Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram. Per a Friday night filing with the Securities and Exchange Commission on Friday night, from Nov. 27 through Dec. 4, Ripple Labs managed to sell 2,264,113 shares of MoneyGram (MGI). The tech firm netted a total of $15,303,792.60 from the sales. MoneyGram's stock value has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no small part thanks to news of Ripple's sell-off, MGI has slipped back down to $6.54 as of publication. Despite a flurry of announcements of expanding integration …

Global money transfer platform MoneyGram recently unveiled year-over-year growth numbers, showing double the number of transactions seen in May 2019. MoneyGram ended Q1 2020 with 57% growth in digital transactions, a June 9 statement from the company said. The firm saw activity ramp up another 43% by May's end. MoneyGram's partnership with Ripple Blockchain-based money-transfer company Ripple entered a deal with MoneyGram in June 2019, investing $50 million into the MoneyGram's platform. The partnership saw the digital money transfer platform able to harness Ripple's xRapid technology. In February 2020, calling on Visa's technology, MoneyGram unveiled real-time money transfers. Ripple reportedly …

Western Union might be purchasing cross-border payments company MoneyGram. According to a June 1 article on Bloomberg, the payments giant recently made a takeover offer for MoneyGram. If successful, this would combine the two of the biggest money-transfer companies in the United States. Ups and downs during pandemic Lockdowns and shelter-in-place orders in response to the coronavirus have closed many businesses across the U.S., including local branches of MoneyGram. The number of digital transactions have risen as people stay at home, but they accounted for just 18% of its money transfers in the first quarter, according to Bloomberg. Despite partnering …

During an earnings call for Q1 2020, MoneyGram chairman and chief executive, Alexander Holmes, revealed that it was a “quiet quarter” regarding the firm’s partnership with blockchain payments company Ripple (XRP). Ripple first announced its “strategic partnership” with the Nasdaq-listed money transfer company during June 2019. The partnership’s initial term was set at two years, with Ripple providing a capital commitment of up to $50 million over 24 months in exchange equity. The announcement was also slated to see Ripple act as MoneyGram’s “key partner for cross-border payment and foreign exchange settlement using digital assets.” Ripple Partnership ‘Quiet’ During Q1 …

In its March earnings call, U.S.-Latin American remittance provider, Intermex, revealed that it will not be using Ripple (XRP)’s technology in its major markets. Intermex chief executive Robert Lisv explained: “So, you won’t really see us leveraging Ripple in our core markets. I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products.” Intermex to use Ripple for "ancillary products" in "newer markets" Ripple announced its partnership with Intermex on Feb. 5, with its press release emphasizing that the deal would “enabl[e] faster cross-border payments between the U.S. and Mexico.” Despite …

A United States Securities and Exchange Commission (SEC) 8-K filing by remittance processor, MoneyGram, has revealed that Ripple has been injecting a significant amount of funds into the business since its investment in the company in June 2019. But according to a report from the Financial Times, Feb. 28, until consulting with the SEC, MoneyGram had been classing these cash flows as revenue. Benefits reclassified as contra expenses The filing revealed that in the third and fourth quarters of 2019, Ripple had input $11.3 million into MoneyGram, in what was described as “Ripple market development fees.” It went on to …

According to filings through the Securities and Exchange Commission (SEC), money transmission network MoneyGram has gained over $11 million from the blockchain-based payments firm Ripple Labs. In a press release by MoneyGram, the company stated it had received funds from Ripple divided over two quarters: in the fourth quarter, $8.9 million, and $2.4 million in the third, totaling $11.3 million. Its revenue for Q4 was reported to be $323.7 million. "MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities." Nothing in the SEC filings state what Ripple’s …

Remittances giant MoneyGram announced a new service allowing real-time money sending, but the solutions of its blockchain partner Ripple are not involved. MoneyGram recently announced FastSend, a new service that allows its customers to send money in real-time to a phone number via a dedicated website or mobile application. Still, the firm’s answers to Cointelegraph’s inquiries revealed that surprisingly MoneyGram’s latest product does not make use of Ripple’s technology. You don’t need blockchain for real-time settlements Kamila Chytil, MoneyGram Chief Operating Officer explained to Cointelegraph that FastSend uses Visa’s Direct Original Credit Transaction to deliver funds to bank accounts through …

Major money transmission network MoneyGram has announced that blockchain-based payments firm Ripple has completed its original commitment with a final $20 million investment. In a Nov. 25 press release, MoneyGram announced that Ripple Labs Inc. has made a final $20 million equity investment in MoneyGram as part of Ripple's original $50 million equity investment commitment. A total investment of $50 million In June, the two companies entered into a 2-year-strategic partnership to collaborate in cross-border payments and foreign exchange settlements with digital assets. As part of the agreement, MoneyGram would be able to draw up to $50 million dollars from …

An estimate by the World Bank pegged 2016’s global remittance market at $573 billion, and a whopping $422 billion of that went to developing countries. The simple act of transferring money from one country to another — more formally known as remittance — is one economic heavyweight of a market, yet blockchain technology is poised to change its operations anyway. Already well-suited for securely transferring units of value around the world, the same technology that powers Bitcoin holds great implications for the world’s remittance businesses. Ripple is among the most relevant companies for those looking at this space through a …

Ripple CEO Brad Garlinghouse says the firm is looking into multiple investments and acquisitions following its $30 million partnership with MoneyGram this June. As Yahoo! Finance reported on Aug. 9, Ripple’s deal with MoneyGram — the second-largest remittances firm worldwide — saw it purchase a 10% stake in the entity, with an option to increase its investment by a further $20 million within two years. MoneyGram starts using xRapid MoneyGram began using Ripple’s xRapid liquidity product on Aug. 3 — a central stipulation of the $30 million deal — as revealed by MoneyGram CEO Alex Holmes during the company’s second-quarter …

Major money transmission network MoneyGram has entered into a strategic partnership with blockchain-based payments firm Ripple, according to a press release on June 17. As part of the two-year agreement, the two firms will become partners in cross-border payments and foreign exchange settlements with digital assets. As part of the agreement, MoneyGram will be able to draw up to $50 million dollars from Ripple in exchange for equity. MoneyGram will purportedly use Ripple’s xRapid liquidity product, which allows money to be sent in one currency and instantly settled in the destination currency. In using Ripple’s XRP token for such transfers, …