MoneyGram is up over 130% in after hours trade. Here's why:
Blockchain company Ripple announced an investment in and partnership with MoneyGram International Inc. MGI, -2.68% Monday afternoon, sending MoneyGram shares soaring more than 100%. Ripple, which is known for its XRP XRPUSD, -0.29% cryptocurrency and blockchain technology, agreed to purchase $30 million worth of freshly created MoneyGram shares at $4.10 apiece, and can purchase another $20 million more at its discretion at a minimum of $4.10. MoneyGram shares closed Monday at $1.
45, but exploded higher after the announcement, recently topping $3 in after-hours trading. The cost of an XRP coin jumped more than 5% immediately after the announcement. MoneyGram will use Ripple's XRP technology to handle cross-border transfers of digital funds for at least two years under the deal.
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