- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.