Ripple completed US $ 50 million investment in MoneyGram
With this investment, Ripple becomes the owner of 20 million shares of the remittance company
The free software and payment protocol project company, Ripple, announced that it completed an official investment of USD $ 50 million in the MoneyGram remittance platform, to become the owner of a total of 20 million shares from the company.
The original agreement established the total investment divided into several parts: the first contribution by the technology company consisted of about US $ 30 million recorded in June this year, while MoneyGram began to incorporate Ripple technology to support its international operations
MoneyGram and the blockchain
Among the future plans of MoneyGram, it is planned to capitalize on what Ripple has invested in the support of its operations and begin to integrate blockchain technology into systematization through the products designed by the company, among which are xRapid and the XRP token.
This investment, despite making Ripple the owner of at least 10% of MoneyGram’s ordinary shares, does not give it the right to vote on the future of the company.
For his part, the president and CEO of MoneyGram, Alex Holmes, described this alliance as a transformative process that allows the remittance company to settle international transactions in seconds: “This initial success encourages us to accelerate the expansion of our liquidity service on demand. I anticipate that all this will allow us to grow and take these properties to new brokers, as well as explore new products and services.”
K.Villarroel
Source: dailybitcoin
