Ripple sells half a million dollars worth of Moneygram shares
Ripple will sell a third of its shares to MoneyGram
MoneyGram shares soar in price after partnership with Ripple
Ripple intends to participate in the creation of CBDC
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Sell shares, but remain partners
The management of the cryptocurrency company Ripple announced that it intends to sell 33% of the shares of the Moneygram project until March 31, 2021. More than 4 million ordinary shares will be traded on the exchange through an unknown company that represents Ripple’s interests in the market.
After the sale of some of the shares, Ripple will continue to own 2.3 million shares of MoneyGram and a warrant giving it the right to purchase an additional 5.9 million shares, bringing the total amount to 8.2 million shares. So, in terms of percentage, Ripple is selling about 33% of its stock in MoneyGram, including stocks with warrants. He will still own about 67% of the company’s shares.
“This is a purely smart financial solution to reap some benefit from Ripple MGI’s [Moneygram International] investments and will not in any way affect our partnership,” a Ripple spokesperson told BlockCrypto.
MoneyGram shares began to rise in value after Ripple acquired a stake in the company. In June 2019, Ripple bought MoneyGram shares at $ 4.10 a share.
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As of today, one MoneyGram common share is $ 7.49.
“We will remain a major shareholder of MoneyGram after the sale of shares. MoneyGram is undoubtedly the leader in global payments in over 200 countries and territories. We have made incredible progress in just one year and look forward to continuing to work with MoneyGram to transform cross-border payments, ”Ripple said..
Recall that in the second quarter of 2020, Ripple paid MoneyGram $ 15.1 million in XRP tokens in the form of incentives to provide liquidity to the cross-border settlement system..
Ripple continues to collaborate with banks on CBDC
Fintech company Ripple, which owns large reserves of XRP token, intends to increase its presence in the digital currency market of central banks. A special role in this strategy will be given to Ripple’s distributed ledger – XRP Ledger. With which specific central banks Ripple will begin its cooperation is still unknown.
However, Ripple is already developing a network of transcontinental payments in different countries of the world. In March, the company announced the start of cooperation with the Siam Commercial Bank, during which a digital payment system will be created..
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