Blockchain firm Ripple has bought $30 million worth of shares and warrants in Mo...
FILE PHOTO: The MoneyGram logo is seen on a kiosk in New York, U.S. January 3, 2018. REUTERS/Shannon Stapleton
- Blockchain firm Ripple has bought $30 million worth of shares and warrants in MoneyGram International Inc, the two companies said on Monday, as they partner to use Ripple’s product for cross-border payment and foreign exchange settlement. Ripple bought MoneyGram’s stock at $4.10 per share, representing a premium of about 183% to its Monday closing price. The partnership will initially be for two years, MoneyGram said.Ripple may also buy additional common stock or warrants for up to $20 million at a minimum price of $4.10 per share, MoneyGram said.
The partnership will focus on Ripple’s xRapid, a platform for cross-border payments that uses XRP, a virtual currency powered by blockchain to send and receive currencies. “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management,” MoneyGram Chief Executive Officer Alex Holmes said in a statement.
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