Ripple has sold-out $15Million of its stock in MoneyGram

Dec 5, 2020 05:31 UTC

| Updated:

Dec 5, 2020 at 05:31 UTC

By Clark

Ripple’s partnership with MoneyGram might not be as heat because it once was, however it’s paying off.

Ripple Labs has sold-out a large chunk of its 2019 investment in MoneyGram.

Per a Fri night filing with the Securities and Exchange Commission on Fri night, from Nov. twenty seven through Dec. 4, Ripple Labs managed to sell a pair of,264,113 shares of MoneyGram (MGI). The technical school firm netlike a complete of $15,303,792.60 from the sales.

MoneyGram’s stock worth has soared in recent months, from $2.94 on Oct. 1 to $8.53 on Nov. 23. In no tiny half because of news of Ripple’s sell-off, MGI has slipped backpedal to $6.54 as of publication.

Despite a flurry of announcements of increasing integration between the remittances firm and Ripple throughout 2019, the connection between the 2 firms appeared to have settled earlier this year. However, a Ripple proponent told Cointelegraph:

“Ripple could be a proud partner in MoneyGram’s digital growth transformation. this can be strictly a considered monetary call to appreciate some gains on Ripple’s MGI investment and is in no method a mirrored image of the present state of our partnership.”

Ripple ab initio declared major investment into MoneyGram last Gregorian calendar month, that LED to the latter exploitation the former’s xRapid technology to hurry up payments. XRapid uses XRP to facilitate liquidity.

Ripple, that still owns forty eight billion XRP, has spent the last many years taking part in down its relationship to the token, although recent value surges could also be dynamical that.

Clark

Head of the technology.