Ripple’s MoneyGram shares when using XRP would have been 50% more expensive if the platform focuses on the payment technology as we are seeing in our XRP news today.
The company stated back on Monday that it had made a $20 million investment in MoneyGram which is among the biggest money transfer companies, equity pursuant to Ripple’s original investment of $50 million made earlier this year. The buyer paid $4.1 per share in both transactions. The company didn’t provide more details on the payment date and structure but if it involved XRP, the second part of the transaction might have been 50% more expensive as the price of XRP is down by 34 percent at the time when the acquisition was announced.
Back in June, one share of MoneyGram was worth about 10 XRP and now it is 15. However, as the details are not very clear, no one knows whether the company used its USD funds or sold some of the XRP in order to pay the shares. Brad Garlinghouse, the CEO of Ripple said that the company has more than $305 million in cash in the banks that own about $15 billion worth of XRP. In either case, after the most recent investment, Ripple said it will own 9.95% of the outstanding common stock of MoneyGram and about 15 percent of the fully diluted basis include the non-voting warrants held by Ripple. The company explained:
“This funding will support MoneyGram’s operations as the company continues to increase volume and use of On-Demand Liquidity, Ripple’s product that leverages the digital asset XRP to send money,’’
MoneyGram said that it’s now moving about 10 percent of its Mexican Peso foreign exchange trading volume on the On-Demand liquidity and has even started transacting the four additional cross-border corridors including Australia, Europe, and the Philippines. In October, Ripple partnered with Finastra as well which is a major UK-based tech company in order to use Ripple’s blockchain technology for the payment solutions of the company and to also offer fast cross-border payments. Currently, XRP trades at about Currently, XRP trades at about $0..
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22 and is up by 6% in one day. The price got down by 12% in a week and 26% in a month.
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