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Ripple is selling 4 million of its shares in payments company MoneyGram, according to a US Securities and Exchange Commission (SEC) filing submitted on Nov. 27.
- Ripple will sell up to 4 million shares, worth about one-third of its entire stake in the company
- Ripple currently has 6.22 million shares in the company, with a warrant that allows it to purchase another 5.95 million, which would give it a 17% stake in the company
- Purchased at a price of $4.10, the shares’ sale has netted Ripple a handsome profit, with the price standing at $7.83 on Friday
- In Feb. 2019, Ripple made a strategic investment in MoneyGram, providing up to $50 million for equity in the company and becoming the latter’s partner for cross-border payments and foreign exchange settlement
- MoneyGram uses Ripple’s On-Demand Liquidity (ODL) solutions for cross-border payments, which has already seen successful implementation in certain payments corridors
- Operating in over 200 countries, MoneyGram is the one of the largest provider of money transfers in the world
