitated by the ODL platform, and providing a reliable level of foreign exchange trading activity.
Ripple’s ODL converts the sender’s currency into XRP, moves it across borders, and then converts it to the receiver’s currency. According to The Block, MoneyGram immediately liquidates all XRP that it receives from Ripple.
Remittance firm MoneyGram received $11.3 million worth of XRP from Ripple in incentive payments last year, but it sold those digital assets as soon as it received them according to a spokesperson.
In June 2019, Ripple and MoneyGram partnered to facilitate cross-border payments and foreign exchange settlements. Ripple acquired a $50-million stake in MoneyGram.
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