Ripple Puts Another $20M in MoneyGram Owning 10% of Common Stocks
- This new investment fulfills a $50 million investment commitment by Ripple in MoneyGram.
Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term startup Ripple has invested another $20 million in MoneyGram, following its initial investment of $30 million in June.
Announced by MoneyGram on Monday, Ripple purchased MoneyGram’s newly issued equity at $4.10 per share, a significantly higher price than the company’s current market value.
This completes the San Francisco-based company’s commitment to put a total of $50 million in the remittance company.
Commenting on the investment, Alex Holmes, chairman and chief executive of MoneyGram, said: “Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry - for the first time ever, we're settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.”
Paving the way to blockchain adoption
Ripple made an initial investment of $30 million in MoneyGram in June to strengthen its cross-border payment network. Since the partnership, the remittance company is using Ripple’s on-demand liquidity services to move around 10 percent of Mexican pesos foreign exchange trading volume and has expanded its cross-border transactions to Europe, Australia, and the Philippines.
“Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences. I anticipate furthering our growth into new corridors and exploring new products and services,” Holmes added.
Now with the fresh investment, the blockchain company owns 9.95 percent of the outstanding common stock of MoneyGram and approximately 15 percent on a fully-diluted basis, including non-voting warrants held by Ripple.
“Digital assets and blockchain technology have the potential to make a tremendous impact on cross-border payments - MoneyGram and Ripple is an example of that,” said Brad Garlinghouse, Ripple's CEO.
Meanwhile, Ripple is also strengthening its global partnership to lobby its payment transfer services in different countries. Last month, the company partnered with Finastra in London, offering cross-border payments services to its users.
Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term startup Ripple has invested another $20 million in MoneyGram, following its initial investment of $30 million in June.
Announced by MoneyGram on Monday, Ripple purchased MoneyGram’s newly issued equity at $4.10 per share, a significantly higher price than the company’s current market value.
This completes the San Francisco-based company’s commitment to put a total of $50 million in the remittance company.
Commenting on the investment, Alex Holmes, chairman and chief executive of MoneyGram, said: “Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry - for the first time ever, we're settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.”
Paving the way to blockchain adoption
Ripple made an initial investment of $30 million in MoneyGram in June to strengthen its cross-border payment network. Since the partnership, the remittance company is using Ripple’s on-demand liquidity services to move around 10 percent of Mexican pesos foreign exchange trading volume and has expanded its cross-border transactions to Europe, Australia, and the Philippines.
“Partnerships with companies like Ripple support innovation and allow us to invest in creating better customer experiences. I anticipate furthering our growth into new corridors and exploring new products and services,” Holmes added.
Now with the fresh investment, the blockchain company owns 9.95 percent of the outstanding common stock of MoneyGram and approximately 15 percent on a fully-diluted basis, including non-voting warrants held by Ripple.
“Digital assets and blockchain technology have the potential to make a tremendous impact on cross-border payments - MoneyGram and Ripple is an example of that,” said Brad Garlinghouse, Ripple's CEO.
Meanwhile, Ripple is also strengthening its global partnership to lobby its payment transfer services in different countries. Last month, the company partnered with Finastra in London, offering cross-border payments services to its users.