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Edited by qqqpeter at 2019-11-28 16:07

Blocktempo.com reported that MoneyGram, a global remittance service provider, today announced the company's equity financing, and Ripple has completed its $ 50 million equity investment commitment to MoneyGram earlier this year.

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Image from Cryptonewsz.com

Yesterday, money remittance service provider MoneyGram issued a press release stating that Ripple, the enterprise blockchain payment service provider, has completed the final $ 20 million financing for the company.

Pursuant to Ripple ’s $ 50 million equity investment commitment to MoneyGram earlier this year, Ripple acquired the newly issued equity of MoneyGram at a price of $ 4.10 per share.

Above-market acquisition

This is significantly higher than MoneyGram's current market price of $ 3.00 per share; the press release also states that the funds will be used to assist MoneyGram's operations.

Up to now, Ripple has a total of 9.95% of MoneyGram's outstanding shares. If it is calculated based on the * completely diluted shares, it will hold about 15% of the shares.

Partnership advances to investment

Ripple has been focusing on developing global payment solutions in the past, and hopes to use the company's cryptocurrency Ripple (XRP) to achieve the vision of real-time cross-border payments at a very low cost.

RippleNet has a group of partners. During the pilot phase of Ripple ’s solution "xRapid" in May last year, many financial institutions and payment service providers participated in this network, including MercuryFX, Cuallix, and Western Union, MoneyGram, Viamericas, and IDT.

Working together to create the future

In response to the partnership between the two companies, Alex Holmes, Chief Executive Officer of MoneyGram said,

Working with companies like Ripple helps us continue to innovate and use the funds to invest in creating a better customer experience. I look forward to further developing our future path and exploring new products and services.

In response, Ripple Chief Executive Officer, Brad Garlinghouse,

Digital assets and blockchain technology can have a huge impact on cross-border payments. MoneyGram and Ripple are examples.

Although XRP is currently being actively used in cross-border remittance settlements, from the perspective of currency prices, the price of XRP has been compared with other mainstream cryptocurrencies in recent weeks, showing that the price has fallen and the price has fallen.
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