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Ripple can invest up to $ 50 million in MoneyGram in the XRP Boosting Deal




Blockchain payments startup Ripple has agreed to buy a stake in money transfer giant MoneyGram, announced the companies Monday.

Under the agreement, according to the Wall Street Journal and Fortune, Ripple will spend $ 30 million to buy shares at a price of $ 4.10. And in the next two years, MoneyGram has the opportunity to sell another $ 20 million shares to Ripple at the same price. As noted by Journal, MoneyGram trades at around $ 1.45 per press time, meaning Ripple's purchase price is close to three times the current market value.

In particular, the deal will also see MoneyGram using the digital token XRP as part of daily operations using Ripple's xRapid transaction product. MoneyGram said it was piloting the token back in January 201[ads1]8, which CoinDesk reported at the time.

MoneyGram already offers 200 countries and territories, with around $ 600 billion being processed in the global money transfer market. Today, the company uses traditional foreign exchange markets, which require pre-financing accounts. Ripple and MoneyGram expect decision-making costs to fall from $ 30 per transaction to "fraction of a penny," while settlement times are expected to fall from 15-60 minutes to just a few seconds.

In a statement, MoneyGram CEO Alex Holmes said "it is crucial that we continue to improve our platform and provide the most effective solution for getting funds from point A to point B."

He added: [19659007] "Through Ripple's xRapid product, we will have the ability to instantly settle US dollar funds to destination currencies around the clock, which has the potential to revolutionize our business and dramatically streamline our global liquidity management."

Ripple CEO Brad Garlinghouse also said In a statement that the partnership will allow MoneyGram to "greatly improve its business and enable millions of people worldwide to benefit from its enhanced efficiency."

"This is a great milestone that helps transform trans- b order payments, and I look forward to a long-term, very strategic partnership between our companies, he says.

Brad Garlinghouse image via Nikhilesh De for CoinDesk



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