MoneyGram, a global provider of innovative money transfer services, has announced that Ripple, a provider of leading enterprise blockchain solutions for global payments, has made the final $20 million investment in MoneyGram equity pursuant to Ripple’s original $50 million equity investment commitment made earlier this year.
This funding will support MoneyGram’s operations as the company continues to increase the volume and use of On-Demand Liquidity, Ripple’s product that leverages the digital asset XRP to send money globally, instantly and reliably for fractions of a penny.
Alex Holmes (MoneyGram Chairman and CEO) said, “Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.”
Brad Garlinghouse, Ripple’s CEO said “Last month, we announced that MoneyGram began using On-Demand Liquidity for payments to the Philippines, and we’re excited to support MoneyGram’s further expansion into Europe and Australia. Digital assets and blockchain technology has the potential to make a tremendous impact on cross-border payments – MoneyGram and Ripple is an example of that. In June, we announced this partnership, and it’s encouraging to see the rapid growth and benefits come to life.”
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